Tax question

Archive · #1 03-31-2008, 09:11 AM

Posted By: skydash

I've got a general tax question for any of you guys who have an extra minute. Thanks
skydash55@bellsouth.net

Archive · #2 03-31-2008, 09:26 AM

Posted By: Frank Wakefield

The guys will not agree with one another. Ask an accountant where you live.

I think it is ordinary income, and you'll owe quarterly estimates on it. A bunch of guys don't want that to be the correct answer, so they'll tell you differently.

Additionally, you may be in an inheritance tax state. Which is different from estate tax, although some folks here seem unable to comprehend the difference. Because of that, there could be an inheritance tax owed to begin with, before you reach the income tax issue.

Archive · #3 03-31-2008, 09:38 AM

Posted By: Zinn

Might it qualify for a "stepped-up" basis?

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