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Video instructions and help with filling out and completing Which 1041 Schedule I 2023

Instructions and Help about Which 1041 Schedule I 2023

Today for a harbor financial online.com I want to talk about the federal inheritance tax laws and rules when filing a return this is a really technical area of tax that can be very confusing when preparing to return so I'm gonna try to walk through the the big parts of this and try to simplify it for you as much as I can I do have a lot of experience and dealing with gift taxes and inheritance taxes so I again I'm gonna try to break this down in a way that you guys can understand out there the first thing I want to cover is when you you are a beneficiary and you are left with you know money and assets from someone else you are required to report that on your tax return a lot of people have you know misconception of this that they can get out of all this money left behind to them with you know interest stocks cash and not worry about the tax implications of it and that's not true you do have to file it on your return and you all get taxed as if it was your money to begin with so that's important to know so when you're filing your 1040 it will take all those statements that you received whoever would be the you know the administrator of that person's assets would be able to provide you with the statements you need to prepare your return since you'll be paying tax on that now there's two different things here we have someone who is receiving these items cash stocks dividends interest and then you have if you're receiving an estate now if you're if you're receiving an estate from someone from them past in a way you have...

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