You'll need to sign in or create an account to connect with an expert.
I"m sorry for your loss. I would highly suggest you seek professional help on all this, because doing things wrong "WILL" affect what your heirs get. There's two professionals I suggest you get with.
First, an attorney that specializes in wills and estates. They will help you set things up to have the lowest tax impact on both you and your heirs. Remember, with the passing of your husband *you* are a heir now. So this stuff matters for you too.
Next, you need to get with a tax professional for reporting all of your transactions (both purchases and sales) correctly. Doing things wrong will be costly to correct later - either on a later year tax return or your estate return after your passing.
Now since you paid cash for everything, that tells me that seeking professional help is not beyond your means. In the end, it will be significantly cheaper than the fines, penalties and back taxes that will be assessed if things are not done correctly. On top of that, if your state also taxes personal income then you can double those potential fines and penalties because your state will assess them too.
since significant info has not been provided, I agree with Carl.
The original space does not provide room for "significant" info but I provided significant in the optional info. And I don't believe it is necessary to have an accountant or CPA assist in the determination. An attorney has been contacted.
An attorney has set up a new will and all necessary provisions, however, my unforeseen medical situation has caused me to make alternative decisions. I am questioning the advice to consult an accountant or CPA. My husband had no business or tax experience and completed tax returns for many individuals after he retired. I'm sure I have made mistakes in my choices but I don't want to spend more for a CPA to tell me there is nothing they can do.
I am questioning the advice to consult an accountant or CPA.
There are no "experts" in this public user-to-user forum. Even those with a "CPA", a "TurboTax" or "expert" tax after their screen name can be questionable. This is a "PUBLIC" forum and nothing is to be taken as a gospel truth. I can tell you that I"m a world-renowned tax expert. But I can't prove it in this forum.
When you take advice from this (or any) public forum, you do so at your own risk. If it's wrong advice that ends up costing you money later, you have no recourse and nobody to hold liable for culpable for the incorrect information you were provided.
When you pay an attorney or CPA, if they mess up you have someone that you can hold legally liable and financially culpable for the information they provide you. Your situation has a complexity about it that, while the TurboTax program can handle it, the generality of your questions asking for help are a clear indication that the depth of those complexities are not understood. They "need" to be understood. Therefore professional help is in your best interest..... not mine. YOu want a CPA with the heart of a teacher that is willing to sit down with you and educate you. You don't want one with the heart of a banker that is only interested in how much money they can suck out of your bank account.
Laws differ state to state, sometimes vastly. Those differing state laws do have a direct effect on which federal laws apply to a given situation too. One big and easy example is if you live in a community property state.
If you live in a community property state, then when one spouse passes the other spouse gets a step-up in cost basis on the entire value of property owned by both partners. But if you do not live in a community property state, then the surviving spouse only gets a step-up in basis on 50% of what was jointly owned by the couple. That's just the simple example.
Please, for the sake of your heirs and *YOUR* bank account, seek professional help this year for reporting your real estate purchases and sales.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
melissa-chen66
New Member
sutherlandws
Returning Member
jcanalesr92
New Member
rosi312177
New Member
Rocketman1963
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.