I live in Texas. My Dad died in Texas. Recently, an out of state relative suggested checking "unclaimed property" databases for forgotten money. I did so.
I found a couple of thousand in a forgotten interest-bearing account in Louisiana, where Dad grew up.
I attached my name, but I haven't made a claim for payout because I have sooo many questions.
1) Is this taxable income? Or an undeclared part of his original estate?
2) Is it "simple" to transfer? Or should I consult an attorney with multistate expertise?
Thanks for any help!
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Hi @ATX-Rynr
I had a similar experience with this subject.
1) Is this taxable income? Or an undeclared part of his original estate?
This is undeclared assets to his estate and should be reported on an amended estate return.
2) Is it "simple" to transfer? Or should I consult an attorney with multistate expertise?
This is usually a straight forward process. Depending on the amounts owed, you might consider consulting an attorney or at least the attorney that handled the estate tax filings.
Please reply below if you have more questions.
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