AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 30 years and have taught accounting and tax at the college level for over 30 years.
Organizations AICPA, FICPA, IMA, NATP
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question JOHN,
AS I HAVE READ I WOULD INCLUDE AN INHERITED ANNUITY ON MY INCOME TAXES, BUT IF I WAS TO TURN AROUND AND GIFT THAT MONEY TO MY CHILDREN, WOULD I STILL HAVE TO FILE THE TAXES. I AM A OLDER PERSON ON SOCIAL SECURITY AND HAVE NOT OTHER ASSETS
Answer Kim,
Thanks for your question.
It does not matter what you do with the money, you must pay taxes on it. Giving it away would have no effect.
If you have not already accepted the inheritance, you may decline it. However, you cannot designate what is to be done with the annuity if you decline it.
