You are here:
- Home
- Business
- Corporate Law
- Tax Law (Questions About Taxes)
- INHERITED ANNITY
Tax Law (Questions About Taxes)/INHERITED ANNITY
Advertisement
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
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.
Hope this helps.
John Stancil, CPA
Related Articles
Answers by Expert:
- Rod Dorothy
- Helen P. O`Planick, EA
- Carole Dunton
- Randall Brody, EA, MBA
- Mike Wellman
- Richard Fritzler
- Vanessa D. Powell, CPA
- MEdusa
- Glenn D Schnabel
- IJ Zemelman, EA MBA
- John L. Tidwell
- John Stancil, CPA
- Neil Johnson (The Tax DudeŽ)
- Adam Shay
- Edward L Parsons CPA
- Bruce W. Tyler, EA
- Chea Romine, CPA
- ABRAHAM ITANI, CPA
- WILLIAM D MCCONNAUGHY, CPA
- Jay Allen Finn, CPA
- Mark Trazo, CPA Candidate
- Randall Klein, MBA, EA
John 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 35 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. Prepare and file your own taxes at www.1040stancilcpa.com
Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CGMA, and CFM. 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
Publications
The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly.
Education/Credentials
DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
©2012 About.com, a part of The New York Times Company. All rights reserved.