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Have you ever been left an inheritance?

If so, did you reinvest to avoid paying taxes on it?

 
PMSMom10

Asked by PMSMom10 at 4:18 PM on Mar. 17, 2013 in Money & Work

Level 46 (229,581 Credits)
This question is closed.
Answers (14)
  • No, unfortunately I failed to reinvest.
    m-avi

    Answer by m-avi at 4:19 PM on Mar. 17, 2013

  • All of the money went to care for my mother until she died. My father had me sent up trusts for each of us kids. Mine went back into hr are. I would say that was "reinvesting" it. After all was said and dne there as $2,000 remaining and I investedit in my children's education
    Dardenella

    Answer by Dardenella at 4:23 PM on Mar. 17, 2013

  • Yes, and yes.
    SWasson

    Answer by SWasson at 4:20 PM on Mar. 17, 2013

  • Nope
    staciandababy

    Answer by staciandababy at 4:26 PM on Mar. 17, 2013

  • I was left some money that had been put in a trust when it was discovered during my infancy that I would be blind. I used most of it during my fist trip to college, then the last of it to pay off the bills when I had to have my appendix out.
    Ballad

    Answer by Ballad at 4:31 PM on Mar. 17, 2013

  • No, and I won't, because I told my father to go drink his money away.
    When I was 20, my mother got an inheritance from her grandmother, and she gave me $2,000 of that. I used it to put new carpeting in our house.
    JulieJacobKyle

    Answer by JulieJacobKyle at 4:42 PM on Mar. 17, 2013

  • Yes. It was invested when I received it. I sold some to pay for my college, kept the rest - but now I don't want to sell because I'll get killed on capital gains. I have found a few small loopholes here and there, always looking for more!
    missanc

    Answer by missanc at 4:44 PM on Mar. 17, 2013

  • You can inherit land, houses, stocks, bonds etc. Unless the total is over 5 million you do not have to pay inheritance taxes. If you inherit stocks the value is based on the date of death and if the stocks have lost value you would not have to pay capital gains either. If you sold the stocks, had capital gains due to an increase in value and bought more stocks (reinvested) you would still have to pay the capital gains on the increase in value.
    Keksie

    Answer by Keksie at 6:29 PM on Mar. 17, 2013

  • The state I live in does not have estate tax nor does it have income tax.
    Keksie

    Answer by Keksie at 7:53 PM on Mar. 17, 2013

  • No i Have not.
    DJDNY

    Answer by DJDNY at 9:01 PM on Mar. 17, 2013