- Nov 29, 2006
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My wife's mother passed away a few months ago and my wife is the executor of the estate. Her mother had quite a bit set aside to distribute evenly among her 3 daughters. It is going to probate court eventually but im not a tax savy person but i know some of you here are. I have a few questions on how receiving money from various means might affect my wife & I's taxes once its all said and done.
Her mothers house and car were paid off and she had various accounts with money in them. Checking, Roth IRA, IRA, 401K, i think even a few CDs, and then also the estate once the house, etc is sold. In total this is all less then $500k id imagine.
Can anyone shed some light on how receiving some money from the various things list might be taxed to us once we receive the funds?
Thanks
Edit: This is in KS if that helps any. Gill77 mentioned states made me think i should add this info.
Her mothers house and car were paid off and she had various accounts with money in them. Checking, Roth IRA, IRA, 401K, i think even a few CDs, and then also the estate once the house, etc is sold. In total this is all less then $500k id imagine.
Can anyone shed some light on how receiving some money from the various things list might be taxed to us once we receive the funds?
Thanks
Edit: This is in KS if that helps any. Gill77 mentioned states made me think i should add this info.
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