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Reply #4: basis is value at time of inheriting - so ins company can get you [View All]

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Home » Discuss » Topic Forums » Economy Donate to DU
papau Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-14-04 02:17 PM
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4. basis is value at time of inheriting - so ins company can get you
exclusion percentage - should be close to 100% excluded.

However - if this was IRA, the IRA is considered "untaxed" and your basis drops to zero - now this is where you need an accountant or lawyer - not an actuary with a bad memory! - cause I forget if the value of the annuity - or just the payments recieved this year - get thrown into your tax return.

of course, state law need not follow federal - so you need a Tenn actuary/accountant/lawyer - all of which cost - and since the insurance company trys to know these things and talks to you for free - that is where I would go first!
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