There may have been a small amount of earnings between the death and
distribution. Not sure about the treatment here but the US does charge the
heirs tax on their part of those gains.
Sent from my iPhone
> On Oct 12, 2018, at 5:34 PM, Leo Bolta wrote:
>
> Thanks for the input all! Good to
Thanks for the input all! Good to especially know that the tax had
already been paid before the final distribution.
On 2018-10-12 8:44 AM, R. Victor Klassen wrote:
Canada does not have inheritance tax. Presuming the executor got it right, the
estate paid all its taxes before releasing the
Canada does not have inheritance tax. Presuming the executor got it right, the
estate paid all its taxes before releasing the last of the inheritance. I’m
not sure what happens if the executor screws up and distributes too much before
CRA has its final say on how much the estate owes
Leo,
Adrien's advice is accurate. Enter the transaction as he suggests, and ask your
tax advisor whether you owe tax or not. Gnucash is not an oracle; it won't be
able to answer your tax questions.
David
On Fri, Oct 12, 2018 at 10:23, Adrien
Monteleone wrote: Whatever the
Whatever the transaction is supposed to be, you’ll be able to do it in GnuCash,
but you need to speak to a local CPA for formal advice on how to record it and
to answer your questions concerning tax implications.
In the most simple form, it might be something like:
Dr. Assets:Cash
Cr.
How would one handle a transaction of inherited cash in GnuCash within
Canada? Can I expect to be paying taxes on the sum in the future?
Thanks,
Leo
---
This email has been checked for viruses by Avast antivirus software.
https://www.avast.com/antivirus
