WITAXLADY Posted April 3, 2015 Report Share Posted April 3, 2015 so mother dies and somehow that triggered inheritance paid to her(estate) a lump sum of all the missing royalties from an oil well in Illinois. anyway around paying tax on this all in one year? thx Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 3, 2015 Report Share Posted April 3, 2015 Got. O answer for that, but why can't I find missing funds like that? 2 Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted April 3, 2015 Report Share Posted April 3, 2015 I would ask some more questions. Did the mother pay taxes each year, but leave the royalties with the working capital of the oil well? And her death did not trigger income, but a payout? Or is this income to her accrued prior to her death but not paid until after her death? Maybe you have answers, and maybe it is all income for this year, but is it income for her final return or for the fiduciary return? Does this mean there is a capital investment that the estate can sell that would maybe result in a capital loss to offset the income? If somebody left me oil royalties, I would smile while I paid the taxes. 2 Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 3, 2015 Report Share Posted April 3, 2015 Gail has some great points, and clearly you need more info before you can do anything. Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted April 6, 2015 Author Report Share Posted April 6, 2015 thank you - did some reading - I do have other royalties but don't need to know much except income and expense... coming in Monday am - why now?! NO April Apptmts! What don't they get!!! Oh I let them 1 Quote Link to comment Share on other sites More sharing options...
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