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Just a heads up on the I-Bonds in your child's name - make sure you understand who legally controls those. If they're in a minor linked account where you're the custodian, you have fiduciary responsibility to use those funds for the child's benefit. Some parents aren't aware that technically, those bonds belong to the child, not the parents. If you're thinking about using those particular bonds for anything other than your child's benefit (like rolling them into a 529 where you're the beneficiary), that could potentially cause problems. The money from bonds in a minor's name should generally be used for that child.
This is really important. My brother had I-Bonds in my nephew's name and decided to cash them out to renovate their house. His accountant flagged this as problematic since the money wasn't being used for the child's benefit. Just something to keep in mind.
I went through a similar situation last year with I-Bonds and education planning. One thing that wasn't mentioned yet is the timing strategy for bonds approaching final maturity. If any of your I-Bonds are getting close to their 30-year final maturity date, you'll be forced to recognize all the interest income in that tax year regardless of your plans. Also, don't overlook the potential benefits of keeping some I-Bonds as part of your overall financial strategy. Even though you can't roll them tax-free into a 529, I-Bonds still offer inflation protection and tax deferral that you lose once you cash them out. For your daughter's college timeline (she's 12 now, so college in about 6 years), you might want to calculate whether the guaranteed returns and tax deferral of keeping the bonds outweigh the potential growth in a 529 plan, especially given current market conditions. Sometimes the "tax-efficient" move isn't always the most financially beneficial move overall.
This is a really good point about the timing and overall strategy. I'm curious - when you did your calculations comparing keeping the I-Bonds versus moving to a 529, what factors did you weigh most heavily? I'm trying to think through whether the guaranteed inflation protection is worth giving up the potential for higher returns in a 529, especially since we have about 6 years before needing the money. Did you factor in the state tax benefits of 529 contributions in your analysis?
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Don't forget about state taxes! While the federal government generally doesn't tax foreign inheritances, some states do have inheritance taxes. What state do you live in? That could make a difference too.
Only 6 states have inheritance taxes now - Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. And even then, most exempt close relatives. But definitely worth checking depending on where OP lives.
I went through something similar when my grandmother in France passed away and left me some money. One thing I learned that might help you - make sure you keep detailed records of EVERYTHING from the moment you're notified about the inheritance. I'd recommend creating a file with: the original will (and English translation), all correspondence with the Italian lawyer, bank transfer documents showing the source of funds, any Italian tax documents, and records of the exchange rate on the day you receive the money. The IRS loves documentation, and having this paper trail ready will save you headaches if they ever have questions. Also, don't rush to transfer the money immediately. Take time to understand all the requirements first - both the Form 3520 reporting and any potential FBAR obligations if the money sits in Italy for a while. I made the mistake of moving too quickly and had to reconstruct some of the documentation later. The €120,000 is a significant amount, so even though you won't owe income tax on it, getting professional help for at least the first year's filing is probably worth the cost to make sure everything is done correctly.
This is really comprehensive advice, thank you! I'm definitely learning that documentation is key with international inheritance. One question - when you say "records of the exchange rate on the day you receive the money," do you mean the day the inheritance is officially transferred to me, or the day I actually move it from Italy to my US bank account? I want to make sure I'm using the right date for reporting purposes. Also, did you end up needing to provide proof that your grandmother actually passed away and that the inheritance was legitimate? I'm wondering if I should get an official death certificate translation or other documentation beyond just the will.
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This is such valuable information - thank you everyone for sharing your experiences! As someone new to trust administration, I'm dealing with a similar situation where my elderly aunt's irrevocable trust will be distributing assets to my cousins soon. One thing I'm wondering about that hasn't been fully addressed - if the trust has been generating dividend income throughout the years, does that affect the cost basis of the stocks when they're distributed? I know reinvested dividends typically increase your basis, but I'm not sure how that works when it's happening within a trust structure. Also, for those who used the online tools mentioned (taxr.ai), did they help you create a proper paper trail for the basis documentation that Savannah mentioned? That seems like it could be a nightmare to reconstruct years later if not done properly during the distribution. Really appreciate all the practical advice here - it's so much more helpful than trying to decipher IRS publications on my own!
Great questions! Yes, reinvested dividends do increase the cost basis of stocks even when they occur within a trust. Each reinvestment creates a new "lot" with its own purchase date and price, which becomes part of the overall basis calculation. The trust should have been tracking this, but if records are incomplete, you might need to contact the brokerage firm that held the assets - they usually have detailed records going back years. Regarding the documentation tools, I haven't used taxr.ai myself, but from what others described, it sounds like it could help identify what records you need. However, the actual basis documentation really needs to come from the brokerage statements and trust accounting records. The key is making sure you have a complete record of every dividend reinvestment, stock split, and any other corporate actions that affected the shares. As a newcomer to trust administration, I'd also suggest getting everything organized now rather than waiting. Trust me, five years from now when your cousins want to sell some of those assets, having clean documentation will save everyone a huge headache (and potentially a lot of money in unnecessary taxes)!
As someone who recently went through a similar trust termination, I want to emphasize a few practical points that might help your brother navigate this smoothly: First, make sure to coordinate the timing of the distribution with your niece's tax situation. Since she'll be inheriting the carryover basis on $115k in unrealized gains, it might be worth considering whether she has any capital losses from other investments that could offset future gains, or if her income will be low enough in the year after distribution to take advantage of the 0% capital gains rate for lower income brackets. Second, don't forget about the trust's final tax year - any income earned from January 1st until the distribution date will need to be reported. This includes dividends, interest, and any capital gains if assets are sold within the trust before distribution. Lastly, I'd strongly recommend having your brother prepare a comprehensive "beneficiary letter" that accompanies the asset transfer. This should include all the basis information, purchase dates, dividend reinvestment history, and any corporate actions. Even if the brokerage provides some records, having everything consolidated in one document from the trustee will be invaluable for your niece's future tax planning. The fact that you're thinking about these implications ahead of time shows you're on the right track. Your niece is lucky to have family members looking out for her financial interests!
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INFO: Are you and your boyfriend financially supporting yourselves and your children together, or is your dad providing significant financial support to you? Also, how old are you? The rules are different depending on whether you're over 19 (or 24 if you're a student).
My boyfriend supports us financially since I stay home with the kids. My dad pays for my car insurance ($600/year) and my cell phone ($50/month), but that's it. I'm 22 years old, not a student. My boyfriend and I have been living together and taking care of our two kids (ages 2 and 4) for almost two years now.
Based on what you've shared, your dad absolutely cannot claim you as a dependent. For him to claim you as a qualifying child, you would need to: live with him for more than half the year (which you didn't), be under 19 or a student under 24 (you're 22 but not a student), and he would need to provide more than half your support (he's only providing minimal support with insurance and phone). Your domestic partnership further solidifies that you've established your own household with your boyfriend. Your boyfriend might potentially be able to claim you as a qualifying relative dependent if you meet the income requirements, but your father definitely doesn't qualify to claim you under either the qualifying child or qualifying relative tests. The residency requirement alone disqualifies him completely.
Based on everything you've shared, your dad has absolutely no legal basis to claim you as a dependent. The IRS has very clear rules for this: For a "qualifying child" dependent, you must live with the person claiming you for MORE THAN HALF THE YEAR. Since you haven't lived with your dad at all in the past year, this requirement fails completely. For a "qualifying relative" dependent, the person must provide MORE THAN HALF of your total support. Your dad paying $600/year for car insurance and $50/month for your phone ($1,200 total annually) is nowhere near half of what it costs to support you, your boyfriend, and two children. Your registered domestic partnership establishes that you're part of a separate household unit. You're functioning as a family with your boyfriend and children - this is completely different from being financially dependent on a parent. Tell your dad straight up: "The IRS requires dependents to live with the person claiming them for at least 6 months of the year. Since I haven't lived with you at all, you legally cannot claim me. Period." Don't let him argue with tax law - these aren't opinions, they're federal requirements. If he tries to claim you anyway, the IRS will catch it when returns are processed and he'll face penalties for fraudulent claiming. Protect yourself by filing your own return correctly.
Madison Tipne
Question for anyone who understands Form 8582 - If I've invested in this LLC that generates passive losses through real estate, do I need to fill out the entire Passive Activity Loss Limitations form even if I'm under the 30% AGI limitation for the charitable contribution portion? I'm worried about triggering unnecessary IRS scrutiny with my return.
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Madison Tipne
•Thanks for clarifying! So I need to handle both limitations separately - first determine how much of the passive loss I can take via Form 8582, and then apply the 30% AGI limitation to the charitable portion. That makes sense, though it's more complex than my accountant initially explained. Is there a specific order of operations for how these forms should be completed on my tax return? I'm assuming I need to complete Form 8582 first to determine my allowable passive losses before I can properly complete Schedule A for the charitable contributions?
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Paolo Marino
•Exactly right - you need to complete Form 8582 first to establish your allowable passive activity losses, then use those results when completing Schedule A for the charitable deduction portion. The order matters because the passive loss limitations can restrict how much of the total loss flows through to your personal return. Here's the sequence: Form 8582 determines your current year allowable passive losses (with any excess carried forward). Then on Schedule A, you apply the 30% AGI limitation to whatever charitable contribution amounts made it through the passive loss filter. One thing to watch out for - if part of your LLC losses get suspended due to passive activity rules, those suspended losses don't disappear. They carry forward and can be used in future years when you have passive income or when you dispose of the investment. This is actually a common outcome with these real estate tax equity deals, so don't be surprised if you can't use the full loss amount in year one.
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Amara Okafor
I've been through a similar scenario with real estate LLCs that combine rental activities with charitable donations. One thing that caught me off guard was the AMT (Alternative Minimum Tax) implications. These deals can sometimes trigger AMT because the charitable deduction for appreciated property is treated differently under AMT rules. Also, make sure you understand the depreciation recapture implications if/when the LLC eventually sells properties. The pass-through losses you're claiming now include depreciation deductions, and when properties are sold, that depreciation gets "recaptured" and taxed as ordinary income up to 25%, not capital gains rates. Regarding your original question about loss application order - yes, losses offset ordinary income first, which is beneficial. But don't forget about the Net Investment Income Tax (NIIT) of 3.8% that might apply to your capital gains if your AGI exceeds $200K ($250K if married filing jointly). The LLC losses reducing your AGI could help you avoid or minimize this additional tax layer.
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Dmitry Petrov
•Great points about AMT and depreciation recapture - those are definitely aspects I hadn't fully considered. The AMT implications are particularly concerning since I'm already in a higher income bracket. Do you know if there's a way to estimate the AMT impact before committing to the investment? Also, regarding the NIIT, that's a really helpful insight. If my LLC losses bring my AGI down enough to avoid the 3.8% threshold, that could add significant value beyond just the primary tax savings. With $400K in capital gains, avoiding NIIT on that amount would save an additional $15K. That's a meaningful benefit that wasn't in my original calculations. Did you run into any issues with the IRS challenging the fair market value appraisals on the donated properties in your LLC investment?
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