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Reply to "Family member death - Tax Filing and Retirement Accounts"
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[quote=Anonymous][quote=Anonymous]OP, whoever is filing taxes for the deceased - it can absolutely be you - [b]must report anything over $16k on form 709[/b] - so long as it is less than $12M - no taxes owed. You can get management of retirement accounts - need to call each of them and let them know of death - they can help with next steps. Yes, you don't need a lawyer or accountant. It seems in your case it is fairly simple.[/quote] No — reporting requirements for the annual gift exclusion do not apply to an inheritance. Only the lifetime exemption amount matters for estate tax purposes. Please don’t take accounting advice from this forum. [/quote]
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