I had a great Zoom meeting with our CPA today. He helped me to further understand/confirm:
- The fine details of an inherited IRA.
- How to handle each house in terms of the estate, including expenses, rental income, and which property needs to dabble in the estate verse not.
- How to handle mom’s pension income, a month’s worth which came in after she passed.
Overall, things became easier after talking to our CPA. I’ve been wrangling taxes for 26 years, federal and state (plus insurance industry tax returns which are a whole different animal). I’m going to do the prep for mom’s 2020 tax return, and her estate return, and let our CPA do the review and filing. The Moral Authority of a CPA is everything in these situations!