Just inherited a house, what do I do next? I am 20F. I just inherited a house from my father (who passed away) about a week ago. The house is severely dilapidated and would require several tens of thousands of dollars to repair in order to live in or rent out. I do not have the money on hand to do the repairs. The property itself is 0.25 acres (10,890sqft) in a desirable neighborhood. T…

Inherited 401K after probate My father died and left behind a 401K that went through probate and is now part of the estate that my brother and I inherited. Do we have any options in terms of splitting it into 2 accounts that we can each control? Or do we have to control the account together (which is obviously not ideal)? FWIW it’s with Fidelity and we did each receive a sh…

Still have an Inherited Traditional IRA from grandfather after 10+ years. Hello, I still have an inherited traditional IRA from my grandfather that I received 10+ years ago. I recently read that I needed to pull this money out fully by 10 years after my grandfather’s passing but I’m not sure. I’m in PA if that matters and I’m not sure what I should do. Can I be liable for a lot of back taxes on this if I haven’t been…

Inherited a new car, Hi and thanks for helping. I have about 20k in cc debt. The interest rates are probably as bad as you’re thinking. I have a 6 yr old car with a loan and about 1k in equity. I recently inherited a practically new car worth about 22k. I’m thinking that I sell the old car, drive the new car, but get a loan on the new car’s title. This will hel…

What to do with inherited roth & regular IRA if in high tax bracket? Inherited roth & traditional IRAs a few years ago, from what I understand I have 10 years from date of death to empty those accounts. Question is what should be the game plan if I’m at a period in my life where I’m typically in the top tax bracket? Not asking for investment advice more planning. How do I manage the traditional account efficientl…

I inherited $50K. What do I do now? (NYC/New York) I could really use some advice on what to do with my inheritance so it doesn’t go to waste. I tried speaking with a financial advisor and they told me I didn’t have enough money for their help. It sucks because it’s not enough to put down on a home in my state and a home/dog are my two biggest goals. But I did immediately pay off my credit card …

Question regarding inherited 401k for my mother. Greetings, Question is not for me but rather its for my mother. My father died in 2020, he has a 401k with a 2025 target fund valued over 100k. I am finally helping her with the transfer, my first question is which route would be best for her is she is currently 58, can I help her open an Inherited IRA with a place like Fidelity and transfer to …

Is Psychopathy Inherited? Ask Someone Who’d Know! Writing about how Psychopaths Can Hide In Plain Sight spurred a debate in the comments.  Some feel psychopathy is genetic. Others think otherwise. I think psychopathy is genetic. It runs in families.  I know this because it runs in mine.  It also runs in every other family with a psychopathic gene, I have ever known. Source

Registration on transferred inherited IRA My father passed away last year and I inherited an IRA account. The account was split among the heirs and with new accounts created for each of us at my father’s brokerage. I recently transferred the account from my father’s brokerage to my Vanguard brokerage. I’m trying to make sure the transfer was handled correctly and won’t be seen as a dist…

Just inherited a house, what should I do? Just as title states. Finally all paperwork finalized and I’m allowed to sell. I recently bought my home a few years ago so moving is not a option. Here are details. Mortgage remaining is 144k. House needs work in 2017 water leaked. New roof was installed but ceiling was not fixed. It needs some work on ceiling and new carpet/appliances. I wou…

What to do with non-spousal Inherited IRA Trying to understand what to the best strategy is on a non-spousal inherited IRA. We are of working age (not retired) and will be still working at the end of 10 year rule. We’re on year 3 of the 10 year rule and have not touched it. If we were to withdraw it now, it would just go into a brokerage account. So I think that means it should be left …

I’m 21 and I inherited money and I have no idea what to do with it Let me start off with I am 21f, broke (minus maybe a grand I have in my bank account) in college but no idea what I’m going to major in and I just inherited a little under 20k This may be small money to some people but to me and my fiancé 24m, we have been anxiety stricken since. It is currently with a investor advisor as my grandfather did his…

Inherited IRA – can someone verify whether or not my withdrawal plan makes the most financial sense? I inherited approximately 300k in an IRA. I currently earn about 60k/year base and another 24k/year in a job stipend, which is more or less an interest-free loan or sign-on bonus should I commit to a particular job. My wife earns about 65k/year. So, total household income of approximately 140k/year. I recently signed a job contract to begin in 2…

Sell or Rent Out Inherited Condo? My sister and I inherited a condo from our parents who passed away recently. It is in a very nice vacation community out of state that we enjoy and we could probably rent it out at high season and cover the cost of ownership and probably earn enough to cover the cost of paying off the small mortgage after a few years (even after hiring a propert…

Can I collect the rent of my sister’s inherited home? I am 26F, and my sister is 18F. We are in California. Our step father recent passed away, and he left his house to my sister. Neither of us are related to him by blood or were very close to him in life, but he wanted to leave it to our family as he had no children of his own. I am not interested in the property for myself. (If you are wondering…

Any way to keep an inherited house with low income I make like $30,000/year. I have $500 total in savings. My grandfather has been in poor health lately, and while i hope he will live a while longer, we’ve started making preparations for when he passes. One big sticking point is that he has a house worth somewhere between 2-3 million dollars. My parents don’t want it, as they already have a nice…

Taxes on sale of inherited property in Florida Hi there! I’ve seen similar posts in here but I’m getting bogged down with information so I thought it best to ask about my particular situation. My father passed and I inherited his properties over a year ago. We (my brother and I) are about to sell the shop he ran his business out of, so I’d say it’s a commercial property. I know very little a…

What to do with an Inherited IRA at tax time I am now the beneficiary of my father’s IRA – he died in 2021. I received a 5498 IRA Contribution form. The transition from his account to mine happened in 2023. Do I owe taxes on this? submitted by /u/naominnn

Inherited home with mortgage – What are my options? Hi all. I’m hoping to get some feedback on my situation. My mother recently passed away and left a small trust, with her home included. There is approx. $50k principal balance left on her loan. I really would like to keep this home, as it is my childhood home, in a good neighborhood, and… well, the housing market be super cray in California. I…

Just inherited $40k. No real debts. Salary takes care of expenses. What is the best way to make money off of this gift? Thanks!! submitted by /u/IlMioNomeENessuno