Im incorporated - my house is my only write off outside medical - IRA - My mother inlaw passed and we will be getting a large sum of money - I am thinking of paying off our house and moving the rest into our IRA - however, am i going to be killed with taxes (im in TEXAS) Please advise before i make a stupid move... Is it smart of me to take a lump sum paying off the house - deposit rest into IRA ? do you have a better idea?
2007-03-23 09:42:10 · 4 answers · asked by JODY 2 in Business & Finance ➔ Personal Finance
this is from life insurance
2007-03-23 09:42:54 · update #1
Lump sum payments on life insurance are not reportable for income tax purposes. You can pay off your house, but probably not put money into your IRA since it is from earned income. However, if you have not maxed out your investement yet, you can put in an amount equal to your earned income up to the max for one year. You certainly can invest the balance in whatever you are comfortable with.
2007-03-23 09:49:28 · answer #1 · answered by deep5223 4 · 1⤊ 0⤋
Sorry approximately your father. You ask 2 separate questions: the 1st one: Is there some one obtainable for hire to assist her that isn't income on her? i will not answer you approximately that. looking somebody you and your mom can have confidence is a few thing you may seek for suggestion from with acquaintances and family participants participants, and that i'm hoping for you, you will discover somebody. in any different case - you are the guy to be relied on. the 2nd query related to Bankers life insurance corporation: examine out the placement devoid of thoughts. If Bankers life opt to hold the examine in individual, and could not deliver your mom the life insurance examine devoid of coming to her domicile - enable them to come again, confirm you're contemporary while they arrive, take the examine, and the challenge is closed. Why complicate the placement? you won't like it, even though it truly is clever, and easy. you're already harm alongside with your very own loss, and no examine can the ultimate option that. Be stable adequate and positioned an end to this affair with the examine.
2016-12-19 12:31:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You may get hit with taxes regardless. Get a lawyer and ask ask ask.
Sorry for your loss and good luck!
2007-03-27 09:15:50 · answer #3 · answered by Pepper 6 · 0⤊ 0⤋
it's not a problem
2007-03-23 15:41:50 · answer #4 · answered by preethi r 1 · 0⤊ 0⤋