In 1948, Janet bought a home for $52,000. She lived there until she died in 2018....

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Accounting

In 1948, Janet bought a home for $52,000. She lived there untilshe died in 2018. When she died her home had a fair market value of$4.8 million. She also had $100,000 in a tax-deductible IRAaccount. Janet named you in her will as her sole heir andbeneficiary.
In 2018, how will you treat the deductible IRA account that youreceive from Janet? On these facts will Janet's estate pay tax onit? On these facts, will you pay income tax on it (and, if so,when)?

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Tax Deductible IRA account If you are the spouse of Janet then you have 2 options Either you can remain a named beneficiary and add the assets to your existing retirement account you can either retitle the IRA account so that you become the owner of the account instead of your deceased spouse or transfer the funds to your already existing IRA account If you transfer the distribution to your account within 60 days of Janets death you wont be taxed and the See Answer

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