On 1/31/20 10:48 AM, Dave Gilmore wrote: > Hello all, > > My mom recently passed away and I am the sole beneficiary on all of > her assets. I am wondering how to setup and record few scenarios. > > 1. She had a traditional IRA account that she was receiving > disbursements from. I worked with the broker and just rolled all of > the accounts into my name. So, now I have this money that was given to > me and I didn't pay into. I have to continue receiving disbursements > from this account every year. Because this is a traditional IRA, I > have to pay taxes on this income. Because of this, should I set the > IRA account as some sort of equity that I can get income from and pay > taxes on? I tried setting it up as an investment asset, but I couldn't > then make an income transaction. I think I need to reflect this as > income due to the taxes being taken out. Otherwise it would just be a > transfer between asset accounts. How should I set this up? > > 2. As I am closing out some of her accounts (utilities, insurance, > cable, etc) she is being issued a refund. Which is being paid to me. > Should I just list this as "other income". Technically it is a refund, > but I did not make the original expense to be refunded for > > Thanks! > > Dave Gilmore
Only your local CPA can provide the correct answer for you. Once you know how s/he wants it recorded, we can then help you setup the accounts and enter the transactions. -- Stephen M Butler, PMP, PSM stephen.m.butle...@gmail.com kg...@arrl.net 253-350-0166 ------------------------------------------- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
