u/BornConstruction815

▲ 4 r/tax

First off, I asked my lawyer already and she said she got conflicting information, so I'm wondering what the consensus is on Reddit:

Decedent had, among other assets, a brokerage account with Chase. One of the beneficiaries lives outside of the US (but he is a US citizen) and Chase told him that he couldn't open a Chase brokerage account for depositing his shares since he doesn't permanently reside in the US, so the personal representatives sold his portion of the account. While waiting for the notarised receipt from the beneficiary, there has been some interest earned on the sweeps account. I'd rather not have to send two separate mailings to the beneficiary living abroad since it is rather expensive to send mail there though I suppose I could wait to see if the residual check came to me in a timely manner and then I could send them both to the beneficiary at the same time. We still have other liquid assets to distribute.

Anyway, my tax question is the interest earned on the sale owed exclusively to that beneficiary (all the other beneficiaries want in-kind shares transferred to their brokerage) or does it get split amongst the beneficiaries? Probate is in Florida so I don't think there's any state tax considerations, only federal.

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u/BornConstruction815 — 8 days ago