Josh Jelenski, New Jersey, Accountant discussed on Financial Quarterback Josh Jalinski
For mazing, grace, next up, we have Lucille. You're on with Josh jelenski the financial quarterback, go ahead. Good morning. My father passed away in two thousand seventeen. A mortgage. No. He was collecting monthly payments. Sure, I went to the accountant, and he said, there's going to be a large a man of inheritance. To the federal jersey. I don't actually have the money just the monthly payment. It. In value of the mortgage, not on the amount of them. Why it's that's what I'm going to. And. Find out. And that's why I'm calling maybe. Help me. So are they trying to buy you out or what? Taxes. The federal and the New Jersey. Yeah. It'll be the future value. So let's say the note was three hundred thousand. And the gentlemen, paid off two hundred thousand of the principal. You're only getting one hundred thousand future value. So to me, it would be the future value or not. Even because you don't have an asset you of a stream of payments. So if you're holding a note for someone else that's not really an asset. That's an income stream. So I think at at the worst, it should be off the future value. Not the past value. The moment he passed away. Let's say. Million dollar in reality. We don't have. On hand. That is. And, and the moment if he's still pay taxes on the amount of the more. And I said, I don't think you to collect. In sound right? The way the estate tax or inheritance. Depending on what state you live in. It's in what you inherit. You're not in heralding two million dollar note. You're inheriting two million dollar. No. But it's a million dollars in future payments are five hundred thousand future payments. They wanna do that. That would make sense. Never does the government require tax dollars money. That's not earned, so doesn't. Yes. New jersey. And to the federal, and I said, no, you better find the right. Because we don't have them on hand. Yeah. Well, that's one of the reasons though why you should come in four of you. Call us at eight eight nine eight Josh. And we will help you or any of our listeners who are no experiencing inheritances, and you don't know how. To properly inherited. It's also, you know, you also probably need a new accountant potentially. I mean. Can deal with this because, you know, it doesn't sound right to me. Not at all. I I love your problem. I've been listening for a year. And I. Listen to every time I listened, I learned because. Like you said, there's the question No question. Thank you. No. Thank you. Lucy. So much you too have a blessed day. Yeah. I loved the amazing grace and green beret tribute from a moral data to, to great Memorial Day songs picked out by Bob next up..