Income in Respect of a Decendent

Income in Respect of a Decendent

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Income in Respect of a Decendent

Income in Respect of a Decendent definition:  Income in respect of a decendent is a federal income tax deduction available to beneficiaries of a traditional IRA. Paid federal estate taxes are deductible as the beneficiary takes withdrawals from the inherited IRA, but inheritance taxes and state taxes are not deductible.

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