Estate Tax-Federal Estate Tax

Ravi asked:


Hi
I am thinking abt real estate inv and after doing some rough calculation realized that I may not be able to generate positive CF based on mortgage, taxes insurance and the rent icollect.
I was told that diff can be offset with potential tax savings with owning real estate.
Can anyone pls guide me how I can do that calculation via an example.

Thx

Glenn Grich

John U asked:


“A vacation home is rented out for 10 days during the year and used personally by the owner for 20 days during the year. What percentage of real estate taxes should be

deducted on Schedule A?”

Wouldn’t it just be 100%?

Forest Adelizzi

Hiroshima, Get Over it asked:


Obama has already said that the rich — many who funded his election — can’t afford to pay higher taxes now.

Why won’t Hussein raise the estate taxes on his rich donors? Is he afraid of hurting them after they’re dead?

Tula Godshall

mister_look asked:


I inherited a small condo from a neighbor who passed away, as specified in her Living Trust. Is this considered a gift? Do I have to pay Income Tax?
I am now renting out the property, can I claim deductions?

Kelly

romeo o asked:


and paid to my sole beneficiary tax free?

Murray Damrell

tazboyed asked:


I am going to be receiving ongoing income from my grandfathers estate. I have been told that it is taxable because it is classified as income not an inheritance since it is income earned by the estate since his death. I an trying to get an idea of what tax rate I should expect to pay. I do not know yet exactly how much I will be receiving.

Ty Taruc

okjohnslame asked:


My mother passed away last week and I have been dealing with probate all day today and filing and got my personal representative paperwork just now. However when I took that certificate to the bank (Key Bank), I was informed I needed an estate tax identification number. I live in Maine and have been looking on the Maine.GOV website since I was told thats where I could get it. And its not there.

Now in Maine, an estate tax does NOT need to be filed if the estate is worth less than $1,000,000 which my mothers certainly is. Then why do I need to get an estate tax number for an estate account? My mother left no will (that I can find anyway) and I’m at my wits end. I just paid $221 for probate paperwork, and now I have to probably pay even more which I don’t have.

I **** this state. Anybody have any advice?

Arianna Fairey

AngelSea asked:


I am the executor of my mother’s estate which consists of 3 bank accounts in my three nieces names, all three accounts earned interest less than $600 combined. Is it necessary for me to file 1041? and how do they claim the little interest they received since the accounts are in a tax id number, not their social security numbers(two are minors). thanks
the interest received from the bank, is in the estate name AND also in my nieces names as beneficiaries, with EIN numbers I had to obtain for them by the IRS. so they don’t have to claim this interest on their 1040? (one niece doesn’t work she is a minor, the other minor has a parttime job, and the non-minor is a college student)

Audry Fulton

lynntanuz asked:


I know there is a 2,000,000. tax free for inheritence, but w/the sale of the home it goes over. Is there a loophole for selling the home and pay no taxes?

Curt Fondriest

xero asked:


What is a tax proration error on a Real Estate Contract and how do I spot one?

Tony Luarca