Estate Tax-Federal Estate Tax

paul s asked:


the bonds will cash at about $200000 premium. should the estate treat the premium as value added after the death, making it taxable to the heirs; or treat the premium as being present in the asset at the time of death, making it taxable to the estate?
I am aware that taxes are going to be paid by some entity. I know that I need an estate taxes expert. That’s what I hoped to find here.
taxes are not ‘estate’ taxes, but taxes on certain kinds of income.

Wanda Theesfeld

sidekick puppet asked:


I will be inheriting my parents home one day. They have no mortgage and the house is valued at less than $200K.

They also own rental property – a four plex of townhomes.

Will I have to pay taxes at the time of inheritance or will the tax kick in when the properties are sold?

Jacquelin Tankxley

Father Knows Best asked:


My dad died over a year ago and the trust document my parents wrote says at his death, a trust is to be set up for his estate tax credit amount. My mom recently died and the trust never got completed. Can I still finish it before I continue with my mom’s part of the trust?

Charles Redus

mckgolfman m asked:


If I have an exemption on my real estate taxes that I am really not entitled to, should I let the county know? What possible penalty is there for not reporting?

Dallas Barkhurst