Estate Tax-Federal Estate Tax

Elisabeth F asked: Serving as executor - both parents passed in 2005. How is the Estate and Income Tax handled for both New Jersey and Federal returns on Annuities and Life/Term Insurance. Not sure what is taxable as Income and what is taxable to Estate. Also, not sure who pays the taxes, beneficiary or estate [...]

fishbulb asked: About 10 years ago I bought a piece of land for $58,000 zoned residential in a rural township in the upper midwest. The tax bill should be around $1300/year. ————————- The third year I owned it the tax bill was for a different piece of property for only $130. I notified them, they [...]

Julia asked: My grandpa is a miser, and he has about three or four million saved up. My dad keeps saying that Obama’s estate tax will take away my inheritance when he passes away. The house my family lives in is also owned by him. Is what my dad said true? Please explain… Thanks.Tomika Villot

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Larry M asked: In an “intentionally defective grantor trust” in which the grantor
retained the power to substitute assets….may the grantor substitute
cash for appreciated stocks owned by the trust so that the appreciated
stocks end up back in his estate and eligible for a step-up in basis
upon his death? (Obviously, the question assums that no capital gains [...]

ml asked: For the 1040 I have always done standard deduction.
Now I have a question. I do not use an escrow account and pay real estate taxes directly to the local town. I paid it late once in 2008 and had to pay interest to the town because it was late. Can [...]