Estate Tax-Federal Estate Tax

scrooge asked:


mind you I said tax avoidance, not tax evasion, so spare me your smart comments, they will just earn you a violation of email.

Deborah

slider_20012003 asked:


I have been seeing allot of John Beck infomercials lately on, how to buy real estate “free and clear” through tax lien certificates. It has caught my attention. How easy is it to buy real estate this way? There is obvously a catch, otherwise everyone would be doing it.

Ermelinda Emo

tygger asked:


I purchased my first place about 6 months ago and just received my first real estate tax pro-rated bill showing my assessment value.

The assessment value on the bill was about 2/3′s of what I paid for the place. Is that normal or did the value drop that drastically in the past 6 months?

Curt Fondriest

Magnix2k asked:


After my dad dies, I have sold my dad’s 14 rental houses and distributed the money to my siblings (and myself). Do I need to pay pay inheritance tax on what I’ve received from those houses? Its about $75K in hand.

I understand I DO need to pay taxes on rental incomes.

Thanks!
Whats capital gains taxes??
We live in Texas.

Margene Manthey

Bdd asked:


Ok so I am 14 and I am reading Cash flow Quadrant by Robert Kiosk. He said he used a tax lien which I think means he payed the property taxes for that house but as soon as the owners stop paying he can get the housed for as little as $3500. Is this right?
Whoops it is Robert Kiyosaki=]

Daren Hildreth

flash asked:


Assuming I have 3 heirs with equal shares of my estate and my estate is worth 3 million, each heir would receive 1 million. This years estate federal tax exemption is 2 million so my question is that since each heir receives 1 million, would they owe estate tax ? Based on what I have read, I believe there would be no tax on my estate but want to verify. Thanks in advance for help.

Leroy Leroy

Deborah S asked:


The major amount of his estate is his pension and will be divided between me and my brothers. I know we will individually have to pay income tax on this but will we have to pay estate tax? The state we are dealing with is Connecticut.

Ann

ArashBabaki asked:


If I buy s real estate property to rent it out, is there any advantage for in terms of tax deduction if I am a real estate professional and am involved in te management of the that property?

Randal Isaacson

drf2684 asked:


Mortgage interest is tax-deductible and I heard so is PMI (private mortgage insurance), does that mean you get that money back or that it is money that isn’t taxed? I have a 1200$ mortgage with a 150$ PMI cost per month. Can someone break this down?-thanks

Christie Ciganek

george_a_lutz asked:


Is it correct to say that the estate tax on estates over $1million and under $2 million is 1.6%?

My source is this: http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

Looks like the max estate tax is now 23%.

My only confusion is regarding the Tentative Tax discussed in this same article in which the rates are much heavier. I guess I’m asking how does that Tentative Tax relate to the estate tax?

Thanks for any advice!

Sofia Lorance