Estate Tax-Federal Estate Tax

EM asked:


Currently, I only know the tax appraisal 109K, from the home I am planning to buy.
(Home built in 2006, around 1500 sq)

How much of a difference can I expect from the real estate appraisal? Lower or Higher?

Are homes usually valued around the same as the tax appraisal?

What kind of problems can I face if the appraiser values the home too low or high?
The appraisal would be for the purchase of a home, right now the asking price is 96K( it’s a foreclosure).

Franklin Gelder

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.

Erich Brown

jo l asked:


I need examples on people who are affected by estate tax and people who are affected if there is no estate taxes. I also need sources

Johnson Dimitry

Blue Pearl asked:


To determine the estate tax consequences, all of the following require an examination of who paid the premiums EXCEPT?

a. a life insurance policy.

b. an annuity whose owner has died after the annuity starting date, and under which survivor benefits are payable in a series of payments.

c. an annuity whose owner has died after the annuity starting date, and under which survivor benefits are payable in a lump sum.

d. an annuity whose owner has died before the annuity starting date.

Rosamaria Byon

agirlanimefan asked:


As stated above, I have NO idea where to look (or exactly what to look for!). I’m looking up all this as a favor for my mom who doesn’t have internet anymore. I’ve tried to Google it but have been proven unsuccessful. Anybody have any ideas? Or any sites you can point me towards? So yeah, thanks

Young Trostle

wisemancumth asked:


I’m confused as to the difference. I’ve heard there is no tax on assets passed on that are less then 2 million dollars. Is that true? My brother and sisters and I inherited property in 2006 and sold it in 2007. We devided up the money and my share was $50,000. Do I have to pay federal tax on it? I’d also like to know about New York state tax too.

Willow Jarvie

Ekaterina A asked:


My rental income is low, so it’s better to deduct it as for personal property. is it legal?

Ricardo Swett

David asked:


If a US citizen sells Real Estate Abroad, what are the US Tax implications? 1040 required to be filed?

Moises Share

Julia asked:


The estate lawyer has about tapped out the estate bank account and how hard is it to file taxes with the probate court county clerk?Has anybody did this ?
I tryed but no luck it be in TN
I already file the taxes with the gov just wanted to know how to file them with the county clerk all the work is done just a matter of filing with clerk.But I guess I can always go down there and try

Deanne

trovalta_stinks_2 asked:


Meaning no taxation of poor people but taxing wealthier people at an increasing percentage as the size of their estate goes up.

I have already cited the Thomas Jefferson quote. Here is Theodore Roosevelt:

“The absence of effective state, and, especially, national, restraint upon unfair money getting has tended to create a small class of enormously wealthy and economically powerful men, whose chief object is to hold and increase their power… No man should receive a dollar unless that dollar has been fairly earned. Every dollar received should represent a dollar’s worth of service rendered — not gambling in stocks, but service rendered. The really big fortune, the swollen fortune, by the mere fact of its size acquires qualities which differentiate it in kind as well as in degree from what is possessed by men of relatively small means.”
“Therefore, I believe in a graduated income tax on big fortunes, and in another tax which is far more easily collected and far more effective — a graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate.”

“One of the chief factors in progress is the destruction of special privilege. The essence of any struggle for healthy liberty has always been, and must always be, to take from some one man or class of men the right to enjoy power, or wealth, or position, or immunity, which has not been earned by service to his or their fellows. That is what you fought for in the Civil War, and that is what we strive for now.”
- THEODORE ROOSEVELT, NEW NATIONALISM
http://usinfo.state.gov/usa/infousa/facts/democrac/31.htm

Zachery Kaderlik