Estate Tax-Federal Estate Tax

David A asked:


Thought I heard 25K per year limit . Not sure if this is inclusive of mortgage to rent deficit. Thank you.

Ofelia Hatley

Palangat R asked:


I am considering purchasing a home in Nassau County, Long Island (New York State). However, I would like to know if I am supposed to pay the Real Estate Transfer tax, or if the seller of the home is. The house is brand new construction, and we are purchasing it straight from the builder. Thanks.

Lilli Hidden

grumpyoldlady asked:


I am one of 4 heirs to my aunt’s estate. My cousin is executor and handling all the paperwork. The estate value is about $275,000. Does the estate pay income tax AND estate tax, or is estate tax part of the income tax return that is to be filed? My cousin is pretty close mouthed about all of this…he is a CPA, and knows what he’s doing, but I am just trying to figure out how much I might end up with. I know there is something called “unified deduction” that is deducted from the calculated estate tax. Anybody in the know, please reply. This is in Michigan. The attorney on the case charges big bux just to answer a question, so I can’t call him.

Tish Bodo

Jeremy Dupre asked:


I’m a UK citizen, I plan to buy and resell some real estate in Alberta. As I’m a non-resident in Canada I suggest that any purchase proceeds or other amounts payable to me in respect of the Alberta real estate investments would be subject to Canadian withholding tax. Is that so? If yes is there any way to reduce that withholding tax? Thank you.

Kyle Erwin

dtmlame asked:


I am a resident of Canada and would like to buy some properties in the US and rent it out. I am just wondering will there be any with holding tax for the rent, is it the gross or the net rent and if I open a Nevada S corp or LLC, will that help. Thanks!

Archie Arzilli

badbadboy6979 asked:


Here is the amount taxed based on the value of the estate.

Under $1 million 0.0%
$1 – $2 million 1.6%
$2 – $3.5 million 7.5%
$3.5 – $5 million 12.0%
$5 – $10 million 19.3%
$10 – $20 million 22.9%
More than $20 million 22.2%

From what I understand, the tax only really affects the rich/super rich, and has no impact on 98% of the population. What do you think, even the super rich can get a best answer for this one if your answer merits.

I’d be very interested to hear Paris Hilton answer why she deserves all that money because she was carried for 9 months in a gold lined uterus.

I’ll leave this one to a vote, since I’m obviously biased on my opinion already, lets hear what you hav to say!

Collette Sylva

Austin’s mom asked:


My mom passed away last year and one of the things on my “to do” list is to obtain a federal tax ID for the estate. Would I go to the IRS to do this? Also, are estate taxes due on April 15th?

Lorean Eberst

trovalta_stinks_2 asked:


Meaning no taxation for poor people beyond a certain point and taxing rich people at a higher percentage as the size of their estate increased.

The first reference is so that you can read the quote in print. The second reference is from the Library of Congress where you can personally see an image of Thomas Jefferson’s letter to James Madison.
==========================
“The property of this country is absolutely concentred in a very few hands, having revenues of from half a million of guineas a year downwards… I am conscious that an equal division of property is impracticable. But the consequences of this enormous inequality producing so much misery to the bulk of mankind, legislators cannot invent too many devices for subdividing property, only taking care to let their subdivisions go hand in hand with the natural affections of the human mind. Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions of property in geometrical progression as they rise. Whenever there is in any country, uncultivated lands and unemployed poor, it is clear that the laws of property have been so far extended as to violate natural right. The earth is given as a common stock for man to labor and live on.”
–Thomas Jefferson to James Madison, October 28,1785. ME 19:17, Papers 8:682

http://teachingamericanhistory.org/library/index.asp?document=967

DIRECT LIBRARY OF CONGRESS REFERENCE

The last three lines of this page say:
“is a politic measure and a practicable one. Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions or property in”

http://memory.loc.gov/cgi-bin/ampage?collId=mtj1&fileName=mtj1page004.db&recNum=590&itemLink=%2Fammem%2Fcollections%2Fjefferson_papers%2Fmtjser1.html&linkText=6

The first line of this next page says:
“geometrical progression as they rise. Whenever there are in any country”

http://memory.loc.gov/cgi-bin/ampage?collId=mtj1&fileName=mtj1page004.db&recNum=591&itemLink=%2Fammem%2Fcollections%2Fjefferson_papers%2Fmtjser1.html&linkText=6

cmdr,

Somebody who wants to learn something new everyboday.

Thomas Jefferson wrote this letter after having a talk with a poor women. The women described how difficult conditions were for her. When Thomas Jefferson gave her some money she broke into tears.
Micheal,

You are correct. Theodore Roosevelt supported a progressive inheritance tax system.
Mr Knowitall,

I’m with you. Thomas Jefferson, Thomas Paine, and James Madison were all great LIBERAL men.

Carmen Angelillo

ocman21 asked:


I’m doing a project for my business class, and I need lots of informations on this question.

Also I have another question:
What type of taxes do you have to pay on real estate?

Otto Mehring

aavoucherjunkie asked:


Spouse died in 2006. Are attorney fees for setting up the trust documents, retitling assets to trusts, meeting with the PR, POA and Trustee tax deductible for the survivor?

Roslyn Knieper