Estate Tax-Federal Estate Tax

snazzydogwear asked:


We are planning on moving to San Antonio,TX and I have looked all over trying to figure out what’t San Antonio Real Estate property taxe rate. I would appreciate if someone who knows would inform me. Thanks.

Elana Bibles

lisarobi11 asked:


If someone dies and you pay the estate tax to the state on their assets at time of death (say 4%), do the heirs then also pay a federal tax on the amount that they get distributed from the balance of the estate?

Charley Smaldone

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!

Sumiko Feinstein

John F asked:


I have been told that community property with right of survivorship is better for the survivor. I need your help. I don’t know it’s right or not. Thanks.

Vincenzo Delorenzo

irisheyes516 asked:


I am refianancing my mortgage, combining 2 loans and was told today I need to have $2500 at closing because of these tax stamps.

Jc Sittner

John M asked:


Here’s the situation…

Father of two children (me and another) will be getting an inheritance. I am not concerned with the actual inheritance tax with this question.

We would like to set up two irrevocable trusts for myself and my brother with the money. We would like to put the money in one irrevocable trust with brother 1 as the trustee and brother 2 as the beneficiary, and one irrevocable trust with brother 2 as the trustee and brother 1 as the beneficiary. We would also have the father having a limited right to both trusts for living and medical expenses as needed- by submitting a request to one of the brothers as trustee for one of the trusts. Obviously father wouldn’t have ability to autonomously withdraw money, as a purpose of this setup is to preclude estate/gift taxes when father dies or becomes incompetent.

Can an inheritance whose estate tax has been paid be used to fund an irrevocable trust(s) in this manner without additional, other than the estate tax, tax penalty (concerned about gift tax)?

Could the inheritance be paid to the father and then put into an irrevocable trust immediately? I presume this would incur gift tax?

Other intriguing option, if the inheritance was issued as two checks made payable to the irrevocable trust, could the money, after paying estate taxes, be placed into the irrevocable trust(s) without additional tax penalty? The theory is that nobody takes possession of the money other than the trust, so there is no gift tax- as it came directly from the already-taxed estate.

Can anyone advise on this matter?

The object is to provide for the two children but keeping the money safe from potential judgments, creditors, and divorces.

Does having each brother be a trustee for a separate trust with the sole beneficiary as the other brother successfully accomplish this?

I’m most concerned with the initial funding though- can you simply take post-estate-tax inheritance and put it directly into the trust from the estate’s check without incurring gift tax? Could the father cash the check and fund the trusts with it without incurring gift tax (I’m guessing not)?

Earlie Deralph

Lala asked:


Why are there are so many tax benefits for people who invest in real estate and entrepreneurship and so few benefits for corporate employees?
In the United States

Danielle Sanford

deez0477 asked:


What does it mean if it says your house taxes are sold at a tax sale, or paid by tax sale? I have a friend renting a house and they looked up the public records and that is what it says for the taxes. Does this mean the owner of the house has not paid their house taxes??? And does anyone know if my freind will end up getting kicked out if they are not paid? Its in the state of IL

Kermit Mclearan

Michelle M asked:


I have purchased a foreclosed property and I am not sure I’ll be keeping it long-term. I may decide to sell it immediately upon fixing it up, or within 18-24 months. It is a SFR, I will not be living in it. I realize I can do a 1031 exchange, but in the event I decide NOT to reinvest all of my gain, I’d like to know about what I’ll owe in taxes. Thanks in advance for your help!
where can I find the income tax brackets?

And where can I find the short and long term gains tax rates in writing from the IRS?

Can a 1031 exchange be done for a partial amount of the gain? I.E. If I realize a $50K gain and I reinvest 25K while keeping the other 25K, am I taxed only on the portion I keep uninvested?

Where can I find this information documented?

Thanks!
how is mortgage interest and property taxes on rental/investment properties treated on your tax return? Is it deductible like on your main home? Is it only partially deductible- what percentage?

Alex

double R asked:


I inherited my fathers estate last year and I am trying to find out what is the exact tax rate in New York? I know they will tax after $1 million and the feds charge after 2 mil but some of the rates I am getting don’t sound right. Anybody know? Also I need to know where to find this.

Morgan Imdieke