Estate Tax-Federal Estate Tax

Rich G asked:


Going to sell a house I’ve been renting. Going to make a little profit to pay off some unexpected expenses. How much do I have to save for income tax? Is there a creative way to sell to minimize taxes?

Mattie Owen

petersruby20 asked:


I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow).

Apparently my tax payments will be paid out of escrow in April, May and August of 2008.

Does that mean that I can not claim real estate for my 2007 return?

(At closing, I did have to reimburse the seller for real estate taxes he had already paid up to Dec. 31.)

Luigi Malnar

knowledgeisgreat asked:


My taxes are a bit more complicated, since I have two jobs and some minor 401k investments. I also would like to make sure I deduct everything I can. Is it worth paying a tax pro? How much do they run? Should I specifically go to a real estate tax pro? Will they ultimately save me money? Thanks for your help in advance. I’m totally lost right now.

Luigi Malnar

OK asked:


Wouldn’t more tax revenue from dead people mean that less from the living is necessary?

Ping Eberling

Nikolai Nikolaevich asked:


They are not U.S. citizens and don’t have a green card.
Oh, and also, am I liable as well?

Carroll Dhein

Anna asked:


Is there a certain price when you have to pay additional taxes above & beyond the normal rates? If so, how much is it for NY State?
Yes, I’ve already searched the New York State website section on revenue/treasury section. Sadly, it didn’t provide the information.
Sunny, thanks for the insights. However, do you know if there is a luxury tax on homes over a million dollars. I realize the more home the more taxes you will pay but I’m primarily concerned with the luxury tax.

Vella Dixson

Jane asked:


I am a green card holder because I married a US citizen. However, my parents are not from the US and have no ties to the US whatsoever. If they die, will I have to pay some sort of US tax from inheriting their assets. For example their money, as well as their house?

Elmira Hinman

pg asked:


Filing a 1041 for trust of my deceased father. Estate under $2 MILL. No estate tax. Our EIN letter s/t we must file by April 15. We want to file fiscal June 21 2006-May 30 , 2007….Do we have to file a form or just indicate with this (our first) filing that we using fiscal year.? thank you. (?Pub.228? form 1128). Its a grantor trust, now irrevocable. No minors.

Nick Lipschutz

TELEATHA S asked:


are there any risks and where can i go to learn more?

Randal Isaacson

pam asked:


I am looking at property in Elwood Kansas and they owe taxes for 2001,2002, 2003 and a city cleanup for 2005.

Monet Puraty