Estate Tax-Federal Estate Tax

im2363 asked:


A friend of mine has paid real estate taxes religiously and ontime on his house for years via escrow, until this year, when he ran on hard times. The last date for payment and interest due for this year is fast approaching, and they mentioned that if it’s not received by that date, it will go into “tax sale”. As I understand it, he will NOT lose his house….his taxes will be sold to a bidder (not sure of the process), and he will then owe the bidder the past due amount AND an additional percentage of interest to the winning bidder…and would then have “x” amount of time to pay that off.

Am I correct about all of this? He will NOT lose his house?

Thanks!

Willie Staab

SD D asked:


Say a US citizen inherits real estate and cash in a foreign country from a foreign parent. Does the US citizen have to pay US taxes on the inheritance? Does bringing the cash into the US incur a tax burden?

Tara

KylaleaT asked:


Hi there, I have to file my late mom’s estate tax return – it’s small. She died in May – do I prorate the standard deduction to May22, or do I take whole amount? TIA!

Leon Jelden

HopAlongCassidy asked:


My mother died in 2000 and the administrator of the estate has never put income tax paperwork that he filed into her probate court file. Is this necessary. Also, he claims he made an aggressive stand on her taxes a year ago and he thinks there will be an audit on her estate and so he is keeping a funds in the estate until 2010 and will not dispurse until then if there is anything left. Her estate was worth about $75,000.

Jessia Bonsignore

cant_miss_00 asked:


I am purchasing a condo in Florida. Is there a tax the buyer must pay that is a percentage of the total or borrowed cost? I heard there is something called a stamp?

Gerard Zeinert

Jennifer R asked:


Thanks…. thats exactly what I needed to know. Capital gains issue! That helps curb the hit

Clement Vandestreek

followtheson asked:


Is money from an estate taxed first with an inheritance tax and then also taxed on each individuals 1040 form as additional income? I keep hearing about a 35% tax rate…..that is absurd!! What is that all about?

Annabelle Hutchingson

Emily asked:


pleaseee help mee! i need to know what an estate tax is and a situation involving an estate tax.

Rolland Feild

bubba asked:


I need to find the price of real estate taxes on a certain house in charleston Illinois 61920.

Eleonora Farlow

hchen asked:


I bought a house in Feb 2009, moved into it for 4 months. Now I’m planning to rent it out for a year. After that, I’ll move back in. After 2 years, if I sell it and make a profit, how will the 1 year rental affect my tax deduction?

Ka Aragoni