Estate Tax-Federal Estate Tax

grumpyoldlady asked: My cousin was personal rep for my late aunt’s estate…in Michigan. Everything I have read indicates that the first 2 million dollars of the estate is tax exempt. The estate was only $274,000, so should be totally exempt, yet my cousin paid over $30,000 in 2006 estate tax and about $3,000 [...]

woodshillfarm asked: My husband and I own a home and a piece of land that we intended to build on, and sell our house.
We have instead decided to sell the vacant land and our current home (lived in for 6yrs) and put a down payment on a house with the land profit money. My question [...]

Emily asked: This is the first year that my husband and I are paying Real Estate Tax. It was $1400. We thought that seemed like A LOT. A friend said that it should be covered by ESCROW. I have no idea wha ESCROW is. I put extra into our mortgage [...]

Here4u asked: I am trying to get a real estate loan. I have good credit but I have not filed my taxes in a couple of years. Will this affect my ability to get a loan?Luciano Pawlak

Share and Enjoy:

menarka asked: Can an LLC purchase residential real estate that will be used as a home office pre-tax?
The LLC has made enough money this year to buy for cash (I understand it can be complicated for an LLC to get a loan, which I can now avoid).Tatiana

Share and Enjoy:

PersRep asked: The IRS says “Any expense the estate has incurred only because of its estate status”. In the real world, the estate contains real estate, which has utility bills, insurance, taxes, etc. The IRS talks about stamps! The real estate is not a business, it’s my parents house.
Second, of course, the [...]

demons320 asked: I’m a new agent in MN and just started in October. I bought all this stuff and i’ve been told I can use them as tax deductions. Now, the question is, if my income is zero from my real estate career for the year 2006, do those tax deductions still count for something? [...]

920135 asked: rules that prohibit this? Also, say I sold someone a house and out of the commission they paid me, 55% of that was donated. Could they use this as a tax write off? I plan on selling commercial and residential real estate in California, if that helps. Thanks for your help!Gertha Dolven

Share and [...]

supermoren02130 asked: if i purchase a $60,000 home, would i still get 8000 of tax credit?
can you explain the process?
no websites plsClayton Edgehill

Share and Enjoy:

Michael S asked: I was told that if you live in NY that if you pay the taxes on a Tax forcloser or pre tax forcloser that you can buy the persons house for what ever the taxes are that the person owed.Is this true?Is this easy.How do you do this?can you do this in [...]