Estate Tax-Federal Estate Tax

ocoeegrl asked:


investing in tax foreclosed real estate, whether it is in tax liens, tax deeds, or home foreclosures. I am thinking of doing one of these,which one is better and why?

Demetrius Press

brickity hussein brack asked:


From the IRS site on Estate tax:
On one hand, they say that everyone should be given an equal playing field to prove their worth, then on the other hand they think that millionaires shouldn’t be taxed when they leave millions of dollars to their kids. They even have the nerve to lie to the American public and make it look like it will affect people who aren’t millionaires.

To reemphasize: Most relatively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003, under $1,500,000 and a date of death in 2004 or 2005, and under $2,000,000 and a date of death in 2006 or 2007 do not require the filing of an estate tax return.

Kathleen

Scarlett asked:


My husband and I are buying a home, and we were just looking at our Good Faith Estimate from the bank. It lists $1440 as “real estate taxes” that must be paid “outside of closing”. We are closing on September 14th — does this mean we have to save up for that, too, to pay for the 2009 tax year? And does this money get paid to the bank or directly to the IRS? Any clarification on this issue would be greatly appreciated!

Bart Schraub

REPUBLIC 2012 asked:


Our government is a bunch of theives.
I think the answer is…they figure they have no hope in ever succeeding in life…so they blame others and hope for failure.
double taxation is theft. theft is against the law.

Aimee

David W asked:


If you buy a multi-family complex with the intent to hold it for 5 years (70% LTV) can you use a tax shield to off-set some of the taxes you pay from yearly cash flows?

Christina Stathes

Jay S asked:


Do you have to pay it immediately after you inherit the property? What if you sell the property, do you still have to pay the tax? Can you make payments on the tax if you don’t have the money to pay it immediately? What if you didn’t know you were going to inherit property, and you don’t have the money to pay the tax?

Ferdinand Pontillo

YouTube asked:


or do just the top 2% “ultra-rich” get to avoid paying the tax thus reducing govt revenue by over a trillion dollars? what is the motive behind this?

Lemuel Jacquet

Scarlett asked:


My husband and I are buying a home, and we were just looking at our Good Faith Estimate from the bank. It lists $1440 as “real estate taxes” that must be paid “outside of closing”. We are closing on September 14th — does this mean we have to save up for that, too, to pay for the 2009 tax year? And does this money get paid to the bank or directly to the IRS? Any clarification on this issue would be greatly appreciated!

Earle Dortch

fishbulb asked:


About 10 years ago I bought a piece of land for $58,000 zoned residential in a rural township in the upper midwest. The tax bill should be around $1300/year. ————————- The third year I owned it the tax bill was for a different piece of property for only $130. I notified them, they corrected it, and I paid the $1300. The next year they had corrected all the information on the tax bill – except the value. So I got another bill for $130 and have every year since. ————————————- Originally, I had planned on building a home there but due to unforeseen changes in my life I’m considering selling it. What is going to happen when I go to sell it? Will I be reponsible for the approximately $10k they short-billed me? (I am also posting this question in the Taxes category)

Sixta Tutton

JessyAnne asked:


Ok, so I’ve been watching the late night informecials and I came across this guy saying you can by properties for like $300. Is this true?? What is up with this approach, and why dont more people take this approach, if it is?

Luis Marcon