Estate Tax-Federal Estate Tax

Angela H asked:


We’re looking at a house and the listing has a part that says annual taxes and there’s a separate piece of info that says “tax with assessments” and the amounts are different?

Is that what the taxes will be once the property is fixed-up, what the previous owners owe in taxes, etc…?

Thanks
I’m in MN if that makes any difference.

Adrien Atiles

Moose asked:


I live with my mother she owns the house we live in. I pay rent and she dosen’t have to file a tax return. Is there any way I can take the tax deduction for the real estate taxes she pays. We live in New Jersey.

Fredric Janrhett

dpkmissy asked:


If you buy a house, do you need to pay a sales tax on top of everything else?

Sterling Dove

artguy90291 asked:


I have a friend who is buying a house from an elderly lady.
He will pay a little over what she owes on it (750K)
What are her tax consequences?

Pilar Grochmal

Yahoo Asker asked:


The estate tax is:

a. applied as a percentage of the total gross estate.
b. based on the dollar value of liabilities at death.
c. phased out for individuals with an estate of $3 million or
more.
d. equal to a percentage of the taxable estate less the estate tax
credit.

Suanne Morgenroth

Plateira asked:


Origination fee is for joint venture partnership fee, documentation processing, marketing, etc. Is fee tax deductible in the year paid, added to cost basis of property when sold, or cannot be deducted at all

Alisia Notarnicola

Need to know asked:


So to explain a bit better – the deceased had no money in her accounts – she did have investments in RRSP’s – the funds go to the beneficiaries and the taxes hit the estate – no money in the estate so who is responsible to pay? I’ve been told the executor is responsible – seems a bit odd but so does the fact that the tax is not withheld when removed from RRSP. BTW this is BC Canada…..

Craig Fetner

basketballfan asked:


My inheritance was in the form of Jt Ten on mutual funds with my mother. she died and the mutual funds have remained uncashed for 5 years. Am I delinquent on estate tax or do I owe when I cash out the mutual funds. How do you find a good lawyer for these things!! The IRS site is sooo complicated
Thanks

Emily

mattgeske2108 asked:


My wife received 16000 from her grandpas estate. there will be more coming. in illinois, if i deposit the check, and pay bills with it, how much tax will i owe on the money? thanks in advance,

matt

Wilbert Hongisto

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 all states?

Freda Zahl