Estate Tax-Federal Estate Tax

xero asked: What is a tax proration error on a Real Estate Contract and how do I spot one?Tony Luarca

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Sambo asked: I see where real estate taxes paid for 2008 can be added into your standard deduction up to $500. I live in Fl and under Fl law you get to take a discount for early payment. My mortgage company paid my 2008 taxes early to take the discount; they were paid [...]

Jason B asked: Do real estate tax decutions fall in the year of payment or the year of billing on the Federal Tax Return. I purchased my house in 8/2006 but paid the 2006 taxes in April of 2007. I paid the 2007 taxes in January of 2008. On my 2007 tax [...]

Falafel & Loofah Aficionado asked: Let’s say I have a bunch of stock that I bought a long time ago, and it has appreciated nicely by the time I die.
Now let’s say I’m fortunate enough to, with the help of my wife, create a $7 million estate to pass on to my children. At a [...]

trovalta_stinks_2 asked: Typically, fewer than 2 percent of deaths result in estates sizeable enough to be subject to the estate tax. In 2006, for example, less than 1 percent resulted in taxable estates.
http://money.cnn.com/2007/11/13/pf/taxes/buffett_estate_tax/index.htm?section=money_topstories
Don’t tell me have all the multi-millionaire cons on the board today?
Also, that double taxation argument is weak. Money is taxed everytime it [...]

dogbird11 asked: I was told that you can purchase homes by buying someone’s delinquent real estate taxes. I read a little about it but it seems that there is no guarantee you will actually get the property. Has anyone ever done this and can you give me any tips or info?Cynthia Motta

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Mitchell O asked: I have a plot of vacant land that was falsely sold as a result of identity theft. The title company is going to offer a cash settlement. At what rate will the cash I receive be taxed? Does it count as earned income? I had no intention of selling the property, [...]

All Hail Hypnotoad! asked: Keep in mind, the tax is already scheduled to resume at about 1.5 million dollars for 2011, but presently 2010 is scheduled to be NO estate taxes…most analyses expect for it to be reinstated retroactively for 2010, even if not done until March 2010, waiting for a version to pass both [...]

Jackie S asked: I can’t find a straight answer on this so please help if you know the law.
Taxpayer died Nov 2008. There is a personal representative assigned. If the PR and the surviving spouse file a joint return for the deceased, then there will be a Federal & State refund. The refund is from [...]

donnafreeman1975 asked: My dad passed, living in NJ we have a $675k exemption limit rather than the Fed amount. We are desperate not to pay any death tax. We are also desperate to handle the finalizing of the estate without the costs of lawyers.
There is very little liquid funds, and they all [...]