Estate Tax-Federal Estate Tax

alley asked:


i live in the state of Utah, i own a home that i am trying to sell that i have been renting for the past year, this home was my primary residence but only for about a year and a half. my equity in the home will be around $30,000, how can i reduce my capital gain so i don’t have to fork out so much money to the government?
the home is in utah, and i have been trying to sell it for 1 year

Juliana

I love shopping! asked:


i think my landlord over charge me

Deirdre

K A asked:


Here’s the deal:

My grandpa is aging and I’m concerned about his estate and the effect of estate taxes in the event of his passing. My grandpa is long-retired and has only enough in cash to live out the rest of retirement. Inheritance-wise, his house is all that will be passed on to be distributed between 3 siblings. However, the house that will be passed on is a large estate worth in excess of $12 million. Is there any strategy that could be pursued that would avoid having to liquidate the estate postmortem in order to pay the estate taxes? As a side note, none of the siblings receiving the inheritance have sufficient cash to pay what I’ve estimated to be millions in estate taxes. Can payments of the tax be extended over a longer period of time to make them manageable for the siblings? Are there any other possibilities?

Thanks for your help.

Kayleen Turomsha

ti009 asked:


why is the real estate tax in oklahoma soo cheap? Is there something that is offsetting this?

I’m in Dallas, have a 3000sq.ft. house with 3bd, worth $300k and pay $8k in taxes.

I found a 4000+ sq. ft. house in Moore, OK (close to OU) with 7 bedrooms worth $360k and the taxes are like $3k.
http://oklahomacity.craigslist.org/rfs/451273759.html.

Josiah Padget

w17scott asked:


Family owns multiple properties, some of which were sold previously, leaving numerous properties in family trust. Executor pushed heir to sign documents within past 30 days to complete sale of properties. Heir is now reluctant to sign new papers. Heir told initial tax payments listed were incorrect and new payments will reduce payout slightly.

Rodney Pettipas

david s asked:


what happens if there was a first mortgage attached to the property.
Does that mortgage simply follow the original owners of property — or does it stay attached to the actual property — whereas the bank still has control of the property I end up buying?

I found a great tax foreclosure property for $1000
but the last thing I want is to fix it up then find the nak can foreclose on it.

Anyone have any links or information that answers this question.

thanks in advance

Dustin Omtiveros

Liz asked:


I put military because I don’t know if there is an exception or not for Service Members Group Life.
My son has insurance money from his daddy, now I can’t touch this money w/o a court order all I can do is say where it should go & if my son needs it then I will request it. My son is 2. Is tax payed on this? It is now in a bank account with the title: Estate of (my son’s name). I was trying to figure out if my minor child has to pay tax on his stuff. Also the SGLI insurance money that I recieved is that taxable? Is the portion of SGLI I spent taxable?
-Confused, Pissed & some where in Outer space.

Laurel Gabisi

janet asked:


got a bill for real estate tax (from Jan to Jun, 2009) which is $1136.65 but I’m paying the portion of real estate tax with my mortgage every month. I’m paying $1217.31 which are $948.78 (for Principal and interest) + $189.45 (for city/town tax).
I don’t understand why they billed me for real estate tax since I’m paying it with my monthly mortgage payment.
Is there any more real estate tax I need to pay? or they are just billing it and I can ignore it…
This is my first home so I’m not sure what to do.

very worried since my money situation is very tight, now.
Give me a advice.
Thank you

Gus Real

heidi asked:


I purchased my home in 2009 from my grandmother. She was the owner but is also a liscensed real estate agent who owns her own firm. Do i qualify for the 2009 tax credit?

Julianna Shomin

shayrichard asked:


I own my house and file the 1040a form. Can I claim the real estate taxes I paid in 2008?

Jennefer Gries