Estate Tax-Federal Estate Tax

supergirl0114 asked:


When I was doing my taxes for 07′ I realized I forgot to report my real estate taxes I paid last year. At first I wasn’t sure how this would affect my taxes so I acted like I didn’t report it this year either and it made my refund go down….so I assume my refund last year might’ve even been more last year. Is there anything I can do about this now??

Nick Lee

Homeroots asked:


i am going to be the owner on an Indiana property. would i be able to avoid estate taxes if I add my sister and my husband as co-owners, instead of putting them on my will? thanks.

Marci Jerkin

Jani N asked:


My sister and I aquired a liability in the form of a Deed of Trust in May 2005 from a parent in ill health. In Dec. 2005, we started forclosure proceedings. Early 2006, a Quit Claim Deed (In Lieu of Foreclosure) was conveyed to myself and my sister, making us full owners. We sold property under market because of deteriorating physical condition. We split proceeds. How should these proceeds be reported on Federal Income Tax Return?

Joel

<3 asked:


If I was a single adult male looking to set up 2 trusts, which 2 trusts would I set up to reduce my estate taxes?

Lane Belousson

Sarah H asked:


My father passed away three years ago. My Brother was exector of the estate and my father left one of 6 properties to myself. Well my brother has not been able to pay the estate tax after the estate was filed and hence there is an estate tax lien on all 6 properties.

I have been paying all for the house, hence I cannot claim it as an asset. There is no mortgage on the house. However I am wanting to purchase a house, take out a small mortgage on his house that was left to me to put a down payment on a new place. I am all preapproved and all but need to get the title clean and lien lifted in order to take the cash out and claim it as an asset.

I have called the state and they said that they if I showed a commitment letter from the bank as well as a release of lien form and certain schedules from the return – they could lift the lien on my property and keep it attached to the other 5. I am hoping that this happens because I am suffering going on three years now because he cannot afford to pay, I get held up in what was rightfully left to me.

Is there anything I can do if they dont life the lien?? Legally?? Just does not seem fair that one person can control others.
Its is a state lien, not federal. And yes the other properties do exceed the value of the estate tax that is due. The house was left to me in the will, however it needed to be listed on the return as part of the estate – due to that, I cannot claim that I own this and have not been able to for years due to the fact that these estate taxes are not paid by my brother. It just seems unfair that something was specifically left to me, and he was just the executor yet I have to wait for my property until he pays the estate tax.

Matilde Tara

Sport A asked:


I am doing my Taxes online and I have a question. I am a homeowner, and on my form It has two different boxes. I have a real estate box, asking how much I have paid in real estate taxes and I have a property tax box, asking how much I paid on my property tax…..can I put both down? I don’t own any other property….

Sebrina Puzon

Kent C asked:


To my surprise, I have recently found out that the government has been imposing an inheritance tax which looks to me to be a bit outrageous. According to this information, anyone inheriting an estate valued over $2,000,000 would have at LEAST 55% of it taken as “tax” by the federal govt. I was just wondering if I’m the only one who finds this utterly insane?

http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States#Tentative_tax

Marie

Nir S asked:


if I have a company, for the sake of the matter lets use a LLC, that LLC is taxed as a cooperation and not a partnership or a sole proprietor. How much income tax would I pay on Rental Income that the company generated?

Esther Vari

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.

I’m in newport new, VA
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

Tommy Meyer

janet asked:


I 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

Chance Gutterman