Estate Tax-Federal Estate Tax

Kathleen S asked:


The death was March of 09 in the state of Michigan.

The estate value is over/around 5 million dollars (Farm land, homes, business etc).
One spouse and one child (adult) and NO will.

Everything was going to be left to the child, but does it make a difference who it’s left to. Would they both have to pay inheritance or estate tax? And how much?
They are hoping to sell the land and the business,put it in an account and split the interest, until the spouse passes and the child get the remaining. (This is a step parent situation with the living spouse having other children from and different marriage that are not entitled to anything).

What would be the best option and is there any other alternatives to benefit both parties?

Thank you

Lon Sciera

Michael K asked:


If a US Citizen buys and then sells Real Estate overseas, what is the tax treatment?

What if the US Citizen lives in that real estate, main residence, overseas as an expatriate?

I’m thinking, since this becomes a main home, no income taxes to file and no taxes just like the same rules in the USA, correct?

Tabetha Gorney

scandalous asked:


As a buyer of a home listed as a short sale, what are some of the tax implications to be aware of? I understand I’d need to speak to a CPA or lawyer but generally speaking.

Micheal Rieske

Voodude asked:


Owned the property for 1.5 years, unable to rent, second home in area of primary, upgrades made and no depreciation taken for duration. Paid out any equity gain at close of escrow, repair costs from pest inspection and covered all sellers expenses. Of course, taxes and interest taken since purchase.

Lien Marier

dboyz15 asked:


My dad passed in may 2008 and my mom nov 2008, 59 and 58. I am the executor. The estate is currently in probate. I have a lawyer to help me with the estate taxes but don’t know about personal taxes.

Cassaundra Cardiff

dcfish@sbcglobal.net asked:


When railroad rights of way are converted to rails-to-trails use, do they stop having to pay the real estate tax? And how does rail banking affect this tax policy?

Edward Daylong

Ravi asked:


Hi
I am thinking abt real estate inv and after doing some rough calculation realized that I may not be able to generate positive CF based on mortgage, taxes insurance and the rent icollect.
I was told that diff can be offset with potential tax savings with owning real estate.
Can anyone pls guide me how I can do that calculation via an example.

Thx

Glenn Grich

John U asked:


“A vacation home is rented out for 10 days during the year and used personally by the owner for 20 days during the year. What percentage of real estate taxes should be

deducted on Schedule A?”

Wouldn’t it just be 100%?

Forest Adelizzi

Hiroshima, Get Over it asked:


Obama has already said that the rich — many who funded his election — can’t afford to pay higher taxes now.

Why won’t Hussein raise the estate taxes on his rich donors? Is he afraid of hurting them after they’re dead?

Tula Godshall

mister_look asked:


I inherited a small condo from a neighbor who passed away, as specified in her Living Trust. Is this considered a gift? Do I have to pay Income Tax?
I am now renting out the property, can I claim deductions?

Kelly