Estate Tax-Federal Estate Tax

sc4880 asked:


What does it mean if property listed on the tax rolls (Lots Only) is in the name of a receiver? Do they have to pay real estate taxes and HOA dues or assessments?

Victor

ronald t asked:


Why wouldnt it be a more equitable system if we abolished the income tax,taxes on savings,estate taxes etc.And replaced it with a 1cent federal sales tax on purchases?Several states do not have an income tax

Fernando Quintania

Yvonne asked:


I received $ 2500.00 fee last year 2009 from a friend for a sale of a town house by another friend last year. I received a 1099 misc from my friend the real estate agent. I had no idea that I had to report this. Do I list this under real estate as royalties received? Little confusing. Any suggestions are greatly appreciated.
yes it is in box 7 non employee compensation. I am head of household self employed file form 1040 always

Dorothy

Integral asked:


The estate tax is something that I always **** heads against Republicans.

Why do they want to preserve the status quo instead of trying to level the playing field for newborns?

The Kennedy children are born into vast amounts and political capital. No one at birth can compete with this, but instead of severely taxing the wealth of an individual, they want to preserve dynasties, but why?

Why are Republicans so against trying to create a leveling playing field at birth?

It gives them a bad wrap.
No family will every lose their house over the estate tax. It really only comes into play with estates valued over $3.5 million.

I know you are a liberal and smart, but how is someone going to lose their house over the estate tax?
Damn…I meant ‘embrace’

Not ‘despise’

Facepalm on my part.

Monroe Delanuez

SallyMay asked:


My brother owned a condo with my parents. He stayed in it. He passed away. My parents sold the condo. How do I figure the capital gains tax? Is it split 3 ways and his share is dropped?

I really don’t want to consult a tax advisor. Anyone out there can help?
To add, this is a joint ownership

Gina

ElDarado05 asked:


The tax holiday would be available to those with a net worth of over 100 million dollars.

Do you think his real-estate tax holiday proposal was intended to help his wife?
…since Cindy McCain failed to pay four years’ worth of real-estate taxes on one of her homes in California.

Her explanation was……….quoting from a news article “I guess it slipped my mind,” she said. “Quite frankly, I’ve been busy coming up with totally original recipes for my Web site.”

Do you believe her explanation?

McCain said “The key to this country’s economic well-being has been and will always be those Americans with vast inherited brewery wealth.”

Who really think tax breaks should be give to the wealthiest Americans? I surely don’t when I see the middle and lower class hurting like they are.
I only as questions i wasnt biased at all. I was just wondering why the very rich are given tax breaks and dont even need them. The questions I poised were those that I have heard. I have nothing against McCain I was just wondering what good could such a policy do. I was only backing up Cindy’s statement with her on words and the article came from yahoo news so go find it yourself.

Stephanie

ninan asked:


Are IRAs included in the value of my estate for calcuating estate tax, if the beneficaries were my kids. Would it be different if it were rolled over to my spouse’s IRA. I realize they would be taxed when they make the required withrawals each year.

Dona Morad

curious girl19 asked:


lets say you enter an assignable contract on a home at 100 k, assign it to someone at 200 k, and the difference is cut back to you at closing, do you have to pay tax on that $100,000 profit? if so, what kind of tax is it called and how much as a dollar amount and what is the typical percentage? use the example above to explain if possible.
thanks a lot

Rudolf Camberos

unhappy asked:


Say for instance that my 2006 taxes are fully paid.
Yet for 2007 after I file for my return next year in april that it turns out I underpaid by 2000 dollars.

Will I owe the IRS a penalty for this?

Second senario.

Say that for 2006 my taxes are fully paid.
But for 2007 I am also getting a tax return of around 100 dollars because of all my deductions such as charity, real estate tax and interest etc. Even though I technically underpaid the IRS before the deductions, after the deductions are accounted for I still have a return.

Will I owe any penalty for underpaying before the deductions are accounted for?

Please let me know what my consequences are for both senarios.
I want to clarify Senario 1. I mean that if I am fully paid for tax year 2006 but when I am filing for 2007 it shows I underpaid for 2007 not 2006. Again 2006 is fully paid. I’m just speaking of 2007 is underpaid. I heard if you are fully paid for the prevoius year then it doesn’t matter if you underpaid for the current year when you file.

Harland Randzin

Steve C asked:


It is critical to a responsive and robust economy that the USA maintain the current system of tax incentives balanced by tax rates. How else can the government provide economic stimuli when called for?

However, it is high time for some radical changes. Here a few ideas for your comments.

1. Increase the corporate rates by 25% (there has not been in increase in these rates for many years), and eliminate the current double-taxation of corporate profits by making dividends either tax exempt or subject to credit offset for taxes paid at the corporate level.

2. End all estate taxes–another flagrant example of double taxation and a Marxist concept to be sure.

3. Reinstate “Income Averaging” (remember good ol’ Schedule G?). People who are working hard to advance themselves should not be penalized by having to pay taxes at the same rates as people who have been at given income level for many years. 5-year income averaging used to be the law and it is needed again.
4. To qualify for the Earned Income Credit one must be either a citizen of the United States or legal resident and all qualifing dependants must be as well. This will end the drain on our system by people who send their earnings to foreign countries.

5. Bring back the Investment Tax Credit and expand it to cover energy-saving appliances and vehicles (with higher than average fuel economies, not just hybrids), not restricted to business use only.

6. Remove the 7.5 % floor on deductions for heath care costs and allow all people who pay for health insurance to take these costs as an adjustment to income on the face of the 1040, as is the case for self-employed people now, but at 100%.

7. Create a special Veteran’s tax credit to be used to offset 50% of all taxes on income, never to expire. Government won’t be too quick to send people off to war if it means loss of tax revenues over their remaining lives.
The Alternative Minimum Tax is the spawn of Satan and it must be eliminated in it’s entirety as it is patently devious (the IRS’s way of sneeking up on people in a rising economy) unfair and cowardly, to say nothing of the fact that it can double the cost of having your tax returns prepared. Down with the AMT once and for all! Let the politicians cut the tax preferences that gave rise to this ridiculous and massively oppressive idea in the first place.

Sophia Hollinsworth