Estate Tax-Federal Estate Tax

trovalta_stinks_2 asked:


A rich guy acting against his own self interest and instead acting in the interest of his country?

“Without the estate tax, you in effect will have an aristocracy of wealth, which means you pass down the ability to command the resources of the nation based on heredity rather than merit,” Buffett told the New York Times in 2001. “[Repeal would be like] choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics.”

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.

It’s estimated that the estate tax will raise roughly $355 billion over the next 10 years under current law, according to the Tax Policy Center.
http://money.cnn.com/2007/11/13/pf/taxes/buffett_estate_tax/index.htm?section=money_topstories

Kermit Mclearan

Jill S asked:


My Mother in Law passed away over 3 years ago. She had outstanding credit card bill of over $5,000. I am now getting a notice from the bank saying her estate is responsible for the tax of that write off. The only problem is she had nothing when she died. No property, no money, no estate. Nothing. Do I now have to pay for this write off. I am very upset about this. Thanks for your answer.
It is not a collection agency. It is Bank of America stating they wrote it off, and the estate must pay.

Aleksandra

Kelly asked:


My fiance and I co-own our home, both of our names are on the title, but only his name is on the mortgage. Can I still declare the real estate taxes on my taxes? Can I declare half of the real estate taxes?

Grisel Schuneman

inforseeker2008 asked:


the reason why i ask i think i for got to put that in my tax returns the real esate taxes i paid in those years

Sammie Baltazar

Charlie Bravo asked:


In 2005 my wife sold a portion of this real estate.

Ramonita Tataris

Heather J asked:


I never received anything from the county to file taxes.

Dana Sabin

victorschool1 asked:


as much detail as possible. Taxes to consider would be all taxes, real estate, income, sales.

Mohammed Montefusco

JackN asked:


If a bank somewhere has a mortgage on it (the property is in Pennsylvania) will (or can) they then start foreclosure proceedings against me if I don’t qualify to assume the former owner’s mortgage?

Delmy Kohara

Peter G asked:


What a lot of people don’t realize is that a lot of money goes in and out of a farm/ranch and the net profits are usually meager. To impose 55 percent double tax on a pre taxed estate does a really good job of destroying good encintives to build or improve the small business.

Margarette Knouse

houston t asked:


Can any one with this type experience please share some incite into purchasing real estate through tax sales. What was the first time like? what were the properties like that you purchased? what were your experiences with the previous owners of that property? do tax leins supercede 1st and 2nd lein holders? thank you in advance for your incite.

Bret Southam