Estate Tax-Federal Estate Tax

Astro asked:


I pay roughly $3000 per year on my real estate taxes.
If the 2006 assessment is 14,863,does it mean that I now pay 14.683?

Bud Giallorenzo

curious asked:


Can anyone provide me with an official link to Pierce or King County web pages that provide info and dates on their real estate tax lien auctions?

I went to each county’s web page but could not find anything…

Jonathan Tsukamoto

darcy5748 asked:


My friend is going to jointly own a property with his sister. They’re both very close to each other and want to arrange the most mutually beneficial financial situation.

The brother makes a lot of income but will not be living in the residence. The sister makes very little but it will be her primary residence. The problem is two-fold: 1) maximizing yearly tax deductions between the two while 2) minimizing total capital tax gains when the house is sold.

Is there a type of house ownership that would allow 1) the brother to be able to pay for and assume 100% of the property tax for his yearly tax deductions while 2) the brother pays minimal capital tax gains when they sell the house?

He is in a bad situation where he HAS to work out of state so it will be secondary residence for him.

In other words, how can they arrange it so that the brother owns enough to assume 100% of tax benefits, but as little as possible to minimize the amount of tax caused when they sell the house?

Tish Bodo

John asked:


It’s my understanding that estate tax may have been repealed for the 2010 year in the United States. Is this so or is the estate/inheritance tax still in effect. Please provide specific documentation (i.e. IRS info, etc.). I can’t seem to find a definitive answer.

Clint Whitcome

gentleboy asked:


The government of Pakistan has introduced tax in real estate market in recently presented budget of 2009-10. In your view what will be the effect of taxation in this sector?increased from 2 to 4 percent

Cameron Golding

??!! asked:


I am hoping to sell my house and will probably have to sell it for less that I paid. If that does occur, do I get any income tax benefits for the sale?

Jaclyn Defina

Baboo asked:


My mortgage is $1550 per month and taxes are $6500 per year. I rent the house out for $1375 per month at a loss every month. BUT… If I file taxes reporting the rental home as an active income generator (at a loss) I can only deduct “X” dollars for my loss (this of course would include maintenance fees, home owners insurance, HOA dues, etc.). If I just deduct the mortgage interest and taxes I get a bigger deduction.

Is it OK for me just to deduct my interest and real estate taxes and get the bigger deduction? Or do I HAVE to report it as an income generating venture even though I take money out of my pocket every month just to hold on to the house?

How would the IRS look at it? The way I see it I get penalized for owning my home and renting it out. I guess I would have to be losing alot more money every month to make it work in my favor…

Any experts out there? Thanks.

Cameron Golding

Sonny A asked:


My short sale buyer withdrew their intention to buy my property for the it’s been over 5 months now and the lender still have to process my application to sell said property. Now, am facing foreclosure. Am I obligated to pay the real estate tax not covered by the escrow account? By law, what are the other incidental expenses that I have to pay.

Mikki Rogal

Yin asked:


ZERO Estate tax this year and 55% next year with 9 months to give Obama 55% of the New York Yankees. Could you imagine that! If Steinbrener would have kicked the can next year, Obama would be running the Yankees along with the Banks, Car companies , Health Care. What a disaster!

Miles Bigalk

claireydee_99 asked:


I watched a film about her lately and just wanted to read up a bit more about her? She married her (very wealthy) real estate boss who was much older than her, he had several strokes and was not a well man. The film portrayed her to be very hard and a mean employer, she had a nickname as well but I can’t remember it?

Caryn Pocasangre