Estate Tax-Federal Estate Tax

visor asked:


In a living trust, is the equity subject to federal tax upon the sale of a primary residence?

Riva Jinright

streveler@sbcglobal.net asked:


Does an estate have to pay capitol gains tax on real estate sales profit,the same as if the person was still living?

Arron Serban

jesbrd1 asked:


I am selling a house that I inherited from my parents contract-for-deed. After 4 years of monthly payments, the buyers are obtaining a bank loan & paying the remaining balance in full. What, if any, will be my income tax responsibilities?

Ramona Jenkins

Bobo asked:


Does a property stop generating real estate tax revenue while it is in foreclosure? Does the delinquent amount have to paid by the eventual “owner”?

Guillermo Burton

Speedfreak asked:


Do any liberals see anything wrong with the government confiscating a majority of the wealth of those who have become financially successful (upon their death), or are they too blinded by class envy?

I thought U.S. citizens had the right to possess and hold onto their private property. When do we cut off the addicts in Congress from spending ever more of our money? Where do we draw the line?

I guess if Congress lowered the estate tax threshold to $50,000, most people would change their tune, eh? Funny how that works.

Romeo Darbonne

Dan S asked:


I recently had bankruptcy discharge that has resulted in me not being financially responsible for the home that I had owned in an equity-share agreement situation.

A foreclosure auction date has now been assigned to the home, and the minority investor (25% ownership) wants me to sign my 75% over to her, so that she may attempt a short sale in the eleventh hour. Are there tax implications to me if I do this?

Thanks a lot-

Larry Purfeerst

Nella R asked:


Accounts Receivable Tax
Building Permit Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Tax
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Service charge taxes
Social Security Tax
Road Usage Tax (Truckers)
Sales Taxes
Recreational Vehicle Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Tel telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Tax
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Non-recurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Tax
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax.
What about Estate tax and tax on Social Security benefits? isn’t that double taxation? Who loves to pay tax on the money you have already paid tax on or you paid tax on when you were alive? What about Exit tax congress is trying to pass? Isn’t that same as what ***** did to the Jews back in WWII? Regarding taxes in Europe, remember many of them have better social benefits, free health care and free education. I think our ancestors who left England paid less taxes than we do now, and they were free to leave. Are we free to leave to protect your hard earned money? Constitution says you can, but it’s extremely difficult in reality. What does that say about our tax system? Please consider all angles before reply.

Delmar Bartolet

Billy Cunningham asked:


well i mean will be in two weeks.

Tora Portnoff

Why Hello? asked:


If you would want to take advantage of the first time home buyer tax credit, do you only need to have a signed contract? Or do you need to also be approved for a loan and have a signed contract?
Thank you
I am in the process of moving to another state and am trying to sell my house. My friend, who is already approved and we are waiting to close, is purchasing the property. The question just came up and I though I would give YA a shot.

Yetta Minger

Mike asked:


Does it mean that there is no tax whatsoever if a person dies with a net worth (bank accounts, house, land, etc) less than the exclusion amount (which would be $1 million in 2011, for example)?

Thanks!

Brent Dolman