Estate Tax-Federal Estate Tax

dino213aa asked:


I had a cousin who what mentally and physically handicapped who passed away two weeks ago. The terms of the trust fund state that I will receive 2% of the estate. Recently I heard something about the Federal Estate tax being repealed for 2010 and I’m wondering if this will have any effect on my situation. The trust was held in Alabama and I live in Virginia.

David Keitt

BabyFace asked:


Her estate was less than $1,000,000.

Maisie Jolivette

Dispirited asked:


I am 20 years old, I bought a duplex 3 months ago w/ tenants living there (suppose to be my primary residence that’s what it says in the papers) but I rent out both units because it’s WAY cheaper for me and I need the experience. Property taxes are all paid through the mortgage which is included in my monthly payment. I work a job *under the table* since I am full time college student I cannot have a job or I will not qualify for financial aid. So I get paid cash every 2 weeks, I pay my bills, and take care of the property. What kind of trouble can I get into with the IRS? I mean I got a property and supposably I paying all this stuff but w/ no job? Can they actually bust me? Or am I too small of a timer for them? They go after the big folks? I’m just curious, because I won’t file any tax return cause theres nothing to file? Just wondering what I’m getting myself into, I have to be paid under the table or else college won’t work out for me so that’s not an option. Deeply Appreciate!

Giuseppe Feagans

moonage asked:


also will a standard appraisal be acceptable to irs

Princess Valen

Lori P asked:


My son bought a house in may 2008. He is now trying to sell it in July 2008 to buy a home from his grandma. How much real estate taxes will he have to credit back to the buyer at closing.

Jerrod Narron

boz_hobbs asked:


We lost our mother last year and she left us some money invested in mutual funds. State estate taxes were paid. The funds were transfered within the brokerage and invested in the same and similar funds under our individual names. They have appreciated about 4% this year. What do we pay taxes on; the original amount AND the gains, or just the gains?

Heriberto Bambino

letsroll asked:


Checking on this for a frieind – His Dad died and left his house to him. It was fully paid for. Does the son have to pay income taxes when he sells the house even though he inherited it?

Leah

Mr. Blutarsky 0.0 asked:


last year how many tax payers actually had to pay estate tax

A) less than 1000
B) 4000 – 6000
C) 12000 – 18000
D) more than 30,000

What % of IRS revenue did this contribute

A) less than 1%
B) 1% – 2%
C) more than 2%

Do you consider your political ideology closet to

A) Hitler
B) Palin
C) Regan
D) Obamma
E) FDR
F) Marx

Are you religious 1- 10

1 I am the sword of God Pat Robertson rules the day

10 I am pretty sure my mother in law is the missing link evolution is a fact

Ian Gotts

Tiznow B asked:


& When are these taxes due?
If the rate varies – what are ballpark figures?

Whitney Hyppolite

idic5 asked:


here is the text of the expansion of this from taxcut app.

“Real Estate Tax Deduction for Non-Itemizers
This is the amount of real estate taxes you can deduct in addition to your basic standard deduction. It’s limited to $500 ($1,000 for married filing jointly).”

I ran the same nmbrs thru taxslayer.com, and taxslayer did not give me this.

which one is right?

Beatrice