Estate Tax-Federal Estate Tax

WannaHug? asked:


doesn’t that include almost all of us?

sales taxes
payroll taxes
real estate taxes
tax credits
dividend taxes…don’t we all own stocks in pensions?
estate taxes
small business taxes
capital gains taxes
consumption taxes
excises
retirement taxes

Long Whittington

hartkopf55 asked:


We finally closed my mother’s estate and need to have the deed to the house put in my name. I need to have my 2 siblings sign quit claim deeds. This form I understand. I am a reasonably intelligent person, but find myself confused by the form RP-5217 Real Property Transfer Report and the form TP-584 Real Estate Transfer Tax Return. Does anyone have experience with these? I have downloaded instructions for both, but “legalese” is not my second language. The way I read these, I have to pay big bucks just to transfer the name from my Mother’s to mine.
More details…no money was exchanged between myself and siblings. Am I paying tax on the value of the house or do I put $0 for sales price, or do I need this form at all?

Fatimah Wida

Kristy K asked:


Ok, so I know one must pay capital gains tax if one sells before living in a house for 2 years.. but is one taxed on $135,000 (500,000-365,000) and the next house for $450,000 is not considered?

Or is it only the difference between the value of the house I am leaving to the house I am going to reinvest most of my money in?…$500,000 sales price – $450,000 new purchase price?

Please help!
This is in the USA. Also, can one deduct all receipts for fixing/improving things and closing costs, lawyer fees, points etc. for buying and selling the home?

Roseanne Tiffin

steve asked:


I didn’t show actual real estate property taxes paid by my mortgage company for 2007 and 2008. What tax form do I use to amend my tax returns for those previous years so I can get credit for the property taxes paid and not reported? The property taxes paid in 2009 I will show on my current tax return for 2009.

Kelsey Hoxworth

Given2Fly asked:


I’ve heard the arguement that if the rich are allowed to keep more money by being taxed less, that they will have more to spend towards jobs and growth.
If the ‘death’ tax was lifted, wouldn’t the rich be less apt to reinvest in society and simply keep passing the money on to their own generations? How does that help the middle class other than to increase THEIR tax burdon?
Okay, really..be honest. Who does it effect? If you die with $1M in your bank account, I’m supposed to feel sorry for you because you’re children will be taxed?
Farmers??? LMAO! There are few farmers in the US anymore…they’ve either sold their farms to agribusiness like Conagra or sold it to developers to put up cookie-cutter suburbs on. 90% of this country’s farming is done by big business and THEY ARE GETTING A TAX BREAK!
Number of farms affected by estate tax: 300

http://www.nytimes.com/2005/07/10/politics/10tax.html?ei=5090&en=22a8028346e584e4&ex=1278648000&adxnnl=1&partner=rssuserland&emc=rss&adxnnlx=1197666638-b7dj0NR/iSLl6YDfo9qcpw

Yeah..why tax the dead? We should keep the tax burdon squarely on us lowly middle class workers who keep rowing the slave ships 60 hours a week…maybe the rich will throw us some crumbs and call it “trickle down” economics.

Ernesto Weinfurter

stefa1mg asked:


A number of you seem very knowledgeable out tax issues, so here you go. I am attempting to prep a family members 1041 related income to her estate (the estate is small, but has managed to stay open for a while). There is taxable income in the estate, all interest, but there were distributions to offset it all. However, this means that there needs to be k1s to accompany it. Since there were attorney fees paid out of the estate the net income is less than the total interest income. When reporting the income on the k1s, do I split up the total interest received, or do I report the interest income net of the attorney’s fees?

Thanks

Joanna

inforseeker2008 asked:


i have a llc business in nj that’s in my my and my wife’s name. we want to transfer the title of the property from us to our llc business which is a property rental business. do we have to pay a nj transfer tax?? i i read it was $.75 per $100. my real estate lawyer said i mite not have to pay it since we are the same people. we own the property and the business

Steffanie Wulfing

John D asked:


Uncle just passed away at a good old age but as he was aging the past couple of years he needed some help with his money so had me on his account so I could help him write checks to pay his bills. This savings account that he put me on is the extent of his assets and he had additionally listed 12 family members including me as beneficiaries. Since my name was on the account nothing has been done with the money i.e the bank did not divide it up. I live in Illinois and we are talking about $75,000. What are the tax implications? I do not want to divide it up the account until I know what the tax liabilities are. He had no will.

Gil Carideo

ningis n asked:


except for food items, or clothing.

No property taxes, no income taxes, no state or local taxes.

oh…and the super dooper rich who die and leave and estate in excess of $300,000,000 must pay a 5% estate tax contribution back to society for having treated them so good.

and thats it, 2 thirds of the money would go to state and local government and one third to federal…. would that work for you?

Nu Lookabaugh

American whose diversity is silenced asked:


I know that only 1-3% of delinquent taxes result in teh purchaser owning the property, but:
The owner paid cash for the property I’ll be bidding on. The owner worked at an Embassy and I’m wondering:
Is there diplomatic immunity/excuses for not paying real estate taxes in DC proper?
Can international courts encumber property in DC proper?
Do people who work at embassies have a right to declare bankruptcy and can such a person declare bankruptcy if they bought the property for cash?
Right of Redemption is less than 12 months in DC.

Kathleen