Estate Tax-Federal Estate Tax

simplyme asked:


I live in Maryland, and my Real Estate Property Tax on my residential place is higher than it was before the recession. It has kept going up and up year after year in spite of the decreasing real estate prices.

Can anyone explain how this is possible? The house prices have dipped, and yet the tax on the house has gone up. I am paying about $5500 on a place that the state office has said is worth about $330,000.

(Clearly, I would have to file a tax appeal, but the state of Maryland threatens perjury to make it less likely that they will accept the appeal.)

Toni Jenkins

Amee asked:


Specifically, if the state you live in does not have an estate tax but the state you die in does have an estate tax, which law do you follow? Just wondering b/c I remember way back when Howard Hughes passed away, there was battle b/w states over whom he owed the tax to?
Wanted to thank all of you who took the time to help me out with this one. Got it! It is your domicile that is relevant.

Pennie Burrow

abs asked:


need to write a 10 page paper and do a presentation over sections 2036-2038 of the Estate Tax code…. any information would be lovely!

Thanks!

Winifred Ward

Jeff P asked:


A friend told me it is $600,000.00, of estate value.

Freddy Pennigton

Jennifer asked:


Now Im buying a commercial building.The deal is owner carries contract, or finance the amount with his/her own interest. Is it best if we include the real estate taxes (which are about less than $1,000.00) with the principal payment and interest or just pay the principal payment and interest without real estate taxes?Is it true that adding the real estate taxes can increase the interest on the loan?I would like advice on this.thanks.

Brandon Hadsell

TM asked:


Some says it is on my annual mortgage interest statement under real estate taxes. Others say that is inaccurate because of the current market and I should call my county/city tax office, or a county auditor who provides the property valuation. What is your insight? Also I assume I pay my property taxes through my mortgage payment, is that right? Thanks.
I don’t recall I have received any bills for property taxes from the city/county. but I do file taxe return with them each year.

Corinne Speece

Zenso J asked:


I bought a home cash. There is a title co. in place. They sent me copy of deed which they sent for recording on July 31, 2008. Along with the deed was a letter stating there is an installment due on August 31, 2008 for $1100.00 and that since I am now the owner I should pay it because it’s due when I now have ownership. Agent says, “Right now, Summer 2008 taxes are due August 31, 2008. The purchase contract signed by the seller, (xxx) and buyer, (xyz), indicates that the tax proration is to be paid by buyer. So, when taxes are due, they’re to be paid by the buyer.”

Does anyone interpret that If Buyer signed they will be responsible to pay “Prorated Tax” means that the Buyer has to pay that whole installment because I’m now the owner and it’s due August 31, 2008 and now too bad I’m stuck with it?

The title co. says they are not escrow because there is no bank or lender involved and that I have to take it upon with the Seller.

My question is did title co. interpret correctly, or I’m I wrong and I’m screwed because I signed that I will pay “prorate tax”?

Getting in contact with the seller is almost impossible. But it all boils down to the interpretation of me paying “prorate tax”.

Raphael Ostler

pintofpina asked:


My sister was the executor of our parents will.They both passed within 2 weeks of each other.she hired our parents attorney to take care of the will and to divide the money left over from their bank and sale of their estate.This all took place in California.I live in Texas.She sent me a cashiers check for 8 grand and said that was my share and that was all I could get.(I could of cared less about the money) well,about 6 months later the attorney mails me a check from his office for 13 thousand.That is suppose to be my half of the estate.my sister hates me because she claims I took HER parents money which was for her to party with.she said that she is going to report me to the IRS to make sure I pay taxes on all the money she gave me (8 g) plus the 13g the attorney sent.I understood that taxes were to of been taken out of the estate and the executor was the one who should of taken taxes out before dividing the money.She also said she has our parents paperwork and is going to report me to the IRS for every check,gift card or money,our parents sent me for birthdays and christmas for the last 5 years.My father also sent me a gift of a money order for 2g before he died,he said it was for me to spend and remember him by when I spent it.So can she report me and who is responsible for the taxes on the money from the estate.

Warren Lucarell

Abdulgader asked:


I want to buy an appartement in Egypt and want to know how much taxes should I pay according to the neww new law related to real estate taxes.

Mary Tasler

Beeb LeBrox asked:


Hello,
I’m considering setting up an llc to hold my real estate investments (small lots fully paid for) to protect the lots. My question is about what happens after the llc is setup. Specifically,
- Tax liability
- What if I just hold the property and don’t realize any income for a few years.
- How about real estate taxes? Is this deductible every year for tax purposes.
In addition, could anybody point me to any online resources on the subject of handling a real estate investment in an llc.

Thanks!

Shad Kilker