Estate Tax-Federal Estate Tax

Dragica asked:


Parents died 2004 and 2006 – left estate to only child, totalling a little over 1M. Approximately how much estate tax would the heir owe?

Kerry

shylagirl123 asked:


was told I could get a copy of my real estate taxes on line…..does anybody have a website for that?

Dorethea Weisenburger

Robert asked:


I’ve been trying to find an answer for this for a while now and would like to ask only those that are familiar with the subject to answer… I’ve recently inherited an apartment in Poland and polish taxes on sale of such property are very steep. So I was wondering whether I could pay appropriate U.S. tax INSTEAD… Thank you!!!

Len Yetter

GT asked:


for the year 2007? Also, are they deductible on the principal residence?

Sophie Pallas

rkim526 asked:


I am a California broker and I have offered to sell my friend’s home. After the sale, I plan to return 75% of the commission to my friend ($20K less 75% = $5K). Will I be taxed on the entire amount ($20k)? Or can I deduct the “rebate” as a cost of doing business ($15K) and only pay taxes on the net amount ($5K)?

Alia Jach

robert w asked:


How would the interest deduction being treated at the end of each year if a father and a son buying a house together, and both are on the loan together, when the father already owns another house as primary home? They won’t be filing taxes jointly. So since they will be filling out a tax crediting form (1098 or 1099?) at closing, would the interest deduction be split down the middle?

Brendon Eichelmann

babs asked:


I purchased land valued at over $200,000 that I am planning to build a house on. Can I deduct the taxes on said land? Thanks.

Carey Hochadel

Austin and Ava’s Mom asked:


Are they due on April 15th as well, like income taxes? My mother’s estate is still open and I’m not sure if I need to file for an extension for her estate taxes.

Newton Leatherberry

M S asked:


I figure either my mortgage company (Bank of America) forgot to tell the county tax collector to send the bill to them or the county tax collector lost or misconstrued the information sent to them from Bank of America about payment. I am already being charged a late fee and this is the first notice I have received from the tax office.
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What do you believe probably happened, who should I call first, and what should I say?
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As a side question…will this effect my credit report and/or cause me to need to pay the late fees myself and not out of my mortgage escrow?

Shakia Eighmey

Teej asked:


I’m attempting to complete my taxes for 2006. I received a property ad valorem tax in 2006 from the county I live in. Do I add this tax amount to my federal real estate taxes or is this tax filed with the state return only? Where and how do I enter the tax amount for the county ad valorem tax assessed for my house?

Stuart