Estate Tax-Federal Estate Tax

BoBo6742 asked:


If a property is purchased by a non US citizen for purpose of living in it for 4 to 5 months per year, would the gain be taxed when sold many years later? Would the mortgage interest expenses be claimable if taxed? What if the owner passed away and pass the property to the children? Would there be estate tax?

Dane Raider

wild cat asked:


Seller paid real property tax on buyer. Would Seller’s payment have any effect on buyer’s itemized deduction and what other effects will seller’s payment of taxes have on either party?

Anne

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

dillan asked:


I am putting a client in a $4Mil life insurance policy and its my first one. Do you know how I can calulate his estate and inheritance taxes? He owns about $1.5 Mill in real estate. Thank you.

Alicia

g1adc asked:


Usually, new taxes are imposed for new programs. So when the estate tax was started, which programs was it intended to fund?

Kira Santore

echo1181 asked:


After a new construction is built, when does one see the 421a tax abatement? or what is the timeline/process of getting it. Do you have to wait for all the units to close before getting the abatement from the city.

The best of my understanding the abatement is 100% for the 2 years after constuction. But based on the tax bill for the first year, it doesn’t seem like the abatement was taken off. Are we suppose to wait for a credit on the tax bill going forward? I want to make sure that I am not paying for nonresidential unit’s real estate tax because management is being lazy not to do the proper calculations. Currently the bill is 4x what it should be and this is the 1st year in operation. Hopefully they place all the paperwork in to get the 421a abatement and it is just lagging. 4x the bill is small now but as the waiver decrease the tax will go up significantly.

Thanks
location nyc

Louie Doutt

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

daril2000 asked:


if your house go in foreclosure are you still liable to pay the taxes.

Jeff

paleta28 asked:


My home loan is under my mothers name but I pay the mortgage which gets automatically deducted from my account every two weeks. She didnt claim the mortgage interest and real estate taxes for last year for the house…no one did…would I be able to do an amended form and claim last years taxes?

Donny Omer

eric e asked:


my wife and I file jointly with a combined income of $35000. we have a land sale pending which would total around $500000. we paid $100000 15 yrs ago. would we remain in the 15% income tax bracket, and therefore be taxed 5% on long term capital gains?

Refugio Hibbs