Estate Tax-Federal Estate Tax

Mary S asked:


My sister in law and I are going to have a multi-family estate sale in two weeks where we sell our own higher-value belongings. We are not a business. I can’t find any documentation detailing the requirement for collecting sales tax. I will be using Paypal to allow credit card transactions, but they do not mandate the collection of sales tax.

Can anyone shed light on this for me?

Gavin Palisi

oh no! asked:


What kind are each of these? How do you know?
I need to identify each one for school.

corporate income tax
dog license tax
estate tax
federal unemployment tax
fishing license tax
fuel permit tax
hunting license tax
food license tax
liquor tax
medicare tax
social security tax
school tax
utility tax
well permit tax
vehicle sales tax
workers compensation tax
septic permit tax
service charge tax
individual income taxes
sales tax
marriage license tax
property tax
automobile registration tax
building permit tax
cigarette tax

Stacia Escher

Mary Ortega asked:


One of my clients want an installment loan for their son. What are the tax effects of a note released through my client’s will or trust? What would the tax effects be if the note is released in the loan agreement at the death of my client?

Ossie Peaker

Mary Ortega asked:


Mark died on November 4, 2010. The executor of his estate chose the alternate valuation date of May 4, 2011 because his assets are worth less then. His savings account is valued at 100,000 on both the date of death and the alternative valuation date. I now notice this savings account is a 7% interest-bearing account payable monthly. What is the real value of the savings account for purposes of filing an estate tax return (form 706)?

Neely Marchello

Crieghton Stewart asked:


We own a small business and are looking for ways to reduce our taxes using real estate as tax shelter.

Enoch Whitton

Mary Ortega asked:


I am the executor of my father’s estate who died with about $8 million dollar in assets that are all in a trust and an IRA. Will my father need to pay estate tax here?

Loretta Lones

josenspencer asked:


If I purchased a home and closed escrow in October, could I claim the taxes for October – December along with interest paid on my 2007 income taxes? What is the cutoff date in order to claim?

Hubert Pedretti

Independent asked:


You’re taxing someone simply because they died (how that is a taxable event I will never know) and stealing it from what they wanted to use the money for.

And if that weren’t enough, this money was ALREADY taxed throughout their life. They are double taxing it. How in the world is this right? Do they have no shame?

Andrea Cassello

twj asked:


example; paid $1,000 in real estate taxes; how much would this usually save you on your taxes?

Leland Werry

doctor asked:


I keep getting these notices from companies telling my I’ve overpaid my real estate taxes, and they’ll recover them for me provided I sign an agreement stating they get to keep half of the refund. I went to my county teal estate tax website and put in my information, and it said I haven’t overpaid anything so I don’t qualify for any refund. But I keep getting these letters from private companies that say I do, and they’ll get it for me if I sign the 50-50 agreement. Is there any other way for me to make sure the county doesn’t owe me anything? I doubt the companies would be sending me the letters if they didn’t stand to gain something.

Lucilla Wegrzyn