Archive for the ‘United States’ Category
July 22nd, 2011 | 
Author: 
Mary Ortega asked:
I have used the alternative valuation date for valuing a savings account (6 months after the date of death). This means that none of the interest accrued on the account after the date of death and before the alternative valuation date is excluded from the gross estate. What is the value of the account on the November 6, 2010 date of death if it is a $100,000 saving account with 6% interest that accrues monthly?
I have used the alternative valuation date for valuing a savings account (6 months after the date of death). This means that none of the interest accrued on the account after the date of death and before the alternative valuation date is excluded from the gross estate. What is the value of the account on the November 6, 2010 date of death if it is a $100,000 saving account with 6% interest that accrues monthly?
Does the value of the account include interest for the six days of November that the decedent lived?
Is the value simply 100,000?
According to my calculations, the value should be 100,000(.06/12) = 500 * (6/30) = 100 + 100,000 = 100,100. Is this right?
Noella Reels
Mary Ortega asked:
The IRS really messed up the estate tax for 2010. How did they do this and what happened?
Elicia Heap
The IRS really messed up the estate tax for 2010. How did they do this and what happened?
Elicia Heap
skycat asked:
I bought my parents their house 15 years ago for $155,000. I am still making payments on it. Right now it is valued at $650,000. How much of it will I have to pay in taxes when it is willed to me? This was supposed to be my retirement.
Thank you, I signed a quit claim deed over to them and that was all. No gift tax forms. They signed it back to me and then I signed it back to them over a 5 year period. The only place my name is will be on the bank note. I think in all good intentions, we were stupid with this. There is no rental income. I pay their mortgage. I do all home improvements and also give them $300 a month to help buy food.
Thanks so much for the answers. tax lady…I am paying over 50% and I am claiming them as dependents. The last time I quit claimed it back to them was about 4 years ago. I thank everyone.
Royce Redwood
I bought my parents their house 15 years ago for $155,000. I am still making payments on it. Right now it is valued at $650,000. How much of it will I have to pay in taxes when it is willed to me? This was supposed to be my retirement.
Thank you, I signed a quit claim deed over to them and that was all. No gift tax forms. They signed it back to me and then I signed it back to them over a 5 year period. The only place my name is will be on the bank note. I think in all good intentions, we were stupid with this. There is no rental income. I pay their mortgage. I do all home improvements and also give them $300 a month to help buy food.
Thanks so much for the answers. tax lady…I am paying over 50% and I am claiming them as dependents. The last time I quit claimed it back to them was about 4 years ago. I thank everyone.
Royce Redwood
Dan D asked:
Sales price $850,000. Loan balance $50,000. Owned property for over 5 years.
Haywood Lashmet
Sales price $850,000. Loan balance $50,000. Owned property for over 5 years.
Haywood Lashmet
Posted in United States | 
Tags: Commercial Real Estate, Commercial Real Estate Sales, Real Estate Sales | 
3 Comments »
St@tb0y asked:
I am going to buy the home of my deceased grandmother that is currently owned by her estate. I am not a beneficiary of the estate, but the executors are my mother and aunt. I have read that you are not eligible for the $8000 tax credit if you buy a home from a close relative, but don’t know if my situation qualifies. Have any of you tax/real estate gurus out there come across this situation? I do plan on contacting the IRS to get their opinion beforehand but wanted to see if anyone had any real life experience with this. Thanks.
Shanon Richer
I am going to buy the home of my deceased grandmother that is currently owned by her estate. I am not a beneficiary of the estate, but the executors are my mother and aunt. I have read that you are not eligible for the $8000 tax credit if you buy a home from a close relative, but don’t know if my situation qualifies. Have any of you tax/real estate gurus out there come across this situation? I do plan on contacting the IRS to get their opinion beforehand but wanted to see if anyone had any real life experience with this. Thanks.
Shanon Richer
BRAD W asked:
On the Arkansas Vanguard Gift 529 plan, it states that contributions of 60K per child (120K if joint filing used) made in a single year allows for 5yrs worth of federal tax-free gifts at one time. This is prorated over five years. Can someone please explain the benefits (federal tax-free gifts?)
Brett Nocks
On the Arkansas Vanguard Gift 529 plan, it states that contributions of 60K per child (120K if joint filing used) made in a single year allows for 5yrs worth of federal tax-free gifts at one time. This is prorated over five years. Can someone please explain the benefits (federal tax-free gifts?)
Brett Nocks
jnd2848 asked:
I don’t know what I do to get a tax ID, and I don’t exactly know what I need it for. Got a lot to learn I guess. Haha
Renita Orielley
I don’t know what I do to get a tax ID, and I don’t exactly know what I need it for. Got a lot to learn I guess. Haha
Renita Orielley
Marty B asked:
Trying to find out if I have done everything properly. I opened a business account with a EIN#. Wrote 4 equal checks dividing the probated condo money and about $16,000 of my mother’s personal bank account money which was already in my name too. Checks were approx. $26,000 each. Is there anything I have to do tax wise? Like provide any information to the IRS or my siblings for tax purposes. We all live in Ohio except one in Florida.
Rocky Yunes
Trying to find out if I have done everything properly. I opened a business account with a EIN#. Wrote 4 equal checks dividing the probated condo money and about $16,000 of my mother’s personal bank account money which was already in my name too. Checks were approx. $26,000 each. Is there anything I have to do tax wise? Like provide any information to the IRS or my siblings for tax purposes. We all live in Ohio except one in Florida.
Rocky Yunes
Michael asked:
My dad is about to retire and recently sold the office where he used to work.
My dad is about to retire and recently sold the office where he used to work.
He would like to give half of the sale proceeds after he pays his capital gains tax (office has been completely depreciated in NY) to me and my sister. I live in Virginia and she lives in NJ.
Can he use part of his lifetime estate tax exemption to transfer the assets without incurring inheritance, estate, or gift taxes?
And what exactly is the difference between inheritance and estate taxes?
Rusty Klapp
marcelluswallace asked:
Can someone explain how estate taxes work in the U.S.? For example lets say when my parents die they leave me 200k how much of this would the government take? What if my parents left me 2 million how much of that would go to the government?
Joanna
Can someone explain how estate taxes work in the U.S.? For example lets say when my parents die they leave me 200k how much of this would the government take? What if my parents left me 2 million how much of that would go to the government?
Joanna