Estate Taxes Knowledge Base
Estate Taxes? How are the deductions on estate taxes calculated. The family business, which is the estate mainly, is going to cause the tax. Are there any % the IRS goes by based on value? I can only find the maximum % on their site(46%).
Can I deduct real estate taxes in NY from more than one home on my federal tax return? I bought a new house and havent sold the first one yet? Can i deduct mortgage interest from both? What about real estate taxes? Both houses are in NY city.
How much estate taxes have to be paid on an estate valuing approximately $1,040,000? I live in NC and my parents' estate (who lived in NY) is valued at a little over a million. How much estate taxes could I be hit with? Thanks for any help. I'm sorry - I should have added that the date of death was November of 2006. We had a lawyer that messed up on the estate matter and now have another lawyer handling the estate and telling us that we may have to pay a lot in taxes. Thanks again.
How do deduct real estate taxes on 1040a? I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow). Apparently my tax payments will be paid out of escrow in April, May and August of 2008. Does that mean that I can not claim real estate for my 2007 return? (At closing, I did have to reimburse the seller for real estate taxes he had already paid up to Dec. 31.)
Estate taxes.......? My late husband passed away a year ago today, I just received a letter from "my attorney" (after not hearing from him in 9 months) saying that he received a letter from the dept of revenue that I did not file a "Inheritance Tax return on my husband's estate". Do I need to do this?(he also has 3 children-2 out of state) My husband had no will (no money left behind) and my(his- I was not on the deed or mortagage) home is only worth $30.000, my van(also in his name only) about $1500.00 and my only income is a widow's pension from va , so I don't file a tax return, I am young and never owned anything, and this sometimes seems like more hassle than its worth! Will I get in trouble if I don't file one of these? Did someone report this to the IRS for them to come forward about this petty stuff? I live in Pa, please help, will this stuff ever end?? Thank you!
Is it possible to get tax money back on your real estate taxes from the state of MN? A friend of mine said that her and her husband do it and are able to cover the second payment due for the real estate taxes. If this is so then how do you go about doing it?
Estate taxes?? Why would anyone (not naming names or pointing fingers) try to abolish or lower the estate tax at a time when the national debt is at an all time high??
Real Estate Taxes and Assessed Valuation -- When assessed valuation increases and your taxes go up despite not having made any improvements or sold your home or derived any income from it, isn't that an unrealized increase in capital gains? Why should your taxes increase? If your taxes keep increasing via multiplier increases, assessed valuation increases doesn't that penalize people who stay in their homes for 5,10,or 20 years? Is this fair? Homes are not truly an investment until they are sold and paid off. Until then, the bank owns them and the citizens are paying for the privilege of keeping it up for the tax assessors and the banks or mortgage companies. Wouldn't it be more fair to tax our homes at the purchase price plus any improvement costs until any profits are realized? Other investments are taxed on realized gains and losses. We can't deduct any home improvements or upkeep from our taxes so how can our homes be considered an investment? With real estate taxes increasing annually, it helps increase the rate of mortgage defaults and hurts citizens who live in their homes.
Real estate taxes take your breath away in rural western New York. What are they like in Manhattan? New York taxes are the second highest in the U>S> second to Hawaii!! My property is assessed at 138,000 and the rate is 47 per thousand. I live in Nowheresville between Rochester and Syracuse. What could the tax rate be on a $5,000,000. condo in Manhattan? Or what was Jackie Kennedy's paying for real estate taxes on her Park Avenue penthouse condo that was valued at $50,000,000 years ago when she died?!! What are the taxes on that condo now?
how do I file taxes on real estate that I own in another state? I share a piece of real estate in another state with my siblings. How do I declare the taxes that I paid last year on my portion of the real estate taxes that we paid on the residence?
Estate taxes issue with Suze Orman being a lesbian- quick question out of curiosity? This is in the article about Suze Orman. (KT is Kathy Travis her life partner.) In reaction to Orman's coming-out, numerous media outlets have focused on her statements regarding her inability to legally marry her partner and the financial repercussions of that status. "Both of us have millions of dollars in our name," Orman told the New York Times Magazine. "It's killing me that upon my death, K.T. is going to lose 50 percent of everything I have to estate taxes. Or vice versa." IS THIS TRUE???..... She doesn't have to pay the 50% estate taxes OUT OF POCKET. She can buy life insurance to help pay the estate taxes. ??? (because that is what someone said this morning to me) I am just asking because of whether Suze Orman is correct ;or the lady who told me Suze Orman is wrong in her statement? Can Suze avoid out of pocket costs on her Estate Taxes by way of insurance?
Tax Question, I paid 3 years of back real estate taxes in 2007 can i put that total amount on schedule A? I know I cant deduct penalties and interest but why couldnt I deduct all the real estate taxes I paid in that tax year?
Death (estate) taxes? How are these legal? Are they wrong? If not, why? I would like some honest opinions on the estate tax. I am not a republican, so I know I'm supposed to be all for them, but I'm far from that. Here is my view, please read and then give me yours. If my father works his entire life and pays taxes on every penny he makes, those funds have already been taxed. Because he leaves them to me, I am, according to the government, getting "NEW INCOME" that should also be taxed (At a much higher rate than anything I earn from a job mind you). However, I don't see it this way. The money is not new income to my family. It has been in our family since my father began working. Being a part of the family, directly related to him by birth, it would seem to me that they are double taxing this money (property, assets..etc). Why does the government deserve to take more of the money that they have already collected taxes on? Some families who run businesses often times lose their business because they cannot pay the taxes on the business's value. Does it not seem like this is comepletely wrong and against our constitution (No double taxation)? I see this happen in many other ways as well, such as having both a federal and a state tax, that is indeed double taxation as it is all going to an entity of the US government, regardless if it is at state or federal level. How can this be changed? Would the surpreme court decide for or against these taxes? How would one go about getting the case to the supreme court to begin with? The us government is greedy, money hungry, and just plain wrong when it comes to our taxes. Furthermore, don't you think we, as the people who are paying these taxes, should have more say on what they're spent on? I'm sorry, but spending 1.5 million of the tax payers money one one single missle seems to me to be a giant waste of funds. That one missle costs more than I will probably earn in my lifetime. So much unfairness in politics. As to only the wealthy being taxed in this matter, I do come from a very wealthy family. I am not bragging, because I don't see a penny of it myself, but at the same time, why should those who have worked hard all their lives and became wealthy by this work, suffer? Why should they have to give up such a massive amount of their own money while others do not? No, this country is backwards in how it runs things. As for me not understanding estate taxes, I don't know many people who do. I do know that when my grandmother died, she left my mother her antique shop. My mother (Who is not married to my father any longer, and not wealthy) had to sell the shop because the government wanted a % of what the shop was worth before they would give it to her, and she couldn't pay that, so she lost it. On the flip side, how is this good for the economy if estate taxes can contribute to small businesses going out of business? Why pass a law that only benefits a few? The same could be asked, only opposite. Why pass a law that only punishes a few? So by your statement, I would have to assume that you are not wealthy, and you do not want to see your taxes increased, so it is fine for you that the rich must lose part of their family estate when it comes time to pass it down. Doesn't seem very fair to me?
Do you pay estate taxes for the deceased plus federal taxes on what the beneficieciers get as regular income? If someone dies and you pay the estate tax to the state on their assets at time of death (say 4%), do the heirs then also pay a federal tax on the amount that they get distributed from the balance of the estate?
Are real estate taxes on vacant land deductible, and if I sell the land for a loss, is it a capital loss? I purchased vacant land 2 years ago and plan to sell it within the next few months. I haven't used it for any purpose the last 2 years, so I'm assuming it's considered investment property. Originally I had planned to build on the land, but now that I'm moving to a different city I need to sell the land. I have 2 questions: 1. Are real estate taxes deductible on investment property? If so, are they reported in the same place as the real estate taxes I report for my primary residence? 2. I'll probably break even on the property or even sell at a loss. Would this be considered a capital loss (if I consider it to be investment property)? Thank you!
What type of tax are estate taxes? Are estate taxes, progressive, regressive or flat. Its for Homework. Yes I am a strong liberal and I think that telling me that just because I envy that thats a unfair reason, and thats why taxes should be abolished. Lawyers dont really work anyway so dont worry about saving them time. Only the super rich concern themselves with such taxes. Your talking about supply side economics, if I asked you to give me ten dollars and I said "trust me the economy will be better...just trust me" I dont think you will give me those ten dollars. SImply put getting rid of an estate tax would more burden on the poor. And I think the rich can bear to loose a few.
Inheritance, Estate, and Gift Taxes in NY, NJ, and VA? 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?
How do i pay NY State real estate taxes after I finish paying off my house? I was usually charged state real estate tax through the bank I had a mortgage with.
Do railroads pay real estate taxes on right of way? When railroad rights of way are converted to rails-to-trails use, do they stop having to pay the real estate tax? And how does rail banking affect this tax policy?
Tax Question regarding Real Estate Taxes Paid on Property. Thx!? Okay I am 20 yrs old, single, never married, no kids. Washington state resident. I just bought a duplex (resedential real estate w/ tenant) It IS my primary residence and I am suppose to live there although I don't. No one knows that. I work under the table (no tax deductions) so I have no proof of income whatsoever. I pay interest for 2 yrs w/ the mortgage I got. I heard a lot about claiming "tax deductions" on the interest, if I work under the table and possibly will get a second just making under $800 a month and I will claim 0. What will the tax deductions on the property give me? Will I get a bigger tax return? Will they pay me back some of the taxes I paid to the mortgage company? Please explain it to me. I deeply appreciate it. Thank You! Well I do appreciate you honesty. I am a full time college student in order to qualify for financial aid I cannot have a job and I am afraid if I do claim they will make me pay for financial aid which brings me harm because I cannot pay my bills. So I work under the table, I obtained a loan w/ no proof of income called stated income loan (my credit is wonderful) So basically because of my credit I got the loan. I am not trying to lie or cheat, I am not trying to get a easy way out. It was an innocent questions. Thank You =)
How can I minimize real estate property taxes in New York? I own a house in Nassau County, New York jointly with a partner. The house is valued at about $400,000. He will quitclaim his share to me (as a gift). I want to minimize real estate transfer taxes. How should form TP-584 be filled out?
Will paying back real estate taxes give me ownership to a home? My grandmother recently passed away leaving her house to my cousin. He has no job and no way of taking care of this house. The taxes on the property have not been payed in 7 years. There is no lien against the house, so what is it that I have been hearing about tax sales. If I pay these back due taxes, do I have ownership to the home? Or what other rights will it give me?
Can you transfer a home to your children and avoid estate taxes on the home? My father would like to transfer his home to me, and avoid having it added to the total value of his estate. Will this work? Or, will I end up adding it to the total value of his estate?
Can I claim real estate taxes and interest if I bought my home in October? 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?
what have cities and counties done with the real estate taxes they have collected? Now that prices and values of homes have fallen, cities, counties and states(?), are scrambling for ways to raise more income (many through higher sales taxes) so they can collect more of our hard earned money and waste it. When values were skyrocketing they collected a virtual windfall of income. Well, what did they do with it?? Did they waste all of that extra income. Cannot the governments not spend and spend and spend?
My dad passed away. What kind of estate taxes things do I have to take care of? Whom do I contact? Do I just file something with irs? Do they come and check the estate? What are the procedures? Where can I read more about it? I am lost in a moutain of work.
Real Estate Taxes - TAX SALE - What is it? A friend of mine has paid real estate taxes religiously and ontime on his house for years via escrow, until this year, when he ran on hard times. The last date for payment and interest due for this year is fast approaching, and they mentioned that if it's not received by that date, it will go into "tax sale". As I understand it, he will NOT lose his house....his taxes will be sold to a bidder (not sure of the process), and he will then owe the bidder the past due amount AND an additional percentage of interest to the winning bidder...and would then have "x" amount of time to pay that off. Am I correct about all of this? He will NOT lose his house? Thanks!
Can a person set up payments if having problems paying total amt. of Real Estate Taxes.? I live in Franklin County MO. and having problems paying my 2006 real Estate Taxes. Meanwhile as each month goes by, a penalty is added toi the amt. owed making it even harder to pay...is there a way to make monthly payments ? Please help.
When a family member passes away, at what amount does estate taxes kick in? Is there a threshold? A friend told me it is $600,000.00, of estate value.
how do I know if I paid real estate taxes or my lender did? I just got a new house last year and my taxes are paid through an escrow account with my lender. However I see in my statements that the amount that has been taken out since I have moved in is to pay 2007 taxes. Did I pay the taxes in 06 in my closing costs or did the lender? If I did what document would show me this info?
How much do estate taxes cost? An old guy owns a house worth $700,000. How much tax will be due for him? state of massachusetts. 6 kids will inherit. do they pay or does dad's estate pay?
Does it make any difference if pay my real estate taxes and my home insurance with my mortgage payment? I would like to know how much difference it makes in interest rate (if any), if I pay real estate and my home insurance.
Do I have to pay taxes on real estate profit after owning a residential property for over two years? A real estate agent told me that I did not have to pay taxes after I owned a property for over two years. Now that I have sold the property I am ready to file taxes and I am afraid that I have to pay a fortune in taxes. I owened the property for 3 years and it was the my main residence. Can anyone tell me if this real estate agent was wrong.
What are the real estate laws/taxes if your parents give you a house they own out right? Does anyone know the Florida real estate laws regarding giving a house as a gift? Can it be done? If so, what are the tax penalties? My parents own the house that I currently live in. If they wanted to give the house to me as a gift can that be done legally if the house is paid for? Thanks! Thank You the house was purchased in 2005 for $148K. It is probably worth less now because of a serious drop in the local market.
Do you pay your real estate taxes yourself or allow it to be paid out of the escrow account in your mortgage? I'm wondering if there is any advantage to budgeting the money to pay our taxes ourselves instead of including it in our mortgage payment each month in order for the mortgage company to pay them, which they do on a quarterly basis.
I need a resource that will indicate when real estate taxes are due on a state by state basis.? I am not concerned about how each county or municipality calculates the amount, just when they are initialy due, and if they are collected once or twice per year.
Can you deduct the real estate property taxes on your second home on Wisconsin taxes? real estate, Wisconsin Department of Revenue, taxes The second home is in Wisconsin.
How do real estate taxes work? Possibly buying a home? I mean do you pay them, every month or every six months or once a year? How much are they? Is it a percentage of the cost of your home or something? eeeeek
After what amount would you need to pay estate taxes if someone died in 2006? Parents died 2004 and 2006 - left estate to only child, totalling a little over 1M. Approximately how much estate tax would the heir owe?
Are real estate taxes deductible on a summer home? for the year 2007? Also, are they deductible on the principal residence?
What happens if I pay my FL real estate taxes after April 1st? We have until March 31st to pay them. What is the process if I cannot pay by then? Thanks
if i were to build a home which type would be the best to build for cheaper real estate taxes.? how do I get cheaper taxes! and is there any programs for home improvement funding.
When real estate taxes due on a contract for deed sale? I am selling a house that I inherited from my parents contract-for-deed. After 4 years of monthly payments, the buyers are obtaining a bank loan & paying the remaining balance in full. What, if any, will be my income tax responsibilities?
Do homeowners in England have to pay real estate taxes? Just curious. i live in the chicagoland area and my husband is from Middlesbrough. want to know, in case we ever move to England.
looking for information about my home-how real estate taxes are calculated? Need to find the site that shows me my home and description and plot of ground it is on.
can I deduct a monetary loss from real estate on my taxes? Recently bought a house in California, but am relocating for a job to another state. Because the real estate market is down, I will be taking a loss on my house. Is this tax deductible?
Are real estate classes tax deductable in the Educational deductions for Federal Income Taxes? For 2007 are real estate classes deductable?
Real Estate Taxes, deduction? In addition to R/E taxes on my main home, I pay R/E taxes on 3 time shares. One is in Mexico. I know you can only deduct mortgage interest on a main home and a 2nd home. But what about real estate taxes? Can I deduct them on all 3 time shares?
Dallas, TX Real Estate Taxes? I am considering relocation to Dallas, TX and would like to know how much I should expect to pay in Real Estate taxes on a $200,000 house.
Can you deduct real estate taxes paid at settlement? We purchased a home in August 2006. At settlement we repayed the seller for the real estate taxes that they paid for the last few months of the year. Our mortgage company did not include this in our tax statement but it's on our settlement paperwork. Can we deduct that as real estate taxes paid?
Real Estate Taxes? I will inherit a house that will be given to me by a relative. Which will be better letting the deed be transferred to my name or let me purchase it from them for an agreed amount I need a tax deduction. They are over 75 years of age and how will they be taxed on that money. If I purchase for the agreed amount will I have to go thru closing cost and other required transactions. Which will be better or are there other options?
Income and Estate Taxes? I need to write a paper that compares and contrasts income and estate taxes. Can you please give me a few good websites with info on each of these?
Can you pay real estate taxes on your own even with escrow? I have an escrow account that is supposed to pay my real estate taxes. However, the mortgage company says they don't have the individual figure for my unit (only for the complex as a whole) and therefore have not paid it. Rather than risk missing another RE tax payment (2nd), could I just pay it myself first and then deal with the issue of specifics afterwards? Will the mortgage company, or the city collector's office, allow this? Thanks. I have not received the last two bills even though the city says it sent it to my address. The mortgage company says they have not received a statement for the amount for my unit alone and that I should check with the association. It is not a new complex, I don't even know why there wouldn't be a separate bill per unit.
does a foreign resident pay estate taxes on us financial accounts? estate taxes nonresident inheritance taxes
Kennedys Do NOT Pay Estate Taxes. But, Ted Kennedy Wants Everyone Else to Pay It? What does that make you think of Kennedy and the Democrats? Will Kerry's wife pay estate Taxes? No way in ****!!!!!!!!!!!
What is End of Survivorship Life Insurance.Are all of the inheritants responsible for the estate taxes.? There was an End of Survivorship Policy (800,000) for my grandmothers estate to cover the taxes. The beneficiary who was the executor(my aunt) of the estate took the insurance money as her own and says my mother has to split the estate taxes of 750,000.The insurance rep says that it was to cover the taxes. The accountant says that it had to be left as both as beneficiaries and my mother is responsible for 1/2 the estate taxes.Can you tell me the specific IRS guidelines for this. Where might can we go to get this resolved. There was property in the estate but not much money. My mother can't afford to pay this money to her and the property taxes on all this property each year. Also which I think my aunt is trying to strong arm her out of as well. Thanks forany advice you may have. Colsond4
Can we claim for real estate taxes and car registration paid last year but not claimed in this year return? I forgot to include my real estate taxes(amounts to 1000) dollars and car registration fee(about 400 dollars). I feel bad now :( that I could have saved myself atleast 400 dollars :( I forgot to include my real estate taxes(amounts to 1000) dollars and car registration fee(about 400 dollars) in filing my 2006 taxes. I feel bad now :( that I could have saved myself atleast 400 dollars :(. Can I claim for those in 2007 taxes along with my new car registration and new property taxes???
Concerning the last question about progressive estate taxes and subdividing property...? Thomas Jefferson believed in all of the above. Progressive estate taxes, public schools, and "subdividing property." However, whenever I bring him up as a liberal, cons will say no, he's a "classical liberal", aka liberterian. Nobody who answerd my question agreed with that. They said that person would be a modern liberal, beyond that, or even a socialist. NOW FOR SOME INTERESTING QUOTES JEFFERSON ON PROGRESSIVE ESTATE TAXES AND SUBDIVIDING PROPERTY "The property of this country is absolutely concentred in a very few hands, having revenues of from half a million of guineas a year downwards... I am conscious that an equal division of property is impracticable. But the consequences of this enormous inequality producing so much misery to the bulk of mankind, legislators cannot invent too many devices for subdividing property, only taking care to let their subdivisions go hand in hand with the natural affections of the human mind. Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions of property in geometrical progression as they rise. Whenever there is in any country, uncultivated lands and unemployed poor, it is clear that the laws of property have been so far extended as to violate natural right. The earth is given as a common stock for man to labor and live on." --Thomas Jefferson to James Madison, October 28,1785. ME 19:17, Papers 8:682 http://teachingamericanhistory.org/library/index.asp?document=967 JEFFERSON ON TAXING ONLY THE RICH IF POSSIBLE "We are all the more reconciled to the tax on importations, because it falls exclusively on the rich, and with the equal partition of intestate's estates, constitutes the best agrarian law.. Our revenues once liberated by the discharge of the public debt, and its surplus applied to canals, roads, schools, etc., and the farmer will see his government supported, his children educated, and the face of his country made a paradise by the contributions of the rich alone, without his being called on to spare a cent from his earnings." --Thomas Jefferson to Thaddeus Kosciusko, 1811. ME 13:41 http://www.constitution.org/tj/jeff13.txt JEFFERSON ON PUBLIC EDUCATION "I have indeed two great measures at heart, without which no republic can maintain itself in strength: 1. That of general education, to enable every man to judge for himself what will secure or endanger his freedom. 2. To divide every county into hundreds, of such size that all the children of each will be within reach of a central school in it." --Thomas Jefferson to John Tyler, 1810. ME 12:393 "The object [of my education bill was] to bring into action that mass of talents which lies buried in poverty in every country for want of the means of development, and thus give activity to a mass of mind which in proportion to our population shall be the double or treble of what it is in most countries." --Thomas Jefferson to M. Correa de Serra, 1817. ME 15:156 http://etext.virginia.edu/jefferson/quotations/jeff1370.htm
where in florida is the lowest real estate taxes? What counties in Florida have the lowest real estate taxes
where can I FIND HELP FOR DELINQUENT REAL ESTATE TAXES? where can I find help for my delinquent real estate taxes
Why do we have an estate tax? I worked hard for my money and have paid MUCH more taxes than I will ever have? used in services and I want to give all my money to my descendants so they will never have to work. Also I find it ironic that if libs have their way and let gays marry the only people that will have to pay the death tax are parents passing their money to their children unless you allow them to marry also. married people don't have to pay the estate tax that would mean you could give all of your money to you gay spouse tax free but not your own child
Did City Chicago increase their gas for heating, electricity, real estate taxes, and scavenger service bills? Because our landlord is increasing our 2 bedroom apartment from $850-900 because of the reasons above. And what the hell is scavenger service bills? Did real estate taxes, scavenger service bills, gas and heat really went up? Because I'm going to complain to the landlord next week. Give me the best answers please. City of Chicago only please
I want to put a lien on my grandmother property for paying back and current real estate taxes.? I also want to included in that lien past and future lawyer fee I put up for probating the will. My lawyer now tells me that I cannot be the executor of my Grandmother estate that it will have tobe my Uncle but he has not paid any past and current taxes and lawyer fees. I will not keep paying these expenses when my Uncle has paid nothing. So if I donot paid the taxes for next year 2008-09 it will be in default and when the county takes it over for non-payment of taxes who ever purchases the property will have to pay the lien on the property. Is the assessment correct.? If not please enlighten me.
i am in a lease to own option. The owners are asking me to pay for the real estate taxes.is that legal? I was given 10% beneficial interest. i signed an agreement stating i would be responsible for taxes but not until actual closing when i opt to buy the property, i am still leasing property. Can they charge me for the real estate taxes?
Lowering Real Estate Taxes? In my area Dayton, OH, I am looking at several properties for my new home. In both cases I can buy the properties, which are in fine condition, for less than the county has them appraised for (for tax purposes). My question is: have any of you bought a home for less than your county's appraised tax value and then had the county change the tax valuation total to what you just paid for it? I have called my county's auditors office and get conflicting stories....I talk with one employee and they say as long as it was brought from a real estate agent and was a legitimate purchase, it should be no problem. I hang up the the phone and call in again and get the opposite answer. They said unless the property was bought at a sherrif's auction where inspection was unavailable to the purchaser, I am out of luck. Have you had any similar experiences?
Question about an issue (loophole?) with estate taxes/death taxes? If a person goes missing for a long enough period of time that they are declared dead (Hypothetically, let's say they go boating one day and never come back), and after declaration of death their estate is split up and taxed appropriately, what happens if the person is discovered to be alive? Is the estate tax returned to them by the government, or have they in essence been taxed for no reason? Also, are the recipients of their estate legally obligated to return said items or monetary compensation to the no longer missing person?
Will India become a superpower without estate taxes? http://en.wikipedia.org/wiki/Estate_tax
Does anyone know how to figure out Pa. estate taxes? What percentage of the estate must be paid to the state of Pa.? Are there different or "discounted" rates based on how soon after death the tax is paid? (within 90 days?).
If conservatives believe in Darwinist economic policies, why do they oppose estate taxes? Don't inheritences sometimes reward untalented people? I favor a 100% estate tax. Is this considered a liberal or conservative viewpoint? 'Old money' allows idiots access to power.
Charlotte, NC real estate property taxes? Thinking about moving to Charlotte.....what are the Real estate property taxes like up there because I've noticed the house prices are pretty decent?
Real estate taxes...how do we know the bill is ours? We just settled/bought out home in mid january. We received a bill in the mail for taxes...it isnt specific as to what kind of taxes and the settlement company is confused. Usually tax vills come in the spring and fall, and ours are being escrowed anyway. I am NOT impressed with the settlement company so far, they dont seem to have any answers as to how this tax bill popped out of no where and have been able to offer no answers. I know no one is looking in a crystal ball, but does anyone have advice on where to go from here?
I recieved an inheritance on which the estate payed taxes..do i report? Would I have to report that income even though the estate payed taxes? And would I benefit from reporting it?
Real estate taxes were not calculated accurately. What do recommend? My daughter just moved into a brand new house in a large development in July and it was appraised by a local assessor for $$$$. When she received the second half property tax bill it showed that she only owed $, representing taxes for the land only. Considering her neighbors paid much more in taxes after a similar move in date, we believe the County made a mistake. Somehow the assessors paper work failed to get to the billing department. We have a copy of the complete assessment. Should we let the County know? If she waits until the County discovers its mistake, would she be forced to pay back taxes? Suppose they do not discover the mistake for years? I say she should not be liable for the County's mistake. Gamble and say nothing. What would you do? Thanks for all the comments! Great Feedback! Here are additional details: My daughter's husband acted as the general contractor and built the house himself. Banks were not involved in any transaction (only family members (i.e. both daddies ) who loaned money to my daughter and son in-law. There was not any closing - only high fives. They paid the taxes directly to the County. The house was fully assessed and she has the report from the tax guy who visited the house after final inspection. I will contact the County on Monday and try to figure when her fully assessed (land + house) tax year starts.
real estate taxes? if i decide to pay my taxes on my own and not have the bank escrow them..do i have to pay them yearly or can you pay quarterly? any pros or cons on doing this...thanks
Texas real estate taxes? I have a purchase contract on a house and have just found out that the seller has not paid 2006 taxes and my guess is that 2007 isn't currently being paid either. Do I have very many options? Can I pay the taxes or must I wait for these to be paid in order to close on the property?
Do real estate taxes lower the value of homes like high interest? Folks on this site talk about how home values went up (in part) because interests rates have been so low over the last decade. This was stated because lower interest means folks can afford a higher payment and it is not home price, but ulitmately the payment that gauges affordablitiy. I am not sure how it has been elsewhere, but in my town our taxes (in real $) have doubled in the last 3-4 years, with no change in services and a crappy school system. I know that fuel has gone up and some folks got raises, but they have doubled! Does this increase in taxes (in my case about $3000) not decrease the amount that the next buyer can afford each month and therefore reduce the market value of your home? Our taxes are town based (northeast typical) and go up every year. Real estate is must compete between towns not just within it. I have a 3 yr. ARM that recently jumped - increased my payment by about $250. That is the same order of magnitude of the tax increase per month. Our tax rate is about 1.2% locally I have seen them between 1-2%.
Floridians, are you tired of paying high Real Estate taxes? There is a bill they're trying to pass that will swap your RE taxes for a higher 8.5% sales tax. If you're interested in having the bill passed, let your voice be heard on this site: http://www.nomorepropertytax.com/... If you can't open the link for some reason, just type in your address box www.nomorepropertytax.com
Looking to buy a home, which of these real estate taxes are or are not itemize deductions? After reviewing the appraisal district's value stats, here are the taxes associated with this area. The overall rate comes to 2.52871% in taxes. I'm wondering if any tax gurus know if I would be able to itemize (Schedule A) the entire 2.52871% (not worried about adding this back in for AMT) or have to exclude some of these items from the total tax rate as follows: Please help me find out which apply (Y) and don't apply (N): School District - 1.1567% County- 0.39239% Flood Control - 0.03106% Port Authority - 0.01437% Hospital District - 0.19216% Education Department - 0.00585% Community College - 0.09243% City - 0.64375% Please help.
Floridians: Are you sick & tired of paying high Real Estate taxes? There is a bill theyre trying to pass that will swap your RE taxes for higher 8.5% sales tax. If you're interested in having the bill passed, let your voice be heard on this site: http://www.nomorepropertytax.com/ Homestead property taxes in FL are 2.5% of assessed value.
Friend went to pay real estate taxes & found out someone had bought his house...any recourse??? What to do!? He thought that in MO he had another yr, but it seems that the law was changed in 2002 w/o his knowing! The tax assesor himself bought the house on a "Courthouse steps" type of auction. My friend has multiple schlorosis & has put a lot of work into this house! He offered to pay the man back what he paid, but the he wants thousands more...any ideas on what to do!?
What is the interest rate charged by each state of the US for back real estate taxes owed? If I own a house in each state of the US, and failed to pay my taxes, what interest rate is charged by each state? for example, Connecticut charges 18% interest on back taxes owed in any city or town within the state.
Lowest tax and cost states for retirement, considering taxes, utilities, real estate cost, etc. Please add? as much detail as possible. Taxes to consider would be all taxes, real estate, income, sales.
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