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?

What is best way to avoid estate or gift taxes in US when transfering a commerical property to family members? Which is possible.. To form an S corporation in Bahamas and have all family members be co-owners in the paper company holding the property. Then when it shares are transfered to other family members,,, are gift taxes avoided if the corporation is in the bahamas. Or are gift taxes also avoided in the US if an S corporation holding company is established in US and shares are transferred to other family members who are co owners???

How to avoid the estate/gift tax? My parents wants to pay off my house. They feel guilty that they haven't helped me compared with my siblings, and while I make good money and are able to pay off my own bills an extra 1K in my pocket will greatly improve my quality of live. So how do I handle it, to have my parents pay it off without paying for the estate/gift tax that will cost both me and my parents? Damm taxes!!!

Gift Tax in real estate partnership? I am about to purchase a property with 3 co-borrowers all splitting everything evenly. However, only one has excellent credit & income. So my broker said to apply for the loan only under his name, but the title will have all three of our names on there. (We will have a legal contract for us three.) For the downpayment, which has to come only from his bank account, would he have to pay taxes on the amount the other two are putting into his account? BTW, He works for the IRS as a software guy so he has to be strict regarding his finances. However, he knows very little about IRS tax procedures.

What do you think of Fair Tax? What is the FairTax Plan? The FairTax Plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue replacement, and, through companion legislation, the repeal of the 16th Amendment. This nonpartisan legislation (HR 25/S 1025) abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax – administered primarily by existing state sales tax authorities. The IRS is disbanded and defunded. The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequ

What does it mean that the gift tax is tax exclusive and the estate tax is tax inclusive? I'm studying my notecards about the taxes and I have that written down. Its next to impossible for me to try and find the sentence on that subject in my book as there are a lot of pages on these 2 taxes. What does it mean that the gift tax is tax excluve, while the estate tax is tax inclusive? Please be specific so I'll understand.

How do you feel about the Fair Tax Plan? I have to ask that you know a little something about the Fair Tax Plan before you post an answer. http://www.fairtax.org/site/PageServer?pagename=about_main The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment. The FairTax Act (HR 25, S 1025) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities. Why would this be good or bad for America?

If my parents (live overseas) give me money, are they still liable for taxes (gift,estate, etc.)? Am I? Yes, they are non-us citizens (no green card) but plan to move in the future to retire. Thanks for the answer.

Federal Estate/Death/Gift Taxes Question? I have two questions 1. For a grandfather that wishes to pass all of his property to his granddaughter, would it be cheaper for him to make the transfer by gift or at the time of death? 2. For two recently married people, the man would like to pass all of his wealth to his wife when he dies. Would the man avoid transfer taxes or would he still have to pay taxes even if all of the wealth passes to a spouse?

What is the purpose of the federal gift tax system when adjusted gifts are added back to the estate tax?

Estate and Gift Tax Returns: QDOTs and QTIPs? In the processing of doing an estate and gift tax return where the decedent's spouse is not a US citizen. There was no QDOT set up before the death and therefore the executor or the surviving spouse is going to have to set it up before the estate tax return is filed. However, I am wondering whether or not this should be a QTIP. Am I correct in thinking that in order for the non-citizen surviving spouse to make this irrevocable election it must be set up as a QTIP? The surviving non-citizen spouse is also the executor of the estate. Thanks.

If my parents (who live overseas) give me money, are they still liable for the estate and gift tax? They are not U.S. citizens and don't have a green card. Oh, and also, am I liable as well?

Filling Gift Tax 709 Return. What section of 709 to report gift of less than $12,000? I gave $10,000 to each of 21 members of my family. Total $210,000. I know that I do not owe any gift tax (because of the $12,000 exclusion per person), but I would like to report it so that when I die the IRS or my executor will not question why it was not in my estate. In what section of 709 do I report these gifts of less than $12,000?

Estate Planning or lack of it? My Uncle is 90. My brother, sister and myself are heirs to the estate. My father is the executor and has power of attorney. Other than the usual $12000 yearly gifting no planning has taken place. I understand the estate tax laws change in 2010. What shoud we do? estate value: 2.5 million

Can people sell their real estate under fair market value to their children? I have a friend who has a big property which market value is $3,000,000. He decided to sell it to his son for $300,000, so he can avoid gift tax and estate tax. Can he do so?

Question RE avoiding gift tax and estate tax? Question RE avoiding gift tax and estate tax. Can a person form a legal entity with an administrator? And have the entity open an interest bearing bank account. And put in that account $50,000,000.00 And instruct the administrator to annually distribute to 2 people and there children the maximum amount of money Before the gift tax would kick in(lets forget about tuition and medical expenses for now). So that would be The unified tax credit (currently $1,000,000) plus the annual gift tax exclusion (currently $12,000) divided equally among the receivers for the first year. And for every year after that the administrator would distribute any increases in The unified tax credit plus the annual gift tax exclusion. To be Divided equally among the receivers. Could this legal entity survive and continue its annual distributions after the givers death? Would there be any tax consequences upon the givers death?

What kind of taxes do think we should pay? Personal income taxes? Social security taxes? Corporate income taxes? Excise taxes? Custom taxes? Estate & gift taxes? State taxes? County/city taxes? Tell me what taxes you think should exist and what taxes you think shouldn't exist.

Gift Tax (Referring to my previous ? on estate & Inheritance Tax)? Refering to my previous subject "Estate tax and inheritance tax", with all my online research and double confirm from one of the answerers. If my father's total net asset is less than 1 million (With the tax exempt limit of 2 million as per 2006), there is NO Estate tax and Inheritance tax. then here's my another question: I know that some peoples are giving gift US12k per year to each of their hiers free of gift tax. We were thinking of doing that as well, but with what i discover from my previous question, if all the inheritance from my dad is going to be both estate and inheritance tax free, then what is the point of using the gift strategy? Or am i right that the gift strategy is only needed by those who has more than 2 millions asset?

Can my mother gift me her share in a property without tax implications? My mother (70 years old) owns 25% of the property she lives in, with another relative owning the remaining 75%. My mother wants to hand her share over to me now, with an apporoximate vale of £50,000. She would remain living in the property. Are there any tax implications? (the whole estate is under the CGT threshold)

Estate and Gift Tax benefits on 529 Plan.? 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?)

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?

Do you think this is fair against gay couples? Here are some of the legal rights that married couples have and gays and lesbians are denied : Joint parental rights of children Joint adoption Status as "next-of-kin" for hospital visits and medical decisions Right to make a decision about the disposal of loved ones remains Immigration and residency for partners from other countries Crime victims recovery benefits Domestic violence protection orders Judicial protections and immunity Automatic inheritance in the absence of a will Public safety officers death benefits Spousal veterans benefits Social Security Medicare Joint filing of tax returns Wrongful death benefits for surviving partner and children Bereavement or sick leave to care for partner or children Child support Joint Insurance Plans Tax credits including: Child tax credit, Hope and lifetime learning credits Deferred Compensation for pension and IRAs Estate and gift tax benefits Welfare and public assistance There are only a couple of states in the US that give some of these rights to gay couples but many of the other states don't regognice these rights if a couple moves to another state.

Gifting real estate to grandchildren - do i need to add their names to the deed? I live in California and have a property with equity. I want to gift the equity in $12,000 increments annually to my grandchildren to take advantage of the TaxPayer Relief Act tax free benefit. My grandchildren are not on the deed of the property but their parents (my daughter and her husband) are. Q1: Can I gift property equity using the $12,000 limit the TaxPayer Relief Act offers? Q2: Do I need to add my grandchildren's names to the deed of the property I want to gift? Q3: Does each $12,000 gift count against my lifetime Estate Tax Exclusion limit? Q4: Do I need to file Gift Tax Form 709 even though the gifts are within the $12,000 limit which is tax free? Q5: IRS literature says the Estate Tax Exclusion will be repealed in 2010 so will I have to pay taxes on the amount I gift in 2010? Thank you!

Is money deposited into an Estate as a gift taxable? Joe wants to give Anna a $500,000 gift (cash/check). Instead of giving it to Anna, Joe deposits it to a Trust controlled by Anna. Does Anna have to pay taxes on the money? Does the Estate have to pay taxes on the money?

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.

Parent gives computer as gift, then wants it back. Are there "gift" laws in place deeming that computer min? My parents bought a laptop for me. And keep threatening to take it back (mainly out of anger). All personal reasons for their anger aside.. In the State of Florida, are there laws regarding gifts that I could (if needed) use to my advantage in small claims court, deeming that computer is legally mine due to it's nature as a "gift" - and that it was given to me? I've searched state statutes, querying the word "gift", and most of the results surround Wills & Estate & Gift Taxes. Can someone clarify this? Edit: I am 23 years old. Edit 2: I loathe my parents. I live at home. I am unemployed & cannot purchase my own computer. I likely could not afford an attorney & associated court costs, however, just like they are holding this over my head, I'd like to have law to hold over theirs, in the event they do pull a stunt.

questions about taxes, economics homework? i am not sure on my answers on this questions, please help me. A tax placed on a good or service A) decreases production costs. B) suppresses the underground economy. C) increases production costs. D) makes people save less. The idea that people who take advantage of a public good must pay for them in proportion to how much they use it is called A) equity. B) the benefits-received principle. C) revenue. D) the ability-to-pay principle. Which type of tax is based on the value of assets? A) Individual income tax B) Corporate income tax C) Sales tax D) Property tax What type of tax does the government place on products with a relatively inelastic demand to maintain a steady stream of revenue? A) Estate tax B) Gift tax C) Excise tax D) User fee Which tax, paid for by employers, benefits employees who lose their job through no fault of their own? A) Federal Insurance Contributions Act B) Social Security C) Medicare D) Unemployment compensation A common criticism of the way corporations are taxed is that A) companies are allowed to deduct the cost of buildings and equipment. B) profits are subject to double taxation. C) tax brackets prevent them from accounting for inflation. D) the corporate tax rate is 35 percent.

Gift Tax and Estate Duty (Inheritance Tax)? Ms. XYZ (resident Indian) holds investment in Income Funds (dividends non taxable and re-invested in the Fund) with her brother-in-law Mr. ABC (NRI) as nominee. Further Ms. XYZ wills all her investment in said Funds to Mr. ABC. Ms. XYZ dies. Q. Is Mr. ABC liable to any tax on the inheritance received from Ms. XYZ ?

Rent from estate gift taxable? I will be receiving rent from an apartment that was gifted to me by my father (who has not filed a gift tax return yet). Is this rent money also considered a gift or income? Also, how soon after gifting does the giver need to file a 709? What happens if the giver does not file by the deadline?

So, why are people opposed to the Fair Tax Bill (HR 25)? The FairTax Act: -Repeals all corporate and individual income taxes, payroll taxes, self-employment taxes, capital gains taxes, estate taxes and gift taxes. -Imposes a revenue-neutral personal consumption tax on all new goods and services at the point of final purchase. -Business-to-business transactions and used products (which have already been taxed) are not subject to the sales tax. -Rebates the sales tax on all spending up to the poverty level. Results of the FairTax: -Dramatically reduce the costs of goods and services by 20 to 30 percent. -Allows you to keep 100 percent of your paycheck, pension, and Social Security payments. -Gross Domestic Product will increase by almost 10.5 percent in the first year after enactment. -Compliance costs would decrease by 90 percent. -Real investment would initially increase by 76 percent relative to the investment that would be made under present law. While this increase would gradually decline, it remains 15 percent higher than under the existing tax structure. -Exports would increase by 26 percent initially and would remain more than 13 percent above the level under the current tax system. -Real wages will increase. -Increases incentives to work by as much as 20 percent in many households, leading to higher economic growth and efficiency. Interest rates will fall 25 to 35 percent. Bostonianinmo, don't be a jerk. Lay off of the epithets, and I may be willing to read your replies in the future, butthead. Did I mention a party? I'm not a Republican. I'm Independent. Why must you assume I'm a Republican? Just because I see a method of making rich people pay their fair share, that is irrefutable? The tax on a H3 will by far outstrip the price of a Kia Sepphia. The price of a Diamond Ring, with matching pendant, necklace, earrings, and bracelet will by far outclass the tax on a pair of shoes. Shoes... Okay. Do the math: Figure the taxes on shoes in the $75.00 range, vs. shoes in the $15.00 range. The rich will bear the burden, not the poor. If they were such horrible bills, why have the numbers of supporters grown, rather than shrank? Interresting question, no? http://linder.house.gov/index.cfm?Fuseaction=Resources.Home&Resource_id=1 If there is any fiction, take it up with the sponsor of this bill, I have seen sworn affidavits from CEO's who said this would work to increase the sales of their products, as well as give the consumer the funds with which to do it. Though I am not certain if the website he mentions still has those affidavits on file, or not. Also, ever think of this? Illegal immigrants and visitors would no longer be exempt. with an estimated 25+ million illegal immigrants in this country, the boost in revenues from these guys alone would blow the doors off of many arguments against the tax revision. I, the questioner, happen to be at less than 50k a year, annual salary. I don't see how me keeping my FICA monies is going to hurt me any more than not. You want to champion me, the poverty level American? Then support this bill. What do I do? Security Officer, making $11.00 an hour, 40 hours a week. This used to be a great paying job, until inflation outstripped my earnings. I get 4k a year in taxes back, but, having been married to an immigrant, who had a sibling that was illegal, I know how people can cheat the system. He bought a brand new Ford F-250, and I was left driving a used '78 Chevy Chevette, in the 1990's... Brand new truck in the hands of someone with no legal papers, and no responsibility to pay taxes vs a legal citizen who has never been able to own a new car in his life. Tax the buggers, I say!

What are your views on the FairTax? If you are unfamiliar with the FairTax, here is a definition: The FairTax is a bill in the United States Congress for changing tax laws to replace the Internal Revenue Service and all federal income taxes (including Alternative Minimum Tax), payroll taxes (including Social Security and Medicare taxes), corporate taxes, capital gains taxes, gift taxes, and estate taxes with a national retail sales tax, to be levied once at the point of purchase on all new goods and services. The proposal also calls for a monthly tax rebate to households of citizens and legal resident aliens, to "untax" purchases up to the poverty level.

economics question please help ? What is the difference between an estate tax and a gift tax? a.An estate tax is assessed on all inherited money; a gift tax is only assessed on amounts over $5,000. b.An estate tax is a tax on the money and property of someone who has died; a gift tax is a tax on money or property given from one living person to another. c.An estate tax is paid by the executor of an estate; a gift tax is paid by both parties of the gift. d.An estate tax is paid on money; a gift tax is paid on money and property.

My wife was given gift of real estate (value $250K)in 1991 by her now-deceased mother. How do I calculate tax? In 2005 my wife sold a portion of this real estate.

Gift tax question? Does anyone know if Kentucky has a gift tax? My wife and I made a gift of real estate to a child. It falls under the exclusion amount for federal purposes (although a form will have to be filed) but I don't know if my home state of Kentucky charges tax on gifts; and if so, exclusion amounts, forms, etc. Thanks.

Tax question relating to a gift of real estate (I asked similar question before but need more opinions)? I work for a company that lays out and designs residential subdivision projects. My boss is the owner of the company, and we've been lifelong friends. He has worked out a deal with a developer wherein instead of charging our normal fees for designing his project, the developer is going to give my boss 3 lots in the development. EACH of these lots will be valued at approximately 150,000-200,000 dollars. My boss has said he is going to outright GIVE me one of the three lots. I'm trying to figure out the best way to do this so that it minimizes the tax hit on both of us... My boss and I have a side company we set up this year, an LLC with he and I as the only partners. Its purpose is to buy and develop real estate. So, my questions are: 1. If my boss gives me a lot, is it considered a "bonus," and thus taxable as income, or is it a "gift?" What are the tax implications of the latter, if that's what it is? 2. Would there be any advantage to (see more below) Question 2, continued... Would there be any advantage in my boss deeding my lot over to our LLC? Or would the tax rate be even higher? Question 3. Another alternative my boss is considering is for the developer to deed him 2 lots, and then deed the other lot to me. This way, my boss is not involved in the transaction of me receiving my lot. Is there any tax advantage to doing it that way? We're just looking for legal strategies to effect this transfer that would cause the least amount of tax hit to both of us. Any advice or other options would be appreciated! Wayne Z... What if my boss "gifted" the lot to my wife, instead of to me? PLEASE UNDERSTAND... Neither me nor my boss is trying to "get away" with anything! We're simply looking for the best LEGAL strategy to minimize our tax burden. We're not interested in violating any laws.

Last gift tax question...I promise...and thank you? Two questions: If you do you some of the gift tax unified credit is that credit taken from the estate tax unified credit? In Irs.gov they said a gift tax of $26,000 came out to be $5,120. I thought the gift tax was 40% or 45%? Does no make sense... Last time and thank you again.

What is your personal view on the FairTax? If you are unfamiliar with the FairTax, here is a definition: The FairTax is a bill in the United States Congress for changing tax laws to replace the Internal Revenue Service and all federal income taxes (including Alternative Minimum Tax), payroll taxes (including Social Security and Medicare taxes), corporate taxes, capital gains taxes, gift taxes, and estate taxes with a national retail sales tax, to be levied once at the point of purchase on all new goods and services. The proposal also calls for a monthly tax rebate to households of citizens and legal resident aliens, to "untax" purchases up to the poverty level.

If I give my children money will I have to pay gift tax now? I was always under the impression that any monetary gifts to my children would cost me a substantial gift tax. I recently heard that in reality, it would just reduce the amount of estate that I can leave "tax free" at the time of my death.

Can someone explain this failed amendment to me? Proposing an amendment to the Constitution of the United States relative to abolishing personal income, estate, and gift taxes and prohibiting the United States Government from engaging in business in competition with its citizens.

Do I have to Pay Taxes on money given to me and money from an estate? my father died,his will stated that myself and my sister split whatever is left in his bank,savings etc accounts.My sister is shady she is overseeing the will through his attorney.I received 8,000 dollars,she now "claims" she turned my information into the IRS and that i must pay taxes on the money.She is in Cali where the will was drawn & where he died,I am in Texas.Also,he sent me 7,000 dollars about 3 weeks before he died in the form of a wire transfer from his bank to mine.She also has claimed to turn it into the irs so i will have to pay taxes on it.Can she legally do this and can the IRS make me pay taxes on it? The 7000 was a gift from him.so in total she wants me to pay taxes on 15,000 dollars.Can this be done? t/y everyone for the feedback.It's a long story with reguards to his death.My sister claims she has hired his attorney as her own to handle the estate.it went to probate court on aug 22 but have heard nothing.my sister wont tell me anymore information and this attorney is a complete d*ck,cause my sister told him i'm a crack ho,which is untrue,so when I do call to ask about the estate,he reguards me as a money hungry idiot.My father died under foul play which his body was held at the morgue for 20 days due to police investigation,my mother died 6 weeks prior to this due to a suicide which was also put into investigation,my sister was their "caretaker".This 8 thousand is from his bank accounts.The house,cars and other items somehow got transfer into her name,all the titles etc,before he died.The lawyer sent me copies of the titles,which show just his sig on it not hers.When he died the attorney said the cars etc were to be sold and split,now he claims my father gave them to her.fishy!!!

Willl $25,000 lump sum to mom to repay college be subjectable to gift tax? I'm about to receive a small inheritance of about $25,000 from an aunt who recently passed away. From what I understand the taxes on that have already been paid via the estate. However, I wish to give my mother the check for $25,000 because she paid for the cost of my college. Obviously college cost me a lot more than $25,000 but we do not have an official contract written up since we're family. Will giving her that money be subjectible to a gift tax or is there a way around this since its to reimburse her for the cost of my college tuition? I realize anything more than $11,000 can be taxed, but I also realize that tuition is something that is exempt to this so I'm not sure how to go about this. Thanks for your help in advance. If they check to see where the payments for my college came from they will see that they came from her bank account, so hopefully this will be all the evidence they need. I had read that the maximum allowable tax exempt gift was raised to $11,000 in 1998 and will be raised to $12,000 in the coming years according to inflation.

Gift tax on a "gift of equity" real estate transaction...? My father-in-law intends to let us buy him out of the house we live in (which he owns). The property value is $425k, but we are paying him $225k. After some research, I see that he will owe some sort of tax on this transaction, and that the maximum "gift" value allowed tax free per year is $12k per recipient. So, that means $200k-24k (for me and my husband) = $176k. How is this taxed? What kind of ballpark figure is my father in law going to owe in taxes for having given us this gift of equity? I don't think he has a clue that he could get hit with this, and I don't want him deciding to go into this transaction ill-informed. Any assistance would be greatly appreciated. Thanks.

definition of these taxes? income tax sales tax excise tax property tax social security tax (FICA) Estates and Gift tax

I want to give my house to my son. I understand the tax issues, but is all I have to do is transfer the title? I've read and understand the gift and estate tax issues, I'm just trying to figure out who I have to contact - or is it as simple as transferring a car title?

My son died in 2006 & left $100k estate. I gave 1/2 to my son & his wife. Can I claim that as a gift? I was the beneficiary of his life insurance and 401K. Not only do I wonder if it can be a gift for tax purposes, I also am wondering if I can claim it a year or two later, and if I can divide the tax advantage over two years.

With the average persons income tax being around 35% or having to work four months for free? where does all this money go?.......here is a list of other taxes you pay not including income tax......... Alternative Minimum Tax (AMT) Capital gains tax Corporate income tax Estate tax in the United States Excise tax (includes taxes on cigarettes and alcoholic beverages) Federal income tax Federal unemployment tax (FUTA) FICA tax (includes Social Security tax and related programs) Gasoline tax Generation Skipping Tax Gift tax IRS penalties Local income tax Luxury taxes Property tax Real estate tax Recreational vehicle tax Road usage taxes (Truckers) Sales tax and equivalent use tax School tax State income tax State unemployment tax (SUTA) Telephone federal excise tax Vehicle sales tax Workers compensation tax

My dad died and he wanted me to have his car. Do I have to pay taxes on it? My dad only had a will leaving everything to my mom. She died before him. So it is just 3 kids left. He wanted me to have his car and my brother says he has to write a bill of sale on it so it wouldn't cost me in inheritance taxes. We live in Texas and I seen where a vehicle can be given to a family member and a box marked $10 gift tax. Can't we do that because that is what he wanted to do was just give me the car. That is also what my brother who is handling the estate wanted to do. There is plenty in the estate to take care of everything. We do not need the sale of this car. The blue book value is 1300 dollars. What I wanted to know is when I have the title transfered to me am I going to have to pay the taxes like on a used car or can it be put down as a gift from a relative so I only have the 10 dollar gift tax. I know that if my brother writes a bill of sale I have to pay the taxes like a used car on the value of the car. But I am not buying it I am getting it given to me. My brother says if I state that it was inherited that when I transfer title I would have to pay some kind of inheritance tax. I didn't think that was true because it is already listed in the estate and the taxes for the estate includes that. My main thing is can it be given to me and Me state that it was given to me when I tranfer title to myself?

MY NEW TAX REFORM IDEA!!!!!!!!!!!!!? Group - Income Range- % - Yearly taxes 1. 0 - 30,000 - 0% ($0) 2. 30,001 - 34,999 - 2% ( <= $700) 3. 35,001 - 39,999 - 2% ( <= $800) 4. 40,001 - 44,999 - 2% ( <= $900) 5. 45,001 - 49,999 - 2% ( <= $1000) 6. 50,000+ - 2% ( Taking $70,000 = $1400) Total Tax Revenue: ABOUT $88,983,948,900 Billion before deductions. REAL number, the math is on my Excel page I used Year 2000 numbers. and that doesnt include businesses With ALL taxes (Individual Income Taxes, Corporate Income Taxes, Social Insurance Taxes, Excise Taxes, Estate and Gift Taxes, Customs Duties, Miscellaneous Receipts).............. The total revenue is 1.1 Trillion dollars. Then if you CUT GOVERNMENT SPENDING!

An attorney told me that being put on a deed as joint tennant is not a taxable event.? IF someone puts you on title as a Joint Tennant with rights of survivorship, can it not be a gift. Subject to gift tax? And is survivorship and the assuption of the whole tennancy (ownership) taxable, or is estate tax avoidable??

Is there a gift tax consequence here? My grandfather recently passed away, leaving a $1 million estate to my father (life estate) with the remainder interest to myself and two siblings. My father decided to sign the property away to myself and the siblings 11 months after my grandfather's death (no valid disclaimer). Does my father have any gift tax responsibilities?

is a legal domestic partner the same thing as spouse for tax purposes? For example, my domestic partner gave me a gift, so it should be non-taxable income... therefore my domestic partner does not have to pay gift tax, right? I cover my partner under health insurance, have to pay imputed taxes, and share real estate with my domestic partner.

Can an Elderly Parent Give a Gift to a Child and Take it Back as a Loan? If an elderly parent wants to pass assets on to his/her children, can the parent give money to an adult child and then shortly afterwards take the money back as a loan? This would be done with the intent to protect assets from estate taxes, etc. as can be done if the parent actually had a lot of cash. But, in some cases an elderly parent may only have a house as a significant asset (This would be similar to simply giving a "promissory note" to the child as a gift.)

estate & gift? Can a estate (specifically a trust) give a gift (post death but before everything is final) to the inheritor? Explain possibility, and then tax consequence. I need to pull some small about of funds from the inheritance whether I do it now or when I actually get it all

Will the IRS allow me to use part of my lifetime estate exemption to "gift" $200,000 tax-free this year?

Taxes and Real Estate question? Mi father (who is retired and has basically no income) will buy a house in a few days, and my mother and I will be also in the title. 1) Will all names in the title own the house equally or will the first name on the title be the real owner? 2) For tax purposes, my father is considering having me as the main owner. In that case, will the house be considered a gift to me and I would have to pay taxes for that gift? Note: my parents are my dependents in my taxes. I earn 70K a year. I file head of household; they earned less than 10K last year. Please write down the number of the question you are answering. Thank you for you answers The house will be bought in Los Angeles, and we opened escrow last week. We will close escrow in about 2 more weeks. My father will pay cash.

Can gift of 50,000.00 that has been paid on by an estate be taxed in later years by the person who received it

gift tax? I love this tax.? If you dont use the 1,000,000 of the gift tax exclusion amount, do they add that to the estate tax exclusion amount? Thank.

How can someone not support the Fair Tax Plan? The FairTax plan is a proposal that replaces all federal income & payroll based taxes with a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, & the repeal of the 16th Amendment. The FairTax Act (HR 25, S 1025) abolishes all federal personal & corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, & self-employment taxes & replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities. The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, & intelligent solution to the frustration & inequity of our current tax system. The FairTax:Abolishes the IRS, Closes all loopholes & brings fairness to taxation, Ensures Social Security funding check it out: fairtax.org

Is this situation considered a gift? My Grandmother owns several of our family's houses (passed down from generation to generation). Other members of my family live in them, and have bought her out on part of the houses, but she still holds promisary notes with each of them on the parts of the houses she still owns. She wants to decrease the size of her estate, so she wants to forgive these promisary notes. How would this be taxed? Is it considered a gift and subject to the $12,000 limit?

How to avoid death duty on my estate? I plan to be frozen in liquid nitrogen. When I am frozen my estate is given to my childen. 7 years later I can be defrosted and allowed to die. As my death will be 7 years after the gift it should be free of tax. Will any tax inspector tell me if this is OK if they claim I will be dead when frozen then how will they explain it if I am brought back to life, can I claim the tax back?

What is the cheapest way my parents can give me their income property? I currently live in the income property in California. My roommate and I pay just enough rent to cover my parents property taxes. The basis is $120,000 owned (from the 1st house they owned), they had a 1031 exchange and purchased this one 3 years ago for $800,000, the house is now worth $840,000. We want to avoid paying estate taxes because their net worth is about 3.5 million including this property. My parents are elderly and do not expect to live long. We already have a family trust that gives the property to my brother and I when they die, BUT we are not completely covered by the estate tax exemption for 2008 and 2011, etc. I have a brother who is willing to be a middle man in case we need to transfer more than the $24,000 gift exemption from both my parents. What is the cheapest way my parents can give me the property while paying the least amount of taxes (gift tax, estate tax, capital gains tax, etc) and fees (estate planner, estate lawyer, appraiser, real estate agent, etc) I make $30,000 per year which is very little if you live in the San Francisco Area. The house is worth $840,000 which is AVERAGE for a house in the Bay Area. I am not rich and do not have a retirement because my job is not great. I am 41 years old (single) and my health is not great. I am depending on this house to live in for the rest of my life.

How does one avoid taxes on large amounts of money? all 100% of it. On earned income, not gift or inheritance ...Via Mutual funds? ...Bonds? ...Real Estate? ...Foreign Bank accounts? ...Expatriate to another nation IRS does not need my money any more, I no longer want to be on their mailing list or want to pay taxes anymore.

i revceived a $11,000 piece of land 2 years ago from a relative as a gift. i sold it for $100,000 in 2008..? he has just passed away and i am handling estate issues. is there a tentative tax base? or was the gift considered totally out of the estate at the time of gift?

Multiple...CHOICE!? 1 - both corporate and individual income tax rates are set at ________rates. a - high b - low c - progressive d - regressive 2 - A person with a low income from an importing business, who receives large gifts of money from friends, and has no wealthy relatives would prefer a: a - regressive tax, low custom duties, high estate taxes, and low gift taxes. b - progressive income tax, high custom duties, low estate taxes, and low gift taxes. c - regressive income tax, high custom duties, low estate taxes, and high gift taxes. d - progressive income tax, low custom duties, high estate taxes, and low gift taxes. Help plz. Thank you!

We bought a house for brother and he did unrecorded land contract and now wants to buy it, and use the equity? we have been told to: 1. add him to title 2. do quit claim on ourselves 3 have him refinance mortgage on his own. Problem is we paid for this house in full $165 three years ago and there is no current mortgage. the appraised value is now $220 (good area) and he has not much cash, but ok credit, so he is using equity in the house as his downpayment. so he will refinanace the entire 165k basically. No profit to us. We bought this for his family because he moved down to chicago to work for husbands company, and we had the cash. OUr concern is that it will look like we GAVE him a 220 property, and he will at least have to pay taxes on the 55k gift of equity...can we even gift this amount and how does that effect our lifetime gifting ability? We were also told the putting him on title etc that there are no closing fees to us like a regular seller to buyer real estate transaction would have.

How do I gift 50 thousand dollars to my daughter without having a tax problem? Due to the laziness of an estate lawyer, all the money(about 200 thousand) from a medical malpractice case is coming in a check to me personally. I originally wanted my daughter to receive 50 thousand of the amount and my grandaughter to receive 25 thousand. How do I open an investment account for them without having to pay taxes?

Tax liability for settlement from stolen real estate property? I have a plot of vacant land that was falsely sold as a result of identity theft. The title company is going to offer a cash settlement. At what rate will the cash I receive be taxed? Does it count as earned income? I had no intention of selling the property, in the first place, now I'm afraid of being taxed on the settlement. The property I owned was a gift from my parents for which I paid nothing. Thanks.

Does the following economic plan look good? 1. Tax Reform * Eliminate Taxes on Dividends and Savings. The basis of capitalism is savings, and Americans who do so should be rewarded. o Pass HJ Res. 23 to encourage savings over consumption. * Repeal the Death Tax. Attacking small businesses and breaking up family farms smothers growth and kills jobs. o Pass H.R. 2734 to make the Bush tax cuts permanent. * Cut Taxes for Working Seniors. Grandmothers and grandfathers working to make ends meet should keep all the fruits of their labor. o Pass H.R. 191 to amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits. * Eliminate Taxes on Social Security Benefits. That money belongs to seniors, not the government. They paid into the system for a lifetime, and they should be free to spend every penny as they see fit. o Pass H.R. 192 to amend the Internal Revenue Code of 1986 to repeal the 1993 increase in taxes on Social Security benefits. * Accelerate Depreciation on Investment. We need to help companies grow and create jobs. o Pass H.R. 4995 to amend the Internal Revenue Code of 1986 to reduce corporate marginal income tax rates. * Eliminate Taxes on Capital Gains. Investment should be embraced and rewarded. o Pass H.J. Res 23 (The “Liberty Amendment”), proposing an amendment to the Constitution of the United States relative to abolishing personal income, estate, and gift taxes and prohibiting the United States Government from engaging in business in competition with its citizens. * Eliminate Taxes on Tips.The single parents and working students who earn their income chiefly through tips deserve to keep all of their money. This tax on "estimated income" is unfair and should be ended. o Pass H.R. 3664 to amend the Internal Revenue Code of 1986 to provide that tips shall not be subject to income or employment taxes. * Support the Mortgage Cancellation Relief Act. Working families who lost their homes should not be punished a second time with a big IRS bill. o Pass H.R. 1876 to amend the Internal Revenue Code of 1986 to exclude from the gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations. 2. Spending Reform * Reduce Overseas Military Commitments. Our bases and troops should be on our soil. o It's time to stop subsidizing our trading partners in Europe, Japan and South Korea. * Freeze Non-Defense, Non-Entitlement Spending at Current Levels o I vote against all bloated, pork laden spending bills and will veto them as president. 3. Monetary Policy Reform * Televise Federal Open Market Committee Meetings. An institution as powerful as the Federal Reserve deserves full public scrutiny. * Expand Transparency and Accountability at the Federal Reserve o Pass H.R. 2754 to require the Board of Governors of the Federal Reserve System to continue to make available to the public on a weekly basis information on the measure of the M3 monetary aggregate and its components. * Return Value to Our Money. Legalize gold and silver as a competing currency. o Level the long-term boom and bust business cycle by passing H.R. 4683, which would repeal provisions of the federal criminal code relating to issuing coins of gold, silver, or other metal for use as current money and making or possessing likenesses of such coins. 4. Regulatory Reform * Repeal Sarbanes/Oxley. It has seriously wounded our capital markets and helped make the UK a financial center at our expense. o Ending these misguided regulations would bring jobs flooding back to the United States o Pass H.R. 1049 to reform Sarbanes-Oxley and reduce the burden it places on small businesses. * Repeal or Remove Costly and Unnecessary Federal Regulations. Neighbors know best how to help their neighbors. o We need to make it easier for community banks, credit unions, and other financial institutions to better serve their communities and to help people in these communities get access to credit and capital. o Pass H.R. 1869 to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

step parents responsibility paying for wedding??? WHAT TO DO!!!!? my parents passed away over 2 years ago, i was engaged last easter and am in the midst of planning my wedding. my brother and i didnt get anything from my parents estates' when they passed, whre i probably should have. i asked my stepmom(who has no kids) to help with the wedding she offered 10k, which i was happy about. i also asked my stepdad, he has 2 daughters over 40, he told me over the phone and i thought he said 22k, i was more than extatic..i recently sent him and email regarding having to pay taxes on gifts more than 5k, he wrote back and said i would have to worry about it cause the 2k he is giving me wont be an issue.i was floored, 2k??? is that an insult or what?? he also has not given me my mothers china or lennox which she had been keeping for me. this guy is still working where my stepmom retired. he makes a pretty penny. he has done nothing good for my bro and i since my mom passed, its like he disowned us. his older daughter is MOH, and granddaughter is jr BM my fiancee said i should throw out his daughter and grandaughter from my wedding party....he thinks 2k is an insult, mainly cause hes been such a jerk to my bro and i since my mom died.. I AM ONLY ASKING FOR HOW MY PARENTS WOULD HAVE WANTED THINGS, HE IS BEING SELFISH....HE IS NOT CARING HOW MY MOM WOULD HAVE DONE THIS....HE DIDNT DO ANYTHING THE WAY SHE WANTED....HE DIDNT EVEN HAVE A FUNERAL FOR HER, AND HE CREMATED HER...NEITHER SHE WOULD HAVE WANTED. I AM NOT SAYING ANYTHING BAD ABOUT MY STEPMOM, ITS MY STEPDAD WE ARE BOTH VERY INDEPENDANT, I PAID FOR ALL MY COLLEGE....AND WE HAVE A HOUSE FOR ALMOST A YEAR....I AM NOT UNGRATEFUL, I JUST WANT WHAT MY PARENTS WOULD HAVE WANTED ME TO HAVE....ITS NOT MY FAULT THEY ARE DEAD, I HAVE SUFFERED ENOUGH......I JUST DONT KNOW IF I SHOULD TELL THE GIRLS THEY CANNOT BE IN THE WEDDING ANYMORE OR NOT??? NOT SURE WHERE ALL OF YOU GOT MARRIED FOR 1000 OR 2000 BUT YOU ARE LUCKY, I AM IN NY METRO AREA AND THINGS ARE A BIT MORE EXPENSIVE HERE....I DONT UNDERSTAND WHY I CANT GET REAL ADVICE AND NOT BE CRITISIZED LIKE YOU KNOW ME.

Do you think this is fair againts gay couples? Here are some of the legal rights that married couples have and gays and lesbians are denied : Joint parental rights of children Joint adoption Status as "next-of-kin" for hospital visits and medical decisions Right to make a decision about the disposal of loved ones remains Immigration and residency for partners from other countries Crime victims recovery benefits Domestic violence protection orders Judicial protections and immunity Automatic inheritance in the absence of a will Public safety officers death benefits Spousal veterans benefits Social Security Medicare Joint filing of tax returns Wrongful death benefits for surviving partner and children Bereavement or sick leave to care for partner or children Child support Joint Insurance Plans Tax credits including: Child tax credit, Hope and lifetime learning credits Deferred Compensation for pension and IRAs Estate and gift tax benefits Welfare and public assistance There are only a couple of states in the US that give some of these rights to gay couples and many of the other states don't regognice these rights in case a couple moves to another state.

Generation Skipping Transfer Tax question? Could someone explain or point out a website that explains how this tax works in plain english. I'd like the main concepts to be explained first so that I will have an easier time understanding all the details. The way I understand it, transfers to people younger than you are subject to the tax, even if they are not related. You are given an exemption amount, after which you are taxed the same as the estate tax. Taxable distributions and terminations are tax inclusive, and direct skips are tax exclusive. Inclusive means the tax is actually taken out of the gift itself, so the person getting the gift gets substantially less. I also know there are a lot of details dealing with trusts, but I don't really understand them. I'm taking an online CFP class and I'm finding it difficult to read through this section and understand it.

If three siblings inherit a house and all agree that they want to put it in trust for the disabled one . . .? . . . do they have to pay gift taxes on their portions that they are giving up? Or can they just transfer it over to the trust for the disabled sibling and then be trustees as well as beneficiaries? There are three siblings, one of whom is disabled. They are inheriting their mother's home, where the disabled adult sibling has lived most of her life. The disabled one would have some money from the small estate, but not have enough money to buy the house from the other two.

Make Taxation Fair? Think about this and vote yea, or nay and feel free to explaine why: 1) All current Federal income, estate, gift, and corporate income taxes are repealed. 2)It will be replaced with a national retail sales tax on all goods and services sold 3)for the poor, an advance monthly rebate of the sales tax on spending up to the federal poverty level 4)funding for social security and medicare will be the same thoughts and comments please...thanks

How do I deal with my Mom? My Dad passed away six months ago. I have been put in charge of everything for my mother, am POA. She disowned my sister because she is so vindictive. My Mom has terrible osteoporosis. She had to go to a nursing home and now is in an assisted living facility. My sister and I have never felt like we had a Mom. She was very abusive, mentally and physically. She's still very rude to me. Nothing has changed. Two financial advisors have told me that I should discuss with my Mom reducing her assets because of the estate tax by doing the tax-free gifts. It is very hard talking to her about anything and especially money. My Uncle has been very supportive so I had him talk to her first about this. She had a very negative reaction to it. I have been very depressed since my Dad passed because I lost the one parent I could relate to. It is very sad that my Mom would rather have the IRS have my Dad's hard-earned money than give it to her own family. Any suggestions talking to my Mom about this?

Give your opinion on the fair tax, if you have not read it do not respond!? www.fairtax.org "What is the FairTax plan? The FairTax plan is a comprehensive proposal that replaces all federal income and payroll taxes with an integrated approach including a progressive national retail sales tax, a rebate to ensure no American pays federal taxes up to the poverty level, dollar-for-dollar revenue neutrality, and the repeal of the 16th Amendment. This nonpartisan legislation (HR 25/S 25) abolishes all federal personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes and replaces them all with one simple, visible, federal retail sales tax – collected by existing state sales tax authorities. The FairTax taxes us only on what we choose to spend, not on what we earn. It does not raise any more or less revenue; it is designed to be revenue neutral...."

Buying a home mostly funded by parents, tax implications? I'm looking to buy a home that will be paid for predominantly by funds from my single mother, roughly around a $150k "donation" that she isn't looking to have paid back. It's simply a gift of sorts, and neither of us are looking to give any of that money to Uncle Sam through the gift tax. Also, we're not looking to apply any of this "gift" towards the $1,000,000 lifetime exclusion limit against her estate, because should I outlive her, her estate will go to me and may likely be worth more than the 1 million, so cutting into that limit now is not an option either. My question is: What's the best way she could basically buy me the house, put it solely in my name and avoid paying huge amounts of taxes on it whether now or in the future when I sell the house? I truly thank you for any guidance you can offer.

Do you support the Fair Tax? For informartion visit www.fairtax.org? The FairTax plan is a comprehensive proposal that replaces all federal income and payroll taxes with an integrated approach including a progressive national retail sales tax, a rebate to ensure no American pays federal taxes up to the poverty level, dollar-for-dollar revenue neutrality, and the repeal of the 16th Amendment. This nonpartisan legislation (HR 25/S 25) abolishes all federal personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes and replaces them all with one simple, visible, federal retail sales tax – collected by existing state sales tax authorities. The FairTax taxes us only on what we choose to spend, not on what we earn. It does not raise any more or less revenue; it is designed to be revenue neutral. So it is also cost neutral – the final cost for goods and services changes little under the FairTax. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration....

Can I sell my house to one of my children at a price below market value? I live in California and our family home is worth approximately $650K. Can I legally sell it to one of my adult children for, say, half that amount? He can only qualify for a mortgage of around $260K, so this would allow him to purchase a first home. And I am willing to lose money in the transaction. I am wondering if the "lost money" might be treated as a gift, and be subject to a gift tax. Or am I free to sell the property at whatever price I want -- to whatever person I want? I would especially like to hear from real estate professionals on this one, since I don't know a good real estate attorney. Thank you.

Why have churches sold out to the government? Obtaining Corporation Status (501c3) is Against God The word "church" is not meant to refer to any physical building, but refers to the worldwide body of believers in Christ. The word "church" (ecclesia in Greek - called out ones) does not refer to any organization, no matter it's name or legal status. Keep that in mind when reading this article. It is time for Christians to wake up and turn back to God. We need to turn to the Lord and repent of our sins that we have committed against Him. We need to ask for forgiveness of tolerating idolatry that removes His Sovereignty over His Church. To see that the Church is in grave danger we must have a clear understanding of what a corporation is. We also need to realize what the courts have ruled about corporations and that a corporation has no rights, only privileges, granted by the "estate." To become a corporation removes the authority of the Lord over a corporate church and puts it under the bondage of man's law. According to man, The State is Sovereign over its Corporations 1. "A corporation is a creature of the state. It is presumed to be incorporated for the benefit of the public. It receives certain special privileges and franchises and holds them subject to the laws of the state and the limitation of its charter. Its powers are limited by law. It can make no contract not authorized by its charter. Its rights to act as a corporation are only preserved to it so long as it obeys the laws of its creation. There is a reserved right in the legislature to investigate its contracts and ascertain if it has exceeded its powers" (Hale v. Henkel, 201 U.S. 43) 2. "[A corporation is] an artificial person or legal entity created by or under the authority of the laws of a state. An association of persons created by statute as a legal entity.... The corporation is distinct from the individuals who comprise it (shareholders).... Such an entity subsists as a body politic under a special denomination, which is regarded in law as having a personality and existence distinct from that of its several members." Black's Law Dictionary West Publishing Company, 1991; 6th Edition, page 340. 3. "A corporation derives its existence and all of its powers from the State and, therefore, has only such powers as the State has conferred upon it. Power is used here to mean the legal capacity to execute and fulfill the objects and purposes for which the corporation was created, and the source of this power is the charter and the statute under which the corporation was organized." Len Young Smith and G. Gale Roberson, Smith and Roberson's Business Law, West Publishing Company, 1966, page 796. A corporation derives its existence and all of its power from the State. The church on the other hand was created by and is the body of Christ. We belong to Him and we are subject to Him and His Laws. The source of any church's power is supposed to be the Holy Spirit; it's authority to function solely from God. 4. "Corporate existence is a privilege granted by the sovereign upon compliance with specified conditions" Len Young Smith and G. Gale Roberson, Smith and Roberson's Business Law, West Publishing Company, 1966, page 931. . 5. "Corporations are not citizens.... The term citizen... applies only to natural persons... not to artificial persons created by the legislature" Paul v. Virginia, 8 Wall. 168, 177; see also the Opinion of Field, J., in the Slaughterhouse Cases, 16 Wall.36,99 The Word of God teaches us that Christians, His Holy Church, are citizens of the household of God (Eph.2:19). 6. Every corporation has obtained a charter from the State of Incorporation. This charter is simply permission to exist given to the corporation (by the State!) without which, its operations would be considered illegal. In addition to the charter are the articles of incorporation: "The objects or purposes for which a corporation is formed are expressly stated in its articles of incorporation, which delineate in general language the type of business activities in which the corporation proposes to engage" Smith and Roberson's Business Law, West Publishing Company, 1966, page 798. 7. "Instances of non-profit corporations are educational institutions, athletic clubs, library clubs, fraternities, sororities, hospitals, and organizations which have exclusively a charitable purpose" Smith and Roberson's Business Law, West Publishing Company, 1966, page 789. (Note: The purpose of the church is not "charity," nor is it's purpose exclusively charitable. Charity should be a function of every church, but is certainly not it's purpose. Offering worship to God, evangelism to the lost, and the fellowship and equipping of the saints are among church's exclusive purposes. (gm) The Lord is Sovereign over His Churches : Jesus is the Head of the Church, not man Paul compares the special relationship of Christ and His church to the God giving relationship of man and wife. What can be closer or more special then this? Would you bring another person into your marriage to control it with worldly principles? I hope the answer is no. Then why would you bring in a "fictitious entity" no less created by the state and man i.e.: corporation, to run and regulate something that belongs to the Lord? The relationship with Jesus and His Church belongs to Him alone. He is the Head of the Church and as such He governs it with His Laws, Principles and Directions. After all He is our King and is Sovereign over His Church. To become a corporation in effect divorces the church from Christ. We also commit idolatry by putting something before Him. Eph 5:23 For the husband is the head of the wife, even as Christ is the head of the church: and he is the saviour of the body. Christ is the Saviour of the body (the church); not the state. 24 Therefore as the church is subject unto Christ, so let the wives be to their own husbands in every thing. The church is subject to Christ not the state. 25 Husbands, love your wives, even as Christ also loved the church, and gave himself for it; Christ has purchased the church with His own blood. The State can give nothing for the church and should give nothing to the church. 26 That he might sanctify and cleanse it with the washing of water by the word, 27 That he might present it to himself a glorious church, not having spot, or wrinkle, or any such thing; but that it should be holy and without blemish. The church should be holy and without blemish, to mingle the church with the state/worldly system is to bring spot and wrinkle to the church because of what the state/world does and says, homosexuality, abortion, adultery and many other things are acceptable, they pass laws making them that way. This goes against God; should the church be partakers of that? 28 So ought men to love their wives as their own bodies. He that loveth his wife loveth himself. 29 For no man ever yet hated his own flesh; but nourisheth and cherisheth it, even as the Lord the church: The Lord nourishes and cherishes the church. Throughout history the state has tried to destroy the church. It still does through legislation trying to control all aspects of the free and corporate church. 30 For we are members of his body, of his flesh, and of his bones. The church is a living organism with a living head and body. Therefore the church is not a religious organization. It is possible to be a religious or charitable organization without being a church. 31 For this cause shall a man leave his father and mother, and shall be joined unto his wife, and they two shall be one flesh. The church is to be joined unto Christ. In Matthew Jesus used the word cleave. I do not see that the church is to be joined to Christ and the state. 32 This is a great mystery: but I speak concerning Christ and the church. He speaks of the relationship that the church is supposed to have with Christ. One that is supposed to be holy and true. One, that's with each other without interference, blessed. Eph 1:20 Which he wrought in Christ, when he raised him from the dead, and set him at his own right hand in the heavenly places, 21 Far above all principality, and power, and might, and dominion, and every name that is named, not only in this world, but also in that which is to come: 22 And hath put all things under his feet, and gave him to be the head over all things to the church Christ is to be all things to the church. He is in Charge and Head of the church not the state. The state is under His feet, it is the footstool of the Lord why put it ahead of Him? 23 Which is his body, the fullness of him that filleth all in all. KJV There are more Scriptures that would support that Jesus is the sole authority over the church. Most of us Christians know this and believe this. I challenge my brothers and sisters to find them. Study them, to see if the Truth is being brought forth. Jesus Christ Should Be The Head Of The Church - Why Then Incorporate? Many people for some reason think that a church has to. This is far from the truth on a few different levels. Here in the United States of America a church does not have to incorporate at all to be recognized as a local body of believers. (Not sure why they would want recognition from the state anyway.) I know some of you are thinking "Well, Romans 13 says..." Most of us have been taught that whatever the government says, goes. Wrong! If the government passes a law that interferes or contradicts one of Gods law we are not bound to follow it. There are examples of this in the Bible ; we have all heard the story of Daniel and the lions' den. To think Christians are bound by the laws of men, when it comes to the work of the Kingdom, is just stupid. If this were the case the church in Russia, China, Middle East and other places - if they listened to Romans 13 the way it is applied now - would never have seen growth. How about the brothers/sisters that smuggled Bibles into the old Soviet Block, China, Cuba and others? Whose law did they break? Man's. The local government's. They may be held accountable for their actions by men, they might even lose their lives. Guess what? God will reward them for their actions. They were doing the work of the Kingdom. I know most of us have heard that Federal law supercedes state law. State law supercedes county, city and town law, and so on and so forth. Guess what? The law of God supercedes all of man's law when it goes against His own (Acts 4:18-19). The point is even if there was a law requiring churches to incorporate we would not be bound to do so. In doing so we would be removing the Lordship of Jesus and giving it to the state. Thank God we have not reached this point yet in this country but don't be fooled, its coming. Why then do churches incorporate? 1. They think they have to. 2. They feel it gives them some benefit. 3. They think it gives them prestige. 4. Asset protection. 5. Think it's the only way gifts are tax deductible. 6. Think its okay with God. 7. They have always done it that way. The list could go on, I'm sure we could all find some earthly reasons why we think incorporating would be a good idea. We Still Think It's The Law - Show me Otherwise If you still think it's the law and that would make any difference to you in your relationship with the Lord, I will show you differently: "Congress shall make no law regarding an establishment of religion, or prohibiting the free exercise thereof" (U.S. Constitution, First Amendment). According to the Internal Revenue Code, "a church, its integrated auxiliaries, and conventions and associations of the church are excluded from taxation." United States Code, Title 26, 508(c)(1)(A). Section 508(c) of the Internal Revenue Code provides that churches are not required to apply for recognition of Section 501(c)(3) status in order to be exempt from federal taxation or to receive tax deductible contributions. Churches are automatically exempt from Federal income tax, and contributions to churches are deductible by donors under section 170. Elsewhere, the IRS states: "Although a church, its integrated auxiliaries, or a convention of churches is not required to file Form 1023 to be exempt from federal income tax or to receive tax deductible contributions, such an organization may find it advantageous to obtain recognition of exemption (Tax Exempt Status for Your Organization, IRS Publication 557). Just what "advantage" is there for a church in obtaining 501(c)(3) recognition and thereby exchanging its sovereignty for a subordinate status in relation to the federal government? Most people would answer that such grants the church exemption from taxation. However, we have already seen that the federal government has never been able to tax the Church of Christ; the Church is not exempt from taxation, it is immune. The "advantage" is something else entirely: "By establishing its exemption, potential contributors are assured by the [Internal Revenue] Service that contributions will be deductible" Tax Exempt Status for Your Organization, IRS Publication 557. The tragic irony of all this is that, according to the Internal Revenue Code, financial donations to an unregistered, unincorporated church are automatically tax-deductible (26 USC 170-B). The government has no constitutional authority over the Church. It is not allowed to violate the First Amendment protection that the constitution provides. In fact the government may not infringe on any of our constitutional rights at all. They have found a way around this of course. To hold out an unbiblical advantage hoping an ignorant clergy person will take the bait and bring the church into voluntary compliance by forming a 501( C )(3) corporation, thus placing the church under the authority of the state. Once the church has been transformed into a corporation it then becomes subject to control by federal and state governments. In truth an incorporated church is no longer a church!! but merely a non-profit organization. Once a church incorporates the new non-profit organization is subject to total control by the government. You will be controlled on who you hire, what you can and cannot preach. You cannot conflict with public policy nor assault the hearer's sense of mental well being, self-esteem, sexual orientation etc. You can be sued. The IRS prohibits such organizations from "carrying on propaganda, or otherwise attempting to influence legislation" (26 USC 501-C-3). This prohibition extends, not only to the endorsement of a political candidate, but also any other attempts to "influence legislation," including taking a public stand against such government-protected abominations, such as abortion or homosexuality. Now, the church is discovering that favors from Washington, DC have strings attached. In this case, the string is a rope that is being used to throttle her once-powerful voice, to squeeze out her very life and, eventually, to hang her by the neck until dead! History Of Our New Nation: One of the reason people came to the new land was to get away from the entanglements of the old world. Quite a few of the reasons dealt with the issue of church and state. People where fleeing a repressive regime where there was a state-sponsored church or the church was running the governments. It was bad enough that people picked up and left. Now we seem to be returning to what our forefathers left on our own free will. We are taking a license to preach from the state, being told what we can and can't say. One of the things that inspired Patrick Henry's speech "Give Me Liberty Or Give Me Death" was, he saw a man being beaten for preaching the gospel without a license. If we forget history we are doomed to repeat it. We as Christians need to wake up and take a stand. One thing that sticks in my mind is when I got married : "By the power vested in me by God and the State of California I now...." What Do I Do Now? (This section will not be favored by corporate Pastor/Ministers.) 1. You became incorporated, become unincorporated. 2. Talk to your Pastor/Minister about this important issue. 3. Rescind your membership in an incorporated church. 4. Don't incorporate. 5. Don't support incorporated churches. 6. Find an unincorporated church. 7. Start an unincorporated church. 8. Study Your Bible Daily. 9. Pray for the Body of Christ. 10. Witness and lead people to a personal relationship with Jesus. I know finding an unincorporated church will be a real chore, as there are not many out there. There is also a real need to hear and study the word. If you must go to an incorporated church I suggest not becoming a member. I know this is not the norm but we have to remember who the head of the church is, and especially, that we are not join to ourselves to a harlot. Churches which have (knowingly or not) substituted the authority of Christ with sinful man's demonically-influenced word system fit this description. This issue has weighed on my spirit for a long time. I'm guilty of idolatry for finding things to put before Him in the writing of this paper. I was led to write this and now it's almost done. I only pray that God will get the glory, eyes and hearts will be opened and His Will be done. I realize this paper will not make me many friends. I know this, but that was not the point. I pray people will take the time to search out what The Word has to say on this issue. I'm certain many people will come to the same conclusion and we can restore the Lordship of Jesus Christ to his rightful place over HIS church. Acts 17:11 These were more noble than those in Thessalonica, in that they received the word with all readiness of mind, and searched the scriptures daily, whether those things were so. KJV A Servant of the King, Yashua Ha Mashiach, Jesus, the Messiah What Now? For more information on this topic go to http://www.theantichurch.org/501c3churchinfo.htm All information presented here is done so under the protection of the First, Fourth, Ninth, and Tenth Amendment of the United States Constitution. No warranty of accuracy is intended or implied, but merely reflects the best of my current non-professional research into these matters, to date. Nothing here should be interpreted or taken as legal advice, as I am not an attorney, and Guy Malone - who has posted it, but not written it - assumes no responsibility for any actions resulting from believing or acting upon this material; everything presented should be thoroughly researched against the Holy Bible, U.S. and State laws for your area, and with God and your conscience before taking any action from reading this material

Important tax question please read!!? am i going to go to jail if i went to a tax preparer and they made up deductions to get me a bigger return????I thought it was being done legit,,so i signed it and mailed the fed and state in when i got home my copy that i read showed deductions for real estate which i dont have and property taxes also gifts and giving to charities and work expeneses...I dont wanna get in legal trouble how do i fix it and what will happen?????

Receiving cash gifts from U.K.? My parents live in the U.K., I live in the U.S. They want to gift cash from their estate to me, wife and kids. As they are not U.S. tax payers, the gift exclusion doens't matter (correct?), but would I incur any tax liability for out of country gifts? Thanks!

A married couple makes a PET from a joint account how does the revenue decide from whos estate this came IHT? PET = Potentially Exempt Transfer. IHT = Inheritance Tax. Is the PET split 50/50 i.e. assumed 50% of it came from the father and 50% from the mum or does a letter need to be written detailing which person of the two gave the gift?

Inherited or gifted house-what tax issues exist, USA? Approximately 1980, my parents deeded our home to me with a life estate for themselves. Upon father's death, 2001 the house was mine. Valued at about 90k then, I sold it at 63k early this year/2007. The estate was not large enough to pay any taxes and I am a direct heir if that is relevant. Where does this fit in federal income taxes? A quick websearch was not assuring and I have never received IRS answers that matched. Thanks for any self-help direction you can provide. I do my own taxes. Parents built house for 9k in 1957, added 9k addition 1978. Built detached garage in 1963 for about $4k and I added a 8k kennel and fence. Sat on about 7 acres father bought from grandparents for $1 and affection as that was the way things were done. My position is house/land was worth 90k and I lost money on its sale. Still do I file a capital gains(loss) or sale of home (bought home in new state)? Will Turbo tax be able to clarify? Spicertax-I lived in house from 2001-2005 when I married and moved out of state. As I read I qualify for the situation that this was my residence. Actually, this was my permanent residence since birth! I also had a temporary apartment when I went to grad school but maintained the residence until marriage. I bought a new (ha-100 years old) house. I think this situation was sale of home with loss. I will call IRS but already know they often give noncommittal answer.