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 Can the IRS force me to sell MY inherited land because of my husband's tax debt before we married?
My husband and I married two years ago. He had a failed business resulting in delinquent taxes and TFRP about 8 years ago. We were not married at that time. Since we married I inherited 6 acres of ...


 Am i required to file personel and business taxes togeather?
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 What happens when the IRS "comes after you" for unpaid taxes?
as i was posting a question, i saw several people asking how long it takes for the IRS to come after you for unpaid taxes. like the person who posted who owes $1114 or so, what do they do when they ...


 Do you think I am getting ripped off?
They took taxes out of my Christmas bonus.

WTF?

They didn't do it last year or the year before, what gives?...


 I just found out that I owe 18,000 in taxes for 2004-05. My exwife did not file for us. Anything I can do?
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 Tax return?
me and my gf arent married and we have a kid, who would get back more by claiming her, i make 25,000 yr and she makes about 3000 yr and would be filed as single ...


 Problem with inheritance tax, passing House to children?
My partners mother died a few years ago passing her two thirds of the family home onto my partner with my partners father owning the final third.They both resided in the house until recently when her ...


 How to tell if we'll get the tax rebate?
My friend got a letter in the mail about it and I haven't gotten anything. Does this mean I won't get the tax rebate? How do I find out?...


 Is state income tax based on the address of the employer or the address of the employee?
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 Who is responsible for income tax that was not paid by a deceased parent?
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 My pan card ACKNOWLEDGMENT NUMBER is 010870200112.I have submit my form 14 days ago.But have not pan no?
alok kumar gupta
date of birth -05-09-1977
12 ...


 There's is no law stating that a person is required to pay income tax?
I am watching this movie zeitgeist, and it says there is no law, requiring public to file for income tax. Moreover it says that IRS is unconstitutional. It wasn't ratified by all 50 states....


 Im male and 62 yrs old can I draw my state pension now? (uk)?
I worked all my life and paid tax and National insurance
Im still in ...


 Can my mother in law claim my wife on her taxes?
My wife and i have been married for two years. in 2006 & 2007 my mother in law says she claimed my wife. i dont know if thats possible or true since i always wait three years to do my taxes. Can ...


 I just got married last October, is it better to file taxes jointly or separately?
My wife and I live in FL, don't own a home and don't have enough deductions to itemize. I made about $29k last year and she made about 16k - can anybody help?...


 Is Form 16 is necessary for a home loan?
I am 24 yrs old, looking to get a home loan my salary is ok for approval but i dont have form 16. Is it necessary to get my form 16 and more over i didnt pay ta but going to pay from here only....


 If I'm filing old (unfiled) tax returns, can I pack multiple years in the same envelope?
I was a bad boy and didn't file in 2005 and 2006 - I'm trying to remedy this situation ASAP b/c I have some financial obligations coming up that require my tax information.

S...


 When does the 2008 tax season officially begins?
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 Can you still donate a car to a charity for a tax deduction?
I have some unusual income this year and will have a big tax liablity. My current car is about to give out so I may want to replace it. can i get a tax deduction for my donation? Is it worth it?...


 The IRS states my refund will be deposited in my acct on Feb 15TH will it be in my Wachovia acct on that day?
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RockNroll
If you inherit a estate from your father, is it excluded from your Taxable income?
                     
 




bjlevine
Rating
It is excluded, but the estate itself may have to pay taxes if it is over the IRS limit. For 2006, the estate tax exclusion is $2 million. It was $1.5 million in 2005.

Any income the estate had would be taxed at the estate level.


oil field trash
You need to talk with a tax lawyer but I think you will find a large portion is not taxable. There might be estate tax but that depends on the state and size of the estate.


smonical
Generally, there is no income tax paid by an heir on the receipt of assets from an estate. However, if your father had assets that would result in ordinary income when received, such as unpaid salary, or a 401(k) plan, then the recipient of that income will still pay income tax.


mcooper06
For you, no. How do I know this? The limit is indeed $2 million this year and my guess is that if you had inherited more than $2 million, you wouldn't be seeking tax advice on answers.yahoo.com


well bowled Harold
What do you want ...Jam on it!!


ny2fl
depends on what the assets are. generally the person who inherits the property gets a step up in cost basis to the value as of the date of death. this is true with most property such as real estate, investment accounts etc,


geet840
Rating
no it is not excluded, but the probate lawyer should be able to tell yo ufurther....


rynodoug
Rating
No, the best answer to this question was given by bjlevine


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