 What should I do now? |
| IRS sent me a fine notice of $1200 for not report $100 of interest on one of my old bank's savings account. I do not recall if I got that statement or not, but it is true it never got reported. <... |
|
 Which is smarter for a young adult exempt or paying taxes? |
| My last pay check they took out quite alot of money. So what i was wondering would it be smarter to claim exempt to save myself from paying the taxes, or pay the taxes now and later get the tax ... |
|
 Turbo Tax says one thing, while H&R Block says another. Who am I to trust with my taxes? |
| I get a high refund with Turbo tax and owe nothing, but with H&R Block, I get the same refund, but I owe $57 in state taxes. I entered the same information with both. Why am I getting a debt in ... |
|
 My SSN ends in 22 shouldn't I have gotten my rebate since my tax refund was direct deposit? |
Additional Details
My sister got hers and her last two digits are 35. And we both used Turbo tax to prepare our taxes this year. And we both had our refunds direct deposited. What is ... |
|
 Wages after tax? |
Hi!
Ive seen loads of income calculators online, but they all want to know your salary.
I have started a weekend job over the xmas period ( 14 hours a week ) and the pay is £5.... |
|
 Im 14... Taxes ?? |
i live in Md btw.
im 14 & work at a fast food place. im homeschooled too if that matters. im only paying for fica & medicare. my friend who works with me has federal on her pay stubs. so ... |
|
 Do I need to charge sales tax? |
I do vinyl graphics, mostly for businesses (until now under the table) do I need to charge sales tax?
What if I sell on eBay?
What if it's to a business?
What if it's ... |
|
 If you did not report income 2 years ago in your tax return, how do you report it so that u won't get audited? |
Lets hypothetically say that you made $25K buying and selling on ebay and did not know the laws and didn't report it as income.
How can you fix it with IRS so that you won't ... |
|
 Is it possible to sue the IRS for mishandling funds? |
| This is a serious question. Any info would be great.... |
|
 Another rebate question? |
| hello, i was just wondering about if i filled myself through turbo tax online for free and had my refund direct deposited. will i get a paper check or direct deposit, my last two numbers of social is ... |
|
 Child Tax Credits: Did anyone else in UK get their monies in their bank a day early today? |
when i rang the inland revenue they said its because of the irish bank holiday????
has this happened to anyone else & what the heck is Ireland's bank holiday got to do with us in E... |
|
 My boyfriend and I are moving to a new flat in London. How do we find out about council tax? |
| If the tenancy agreement is under my name only, can we beneficiate of the 25% discount from council tax? Thanks!... |
|
 To mail a simple letter...? |
Would I need to buy a stamp for my regular sized letter (those white rectangular envelopes) if I were to send it from LA to NY?
Would it cost me something if i were to send the same envelope ... |
|
 When do we start getting our W2's for 2006? |
| I can't remember, when do the W2's start coming so we can do our taxes for the 2007 year?... |
|
 My mother died and I received an inheritance of $31,000 in stock. I sold it. Do I have to pay tax on it? |
| I received a notice from the IRS that I owe $6,600 on the $31,000 in stock that I inherited from my mother's estate (this is for 2006 taxes). I did not think I had to pay inheritance tax on ... |
|
 Marriage and Taxes? |
| If two people get married and one person owes back taxes, can they garnish the wages of the spouse also?... |
|
|  |
snicks | Inheritance Taxes? |
I just got an inheritance and I live in NYC. What is the percentage of taxes I would have to pay the IRS? |
 |
 
p2andr
 |
I agree with v b. I have been licensed to prepare taxes more than 18 years and have watched the legislation change on this. If you inherit a house, for example, and rent it out you have rental income, which is taxable. The same case would be if you inherited a house that was already a rental and you continued to rent it. The most important thing to know on whatever you inherit is what is the fair market value at date of death. The value at date of death (typically) is the valuation you use when you dispose of whatever you inherited. The fair market value is defined by IRS as "the value that a willing buyer would pay a unrelated willing seller, neither being under force to buy or sell".
So, if you inherit a bunch of Microsoft stock that the deceased has held for a long time, you use the stock value at date of death to calculate the gain or loss on disposition. There is a small potential of an estate tax (IT"S NOT A DEATH TAX) which is a tax on the estate that is left after someone dies. It happens rarely that there is any estate tax due but the politicians have used this phrase as a club.
So if you inherit property and sell it soon after the date of death there would probably be little if any, federal tax due. I am not familiar with the NY state tax rules, however. |
|
bostonianinmo
 |
0%. There is no Federal inheritance tax. Any estate taxes were paid by the estate -- and for most esates there aren't any of them anyway. |
|
v b
 |
At the federal level, inheritances are generally tax free.
HOWEVER, what did you get? If you inherited and IRA or some other tax-deferred asset, you get to pay the income taxes when you take the money.
How long ago did the person die? If the estate has earned money on the estate's assets (say there was money sitting in a bank account that continued to earn interest), the income is taxable either to the estate or to you. Ask the executor if you will be receiving a "1041 schedule k-1"--if you are, they will be some taxes. |
|
Mcgoo
|
Bostonia has it correct. You will have no tax, unless NYC has some arcane tax. But there will be no federal taxes, and likely no state taxes either. |
|
Judy1
|
Only estates over $2 million are subject to federal estate tax. And if this one was, the estate would pay the tax, not you as the heir. |
|
MukatA
|
1. Any thing (money and property) you receive as gift or inheritance, you (the receiver) don't pay any federal tax. Exception: If you inherit a traditional IRA, you are called a beneficiary. Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive.
2. For any State tax liability check at your State's web site. For most of the States there is no tax.
3. If you inherit a property, your cost basis is the valuation (Fair Market Value) of the property at the date of the decedent's death or the FMV (Fair Market Value) on the alternate valuation date if the personal representative for the estate elects to use alternate valuation.
4. If you sell the inherited property at a price up to your cost basis you don't have any taxes due. However, if you sell the property at price more than the cost basis to you, then you pay the taxes on the profit (sale price minus your cost basis). |
|
Shelly
|
Ermm.. I'm from the UK... |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 8 minutes(s) ago
| | | |
8 | 28 minutes(s) ago
| | | |
8 | 54 minutes(s) ago
| | | |
8 | 1 hour(s) ago
| | | |
8 | 4 hour(s) ago
| | | |
7 | 9 hour(s) ago
| | | |
8 | 10 hour(s) ago
| | | |
8 | 11 hour(s) ago
| | | |
8 | 2 day(s) ago
| | | |
8 | 4 day(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
