 I called our post office about stimulus check!!!!? |
| and they stated that they had seen quite a few in the mail already so has anyone recieved there check?... |
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 I claimed kids on taxes..got earned income credit,can ex xlaim for child tax credit?? |
| I got a call today, he was filing his taxes and asked if I claimed,well yeah,they live with me...well he put H&R block preparer on, she asked did you get child tax credit, well I didnt make enuf. ... |
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 My wife doesnt have a social security number as she is new to the US. How do I file as jointly-married? |
| Looks like the tax forms has a mandatory field for spouse's social security number, but she doesnt have one yet.. I support her financially, but how do i file?... |
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 I need to file my 2005 tax return where can i get the forms? |
| are there options for filing last years taxes online? or is there a web sight containing printable forms?... |
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 Approx paycheck amount?? |
If i get cash money around 350$ per week ..how much gonna be my paycheck for a week ??.i reside in DC
Additional Details
350$ cash per week.. but bfore taxes how much gonna be ..this is ... |
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 Sales Tax? |
| I live in Delaware which does not have sales tax and whenever I visit another state it annoys me a lot when i go to McDonald's and i have $5.00 ready and then i remember sales tax which makes it ... |
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 I babysit and do housekeeping about $700. a month how do I file income tax? |
| I know I need to file but none of the forms fit what I do , I have no expenses and I would like to keep up my ss and ... |
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 I need a loan amount of Rs-3lakhs for my studies(masters) . which banks offer such loans in india ? |
| i have a house which is worth 6 lakhs but its unregisterd its onb form.my father is a govt emp.... |
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 Is the IRS necessary for the United States Economy to do well??? |
I think that we have enough taxes (taken from someone elses post)
Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
... |
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 Newborn child 2008,can I claim her? |
| I gave birth to a healthy baby girl this Jan.1,2008, I am wondering since its tax season, am I able to claim her as my dependent for 2007? serious answer please, she has her social security now and ... |
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 Can my boyfriend claim me as a dependant on his taxes? |
| We have been living together for the 2006 year. He makes twice as much as I do and I am a full time college student. Since we have an apartment together he pays over 60% of the household bills. We ... |
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eric k | Will I have to pay tax on $10000, that I inherited? |
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hasdad62
 |
Yes we have an inheritance tax that is about 50% Sorry! |
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Mark S
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There could be inheritance (estate) tax on the value of the gross estate, but this tax is paid by the estate, not the heirs.
The property you receive is not subject to income tax, but any earnings on the assets would be such as interest, dividends or rents from rental property.
Also, if you sold the asset, you could pay tax on the capital gain. |
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bostonianinmo
|
Wow! Another butt-load of BAD INFORMATION! For the most part anyway.
"Mark S" is the only correct answer and even his isn't totally correct -- but it's good enough to not get a "thumbs down" rating at least from me. EADave started off well but fell on his sword when he started talking about Gift Tax instead of inheritances. (I hope you're not an EA, Dave, as your name implies!) The others are just plain clueless (aside from the other one who endorsed Mark S' answer) and have no idea what they're babbling about.
Here's the missing bit, to be added to Mark S' answer: The money you receive from an inheritance, be it $10 or $10 million, is completely TAX FREE to you at the Federal level. A few states still have an inheritance tax although that's usually paid by the estate. Check with your state's tax authorities to see if there is a state inheritance tax. And if there is, check with the executor of the estate to see if it was paid by the estate of if you need to pay it yourself. |
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ninasgramma
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If you read all the answers up to this point, you can see who knows what they are talking about, and who is clueless.
I would add that if you inherited a retirement account, such as a traditional IRA or 401k, then income tax will be owed when it is distributed to you.
If you inherited Treasury bonds and taxes were never paid on the interest, you will pay tax on that interest.
Otherwise, property or money you inherit that was not tax-sheltered by the benefactor is going to be tax-free to you. |
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Malcolm K
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Mark S is correct - other answers are way off. The inheritance itself is distributed to you by the executor after payment of the decedents debts and the taxes due on the estate. Of itself the $10,000 is totally tax-free to you. If you invest the cash received the earnings you receive after the funds are in you hands are taxable in the same mannyer as your other income. |
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NGC6205
|
Holy crap! There are so many bad answers I had to just add to balance it out somewhat.
Mark S
Bostonian
and Ninasgramma
are the people that have correct or mostly correct answers. |
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pops
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see your accountant with the specifics.
as you can see, you won't get a definitive answer here and if you get bad advice, no one here is liable for their content.
yes/no/maybe
the best advises here all foot with - see a professional/check state law... I'm just starting there.. :)
peace bro' |
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EADave
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It depends. If the inheritance received is in the form of cash, no. If the inheritance is in the form of stocks, mutual funds or other property, you may owe tax when you sell the property.
The tax liability, if in cash, falls on the donor not on the donee. The donor will pay no tax on the gift as long as the gift does not exceed $12,000 per person per year. |
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baba
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Yes income tax need to be paid whether it is inherited because now u own it. |
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Stuart
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Yes. The inheritance tax must be paid on the next year's income tax return. |
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celestialtears006
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I think it depends on the situation like oh say WHO You are inheriting it from - relatives? a random friend? um..yeah thats basically all I know very little about inheritances..sorry..although my friend pal was supposed to inherit his grandmothers stuff his other relatives got most if not all of it..so yeah good luck
thumbs down for trying to help go to hell ;)! |
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