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Posted on 1/18/16 at 9:08 pm to yellowfin
Not so fast
At current market rates we'lo exceed the current exemption by 600k. That means we'll have to sell off land to cover it
At current market rates we'lo exceed the current exemption by 600k. That means we'll have to sell off land to cover it
This post was edited on 1/18/16 at 9:10 pm
Posted on 1/18/16 at 9:11 pm to Aubie Spr96
quote:Bingo. It's classic marxist logic, and should be abolished.
You don't have to have much of a small business to get to 3 million dollars. If you don't have the cash to pay the taxes, you're only alternative is to sell the business or borrow money.
Posted on 1/18/16 at 9:12 pm to WinnPtiger
There is zero inheritance tax of estates valued under $5.3 million dollars. It is part of the permanent tax code and yearly adjusts for inflation upward.
If someone leaves you with that you pay no tax.
If someone leaves you with that you pay no tax.
Posted on 1/18/16 at 9:14 pm to East Coast Band
quote:
There is nothing you can ddo with your money that isn't taxed.
1. Spend it? Sales tax.
2. Put it in the bank? Tax on the interest.
3. Put it in the stock market? Capital gains tax.
4. Buy property? property tax.
5. Give it to someone? Gift tax.
6. Die with it? Inheritance tax.
yes, every transfer of funds between you and another entity is taxed like a transaction fee. Not a new concept. The sales tax you paid was from post tax income, right? The money that goes to your heirs will be taxed in much the same way. But it's all horsehit to debate anyway
Anything 3.5 million or more, and 99.9% of the time that would be sheltered in some trust, so it's really a moot point. Just something dimwits can pretend to be concerned about like it changes their station in life one iota. People take the "fake it til you make it" and " act as if" way to far.
Spoiler alert: you will always be poor when it comes to issues like this.
Posted on 1/18/16 at 9:16 pm to WinnPtiger
quote:
financial transfers within a family up to $10,000 I think is the numbe
14k
Posted on 1/18/16 at 9:17 pm to Kujo
What if a parent gifts their child more than that amount for a down payment on a house. Then the child proceeds to pay back their parent the full amount. Is that subject to a gift tax?
Posted on 1/18/16 at 9:19 pm to mailman
I wholeheartedly agree. This is a clear cut example of double taxation.
Posted on 1/18/16 at 9:20 pm to TigerTatorTots
That's a loan, not a gift
Posted on 1/18/16 at 9:20 pm to yellowfin
Posted on 1/18/16 at 9:24 pm to TigerTatorTots
quote:
What if a parent gifts their child more than that amount for a down payment on a house
have them do it separately($14k each) or draw up docs for a zero interest loan or something.
you'll have to speak with your bank to see what they'll accept. theyll want the source of the Dpayment known.
if you can swing a 15 year, and are a member of a credit union, they can write their own stuff in house, and can get you what you need. But if your going through someone who sells loans, you're pretty much SOL as they need to make it fit into their requirements.
Posted on 1/18/16 at 9:24 pm to mailman
Only jealous, envious little bitches support it....so liberals.
This post was edited on 1/18/16 at 9:28 pm
Posted on 1/18/16 at 9:33 pm to mailman
Many successful private farms and businesses have to be sold just to pay the inheritance taxes. I believe the amount that can be passed on without tax is $5 million. Most larger farms and many small businesses exceed this amount and the children have to divest part of the business or sell farmland to come up with the 51% tax. As I understand, even a trust has the same limits, butthe husband and wife can both pass on $5 million each with most of the wife's portion being taxed at the 51% rate.
Posted on 1/18/16 at 9:37 pm to MadDoggyStyle
If you are that wealthy then you hire a damn good tax attorney and you find ways around this. You can begin putting money in different trusts with each one having a certain amount while not exceeding some set limit. There are ways to make sure the tax is as little as possible when the person dies.
Posted on 1/18/16 at 9:39 pm to mailman
Uncle Sam likes to take some of your "income" any way you get it.
Posted on 1/18/16 at 9:45 pm to Grassy1
How about we deal with the total bullshite that is income tax before we worry about protecting trust fund babies.
Posted on 1/18/16 at 9:47 pm to mailman
While I favor an income tax structure that will help cure our terrible income inequality, I am against estate taxes (except when they are levied against the uber wealthy).
Posted on 1/18/16 at 9:49 pm to yoga girl
quote:
While I favor an income tax structure that will help cure our terrible income inequality, I am against estate taxes (except when they are levied against the uber wealthy).
Good god
Posted on 1/18/16 at 9:49 pm to yoga girl
quote:
I am against estate taxes
doesn't your "Heather" character come from money?
Posted on 1/18/16 at 9:52 pm to mailman
quote:
o inherit more than $3.5 million.
inherit more than 3.5 million first then we can talk about the tax.
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