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re: I don't understand inheritance tax
Posted on 1/18/16 at 9:54 pm to SuperSaint
Posted on 1/18/16 at 9:54 pm to SuperSaint
quote:
Good god
Did you not read today that the 62 people who are superrich have a net worth greater than the combined net worth of ONE HALF OF THE WORLD's POPULATION?
Posted on 1/18/16 at 10:03 pm to yoga girl
quote:sorry so poor
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 10:10 pm to TigerTatorTots
quote:
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?
*Not legal advice
Have both your parents gift you and your wife 14k each from both of them. Can exempt 56k. Just make sure these are the only gifts in the year. Even a $100 gift card could cause issues.
Posted on 1/18/16 at 10:28 pm to kingbob
quote:
The purpose of the inheritance tax is to confiscate wealth from the ultra wealthy so that it can be redistributed to the masses. That is its only purpose. It is a tool of greed.
Exactly.... if you call the Government the "masses" lol.
Posted on 1/18/16 at 10:31 pm to achenator
The current estate tax exemption for a married couple is $10.8 Million and it is automatically adjusted for inflation every year.
A couple can also give $28,000 every year to anybody they want to tax free; sons, daughters, grandchildren, hired help, friends, etc etc.
If you're super wealthy then you're smarter than I am or have hired someone smarter than I am and have set up a myriad of estate tax loopholes like a grantor retained annuity trust to shield the income above $11 million.
Kind of a silly thread but it was entertaining to see the uninformed Trump voters chiming in with their strong completely baseless comments though.
A couple can also give $28,000 every year to anybody they want to tax free; sons, daughters, grandchildren, hired help, friends, etc etc.
If you're super wealthy then you're smarter than I am or have hired someone smarter than I am and have set up a myriad of estate tax loopholes like a grantor retained annuity trust to shield the income above $11 million.
Kind of a silly thread but it was entertaining to see the uninformed Trump voters chiming in with their strong completely baseless comments though.
This post was edited on 1/18/16 at 10:33 pm
Posted on 1/18/16 at 10:40 pm to VetteGuy
Everyone who has made that money has already been taxed for it. Multiple times.
Posted on 1/18/16 at 10:43 pm to Porter Osborne Jr
quote:
Is it really better. We have to pay a gift tax on anything over 10Gs.
It's 14K now. That's 14K per year you can get tax free.
I do believe there is a ceiling on it but I'm not worried. I'm not even close to that.
And as far as the inheritance tax, years ago you had to pay taxes on $ over $600K. I do not know if that amount has changed.
Posted on 1/18/16 at 10:51 pm to mailman
The Berntards will have you believe that his policies are the greatest ever.
We'll be feeling the bern in our bank accounts.
We'll be feeling the bern in our bank accounts.
Posted on 1/18/16 at 10:53 pm to Huey Lewis
Let's also not forget that people who've made the kind of money to warrant the inheritance tax probably also paid a tax rate much lower throughout their life than nearly everyone on this board. Those of us taxed primarily on their payroll get fricked because we don't get the same exemptions. How is it we can't call out those making millions but paying a 10 or 15% income tax rate while those make low 6 figures pay over 1/3 of their income?
That said, is heavily taxing a huge inheritance partially trying to make up for that? Could it be that the people due that inheritance haven't had the money to buy a change in policy?
That said, is heavily taxing a huge inheritance partially trying to make up for that? Could it be that the people due that inheritance haven't had the money to buy a change in policy?
Posted on 1/18/16 at 10:55 pm to PygmalionEffect
quote:
The current estate tax exemption for a married couple is $10.8 Million
So how much can one person leave to their children?
Say a widow has 6 million in estate and leaves it to her two children. Does the 5.4 apply to what's being left or what's being received?
Posted on 1/18/16 at 10:58 pm to beachreb61
So not necessarily true...
Posted on 1/18/16 at 11:00 pm to mailman
quote:
I should be able to give my kids everything without being taxed further.
the law is that you can give it to your GRANDKIDS without being taxed.
You do it before you die.
Posted on 1/18/16 at 11:07 pm to Mie2cents
quote:
Exactly.... if you call the Government the "masses" lol.
Of the people...by the people...for the people.
This post was edited on 1/18/16 at 11:08 pm
Posted on 1/18/16 at 11:09 pm to mailman
frick Bernie Sanders and everything he stands for. I fricking hate him.
Posted on 1/18/16 at 11:10 pm to mailman
quote:
I don't understand inheritance tax
The government wants what you have. THis is one of the ways they get it.
Posted on 1/18/16 at 11:23 pm to WinnPtiger
quote:
it isn't necessarily easy to distribute family wealth prior to a death either. someone will have to reference the actual numbers, I can't remember off the top of my head, but there's a "gift tax" on financial transfers within a family up to $10,000 I think is the number
I hate the estate tax for many reasons, but if I'm not mistaken, it is pretty straight forward to gift money as you go. You basically have two options - annual gifts that are tax free if under $10k, or gifts that fall under the lifetime estate exemption.
For example, if someone is terminal and has $4M in assets, all in cash, they can transfer it to their heirs before they pass, all at once if they so choose, as it will fall under the lifetime exclusion under current tax law. They can also do nothing because $4M in assets will not be subject to the estate tax since it is under the $5.3ish million lifetime exclusion per spouse.
From what I can tell the only reason to take advantage of the annual gift exclusion is if you believe you'll have an estate over the estate exemption upon your death. No need to do so other than that, IIRC.
Posted on 1/18/16 at 11:32 pm to FelicianaTigerfan
quote:
So how much can one person leave to their children?
Say a widow has 6 million in estate and leaves it to her two children. Does the 5.4 apply to what's being left or what's being received?
If this is a legitimate concern I'd highly recommend hiring a quality tax attorney.
That being said, usually the tax only applies to the balance over the exclusion - $600k in this case.
Additionally, the fact that she is a widow may give her some benefits depending upon how much of the estate came from her deceases spouse and when that occurred. This sounds pretty specific and not simply hypothetical so don't take advice for free on a message board when you're staring at a potential $300k tax plus God knows what else after death.
Posted on 1/19/16 at 12:10 am to mailman
There is a whole lot of ignorance in this thread.
There are plenty of wonderfully written and concise online articles on Inheritance Tax(es) and some creative ways to minimize or totally avoid these types of taxes.
Google Search for "Inheritance Taxes", "Insurance Trust" or "Crummey Letter" for a start.
The bottom line is a properly prepared married couple doesn't need to worry much unless their collective estate is greater than $10.5 large.
There are plenty of wonderfully written and concise online articles on Inheritance Tax(es) and some creative ways to minimize or totally avoid these types of taxes.
Google Search for "Inheritance Taxes", "Insurance Trust" or "Crummey Letter" for a start.
The bottom line is a properly prepared married couple doesn't need to worry much unless their collective estate is greater than $10.5 large.
Posted on 1/19/16 at 12:26 am to mailman
because you cant take it with you, and your kids are still getting free shite from you.
so I ask you this, would you pay 2.2 percent more in taxes if you never had another medical bill, no copays, no deductibles, nada
so I ask you this, would you pay 2.2 percent more in taxes if you never had another medical bill, no copays, no deductibles, nada
Posted on 1/19/16 at 12:35 am to Cruiserhog
quote:
so I ask you this, would you pay 2.2 percent more in taxes if you never had another medical bill, no copays, no deductibles, nada
Sweet fantasyland bro. Will I get to keep my doctor?
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