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Started By
Message
re: I don't understand inheritance tax
Posted on 1/19/16 at 4:18 am to beachreb61
Posted on 1/19/16 at 4:18 am to beachreb61
Exactly.
1
Posted on 1/19/16 at 4:30 am to VetteGuy
It's complete BS...that money was already taxed when it was earned. I also can't stand the phrase "give a tax break"...the government isn't giving them anything,..they're TAKING less from that person.
Posted on 1/19/16 at 4:45 am to mailman
Taking money out of an inherited IRA is an absolute joke. Roughly around 35%
Posted on 1/19/16 at 5:48 am to FelicianaTigerfan
quote:
At current market rates we'lo exceed the current exemption by 600k. That means we'll have to sell off land to cover it
Yes, this happened to my family and it is fricking shameful.
Be grateful it will not happen under the old rates, the max rate that was killing off family farms in the 80's was 55%, yes that is correct 55%, the exemption was $500,000.
Not only do they put a value on the land, we also owed taxes on the standing timber, any anticipated mineral royalties ( paid taxes but never produced anything), as well as buildings and equipment. Forced the sale of a farm that had been in family hands and making a profit for over 150 years. frick THE US GOVERNMENT and Ronald Reagan with a aids infected donkey dick.
LINK
Posted on 1/19/16 at 6:09 am to cave canem
Y'all should have hired a better lawyer.
Posted on 1/19/16 at 6:38 am to Janky
quote:
Y'all should have hired a better lawyer.
If you only knew how much went to lawyers and accountants it would sicken you, there were not nearly as many loopholes back then.
Posted on 1/19/16 at 6:44 am to cave canem
Yeah, unfortunately they are a necessary evil in this situation. I know in Texas they have successfully fought the high valuation of minerals in the ground.
Posted on 1/19/16 at 7:06 am to cave canem
Based on that what you said we may exceed the 5.4 by a lot more than I originally thought. It's gonna be such a pain in the arse
Posted on 1/19/16 at 7:11 am to FelicianaTigerfan
You won't. There's lots more to it than most here understand, just pay a professional for guidance
Eta: if the estate is worth 6 million then they probably already have a CPA and they're already planning how they'll avoid the taxes
Eta: if the estate is worth 6 million then they probably already have a CPA and they're already planning how they'll avoid the taxes
This post was edited on 1/19/16 at 7:13 am
Posted on 1/19/16 at 7:11 am to cave canem
Include Warren Buffet in there, too.
Posted on 1/19/16 at 7:32 am to FelicianaTigerfan
quote:
Based on that what you said we may exceed the 5.4 by a lot more than I originally thought. It's gonna be such a pain in the arse
The old laws were much more onerous, it is not as bad these days.
People longing for the good old days forget what the tax rates were back when, todays pale by comparison. The codes are so full of holes now a good lawyer and accountant can work miracles, it was not always that way, esp. if the IRS decided they wanted to make a point.
Posted on 1/19/16 at 7:33 am to yellowfin
The problem is that even with proper planning, there are limits to how much can be put into trusts, etc that can be passed on without being taxed. From talking to a tax lawyer recently, there aren't all these hidden loopholes out there that everyone imagines. If your business, property and assets exceed a certain value, it gets taxed. You do well to set up trusts for you and your spouse, but after that, the trust is taxed when you pass it out of the trust to the heirs. The inheritance tax is now at 51%, and it is taxing money and property already taxed in the earners lifetime. I believe it was the former owner of the Miami Dolphins who died and his children had to sell the team to pay the estate taxes. Of course none of the Marxist will feel sorry for them, but is going on all the time with family businesses, farms and regular people who saved and invested over their lifetime.
Posted on 1/19/16 at 7:37 am to MadDoggyStyle
Same deal with the Redskins...
Posted on 1/19/16 at 7:47 am to MadDoggyStyle
30 years went from 7.5 million to 109 million
102 mill in cap gains
what was the LT cap gains tax rate in 1994 30%?
So he'd have been on the hook for at least 33 million if he tried to sell before he died.
102 mill in cap gains
what was the LT cap gains tax rate in 1994 30%?
So he'd have been on the hook for at least 33 million if he tried to sell before he died.
Posted on 1/19/16 at 7:47 am to mailman
Can you say "one time gift?"
Posted on 1/19/16 at 8:10 am to fisherbm1112
quote:
but sadly you have to pay it
Nah, there are ways to avoid it if you structure your assets properly and disperse over time. No, I'm not going to elaborate. Yes, you can do your own research and/or consult a professional.
Posted on 1/19/16 at 9:09 am to mailman
Uncle Sam and grandpaw Bern want that money
Posted on 1/19/16 at 9:15 am to Upperdecker
quote:
People that donate to Bernie's campaign should be taxed the way he wants it to be regardless of whether he wins or loses
Lol, that wouldn't raise any money.
Posted on 1/19/16 at 9:23 am to yellowfin
quote:Wanna' bet?
It sucks but won't affect anyone here
Posted on 1/19/16 at 9:25 am to LSURussian
Yes
If you can prove me wrong I'll mail you a fresh $20 bill
If you can prove me wrong I'll mail you a fresh $20 bill
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