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Anyone familiar with Estate Taxes in Texas(money coming from LA)
Posted on 5/15/14 at 12:09 pm
Posted on 5/15/14 at 12:09 pm
I'll be receiving about 40k from my grandmother who was a resident of LA and I live in Texas.(don't know which state matters)
Anyone have an idea of what if any taxes I will have to pay.
Anyone have an idea of what if any taxes I will have to pay.
2
Posted on 5/15/14 at 12:20 pm to barry
Don't think Texas has an estate tax........just gonna have to pay federal.
Posted on 5/15/14 at 12:22 pm to L S Usetheforce
I could be wrong but I think that a $40000 inheritance falls well under the federal limits.
Posted on 5/15/14 at 12:24 pm to VABuckeye
May be right on that .........I just know that Texas doesn't have a estate or "pick up" tax........
Posted on 5/15/14 at 12:28 pm to barry
YOU won't have to pay a dime.
Inheritence is not taxed to the receiptent on the federal level.
Louisiana no longer has an inheritence tax. Texas does not have a personal income tax.
Enjoy the money.
Inheritence is not taxed to the receiptent on the federal level.
Louisiana no longer has an inheritence tax. Texas does not have a personal income tax.
Enjoy the money.
Posted on 5/15/14 at 12:29 pm to LSUFanHouston
If the estate was over a certain size, it would have to deal with estate taxes (you would not have to pay anything personally, but, there would be less money available for the estate to pay out to the heirs).
Posted on 5/15/14 at 1:06 pm to LSUFanHouston
quote:
Louisiana no longer has an inheritence tax. Texas does not have a personal income tax.
Enjoy the money.
Yay! Straight to my student loans
Posted on 5/15/14 at 1:11 pm to barry
quote:
Straight to my student loans
What interest rates are you paying on those?
Posted on 5/15/14 at 1:38 pm to GoCrazyAuburn
quote:
What interest rates are you paying on those?
I'd say the avg is ~7% give or take.
Fed unsubsidized grad school loans. Half was at the higher rates of 2012-2013 6.8% and 7.9%, other half at the new rates of 5.4% and 6.4%
This post was edited on 5/15/14 at 1:39 pm
Posted on 5/15/14 at 1:47 pm to barry
I don't know a whole lot about student loans, but I would think you might be able to refinance those a little lower.
Since you can deduct the interest on those, I'd invest some of that $40K, if I were you. If you don't have an ira already, I'd definitely open one with some of that money.
Since you can deduct the interest on those, I'd invest some of that $40K, if I were you. If you don't have an ira already, I'd definitely open one with some of that money.
Posted on 5/15/14 at 2:10 pm to GoCrazyAuburn
quote:
I don't know a whole lot about student loans, but I would think you might be able to refinance those a little lower.
I'm just graduating tomorrow so I may look at it. But you can't get rates much better than that.
No leverage on a student loan.
I'll just pay it off
1) because thats a pretty fancy interest rate and there is a cap on the amount that is tax deductible which i already exceed(2500).
2) It will make me feel better
ETA:I have an IRA. I actually may take a loan out against my 401k to pay it off and pay back that loan.
This post was edited on 5/15/14 at 2:13 pm
Posted on 5/15/14 at 2:33 pm to GoCrazyAuburn
No way he will beat 7% guaranteed. Pay the loans, and I'm sorry about your grandmother.
This post was edited on 5/15/14 at 2:39 pm
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