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re: I don't understand inheritance tax
Posted on 1/18/16 at 8:38 pm to CtotheVrzrbck
Posted on 1/18/16 at 8:38 pm to CtotheVrzrbck
quote:
it is best to distribute inheritance while grampy is still alive.
If only it were that easy
Posted on 1/18/16 at 8:42 pm to mailman
The inheritance tax is fricking incredibly stupid. The money has already been taxed and then they want to tax it again when it transfers. IMO one of the worst taxes we have.
Posted on 1/18/16 at 8:43 pm to mailman
That's what a well set up trust is for
Posted on 1/18/16 at 8:43 pm to yellowfin
quote:
If only it were that easy
I've been to three funerals over the past few months where the families were already at each other's throats over the inheritance, it's pretty damn sad.
My friend's SIL changed the locks on her dad's house when he was in the hospital with a terminal diagnosis over the weekend.
So people are just plain wicked.
Posted on 1/18/16 at 8:46 pm to The Pretender
i'm more concerned with taking the cap off SS.
Posted on 1/18/16 at 8:47 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.
that is actually a damn good point...
Posted on 1/18/16 at 8:48 pm to Bruneaux
The gloves come off when there is enough money involved and it happens more often than not.
Posted on 1/18/16 at 8:49 pm to achenator
quote:
i'm more concerned with taking the cap off SS.
The income cap?
Why?
Posted on 1/18/16 at 8:56 pm to yellowfin
quote:because I am self employed and make substantially more than the current cap
The income cap?
Why?
Posted on 1/18/16 at 8:56 pm to mailman
I bust my hump every day at work and over 1/3 of my income is paid in taxes.
Johnny Moneybags won the sperm lottery and his trust fund gives him the same amount I make, but all his money is taxed at qualified rates, ad he's lazy and useless.
I hate estate taxes but I understand the desire to tax trust fund babies extra since all their "income" is at preferential rates. I don't agree but I understand.
Johnny Moneybags won the sperm lottery and his trust fund gives him the same amount I make, but all his money is taxed at qualified rates, ad he's lazy and useless.
I hate estate taxes but I understand the desire to tax trust fund babies extra since all their "income" is at preferential rates. I don't agree but I understand.
Posted on 1/18/16 at 8:57 pm to mailman
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.
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.
Posted on 1/18/16 at 8:57 pm to mailman
We had to go through the estate process when my mother in law died. This was back when the limit was like 1 or 1.5 million dollars. You don't have to do much to reach that limit. She was by no means rich. She owned her own home, owned her own business, and died right before retirement and hadn't touched her retirement accounts. It was terrible to lose a loved one to cancer, then to turn around and have to retain both attorney and an accountant to settle the estate. It was a lengthy, painful process.
As other posters have stated, it is a tax designed specifically to make rich people poor and destroy small businesses. 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. Its total bullshite and its double taxation. It's easily the most abhorrent tax they have. frick whoever came up with that shite.
As other posters have stated, it is a tax designed specifically to make rich people poor and destroy small businesses. 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. Its total bullshite and its double taxation. It's easily the most abhorrent tax they have. frick whoever came up with that shite.
This post was edited on 1/18/16 at 8:59 pm
Posted on 1/18/16 at 8:58 pm to yellowfin
The gloves will come off over any item once someone kicks the bucket.
Posted on 1/18/16 at 9:00 pm to achenator
Then you should want to keep it. Unless you want to pay more SS
Posted on 1/18/16 at 9:02 pm to Aubie Spr96
quote:
frick whoever came up with that shite.
That would be Caesar Augustas
Posted on 1/18/16 at 9:04 pm to yellowfin
quote:
Then you should want to keep it. Unless you want to pay more SS
I guess I should have elaborated more that am concerned and do not want the cap to be lifted.
Posted on 1/18/16 at 9:04 pm to mailman
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
Posted on 1/18/16 at 9:06 pm to mailman
The concept seems pretty crappy on the face of it, but it isn't exactly the government stealing people's family heirlooms.
This is literally every single tax.
Eta: I'm not supporting it. I'm just being a nitpicking a-hole.
quote:
I don't understand stand why money should be taxed if it's transferred between two people and the point of raising the tax.
This is literally every single tax.
Eta: I'm not supporting it. I'm just being a nitpicking a-hole.
This post was edited on 1/18/16 at 9:09 pm
Posted on 1/18/16 at 9:07 pm to Spankum
quote:I don't believe its just money. If a family member has land/assets, that counts towards the 3.5mil. That adds up quickly
You have to inherit one hell of a lot of money before you pay a penny of inheritance tax.
Correct me if I'm wrong there.
This post was edited on 1/18/16 at 9:08 pm
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