I live in Kentucky and bought two adjoining pieces of property three years ago. I am going to sell one piece on a land contract for a monthly payment over 15 years.
I am selling the second piece to a different buyer for cash. Only the second piece has a house.
I have never owned or sold a property before. Do I have to pay the capital gains tax on the profit of the second piece? What about the first?
My father left 100,000 uk pounds to me in his will – it was not paid out – my mother took a mortgage from me on her house for 100,000 pounds at 4%, Apparently the point of all this was to reduce liability to UK inheritance tax when my mother died. She would of course not pay any interest or principal during her life, and the mortgage would be paid out to me from her estate .
My mothers will split the estate between my brother and sister – my share was the mortgage.
When she became mentally unstable a power of attorney signed by my mother and her 3 children was obtained.
The children became concerned that she would be taken advantage of (bogus work by contractor, bogus mortgage, new will in favor of care giver/housekeeper etc) and the power of attorney was used by the 3 of us to transfer the title of her house to me as clear title. The cost was put at 160,000pounds – the mortgage plus unpaid interest.
9 months later she died. At the time she died all the assets were in the hands of her children and there was no probate.
The house was sold for 270,000 – the children agreed to split the proceeds and the rest of the estate evenly between us.- which meant I got 90,000 from the house sale ( less than if I had obtained the original mortgage amount).
We naively assumed there were no tax implications as it was all our inheritance and we were protecting my mother from exploitation.
I am a Canadian resident. The rest of the family all uk residents.
Do I owe any tax if so how much and to whom?
I am one of 4 heirs to my aunt’s estate. My cousin is executor and handling all the paperwork. The estate value is about $275,000. Does the estate pay income tax AND estate tax, or is estate tax part of the income tax return that is to be filed? My cousin is pretty close mouthed about all of this…he is a CPA, and knows what he’s doing, but I am just trying to figure out how much I might end up with. I know there is something called “unified deduction” that is deducted from the calculated estate tax. Anybody in the know, please reply. This is in Michigan. The attorney on the case charges big bux just to answer a question, so I can’t call him.
I inherited land(in wv) from my grandmother, how do I calculate the inheritance tax I have to pay on it?
I have purchased a foreclosed property and I am not sure I’ll be keeping it long-term. I may decide to sell it immediately upon fixing it up, or within 18-24 months. It is a SFR, I will not be living in it. I realize I can do a 1031 exchange, but in the event I decide NOT to reinvest all of my gain, I’d like to know about what I’ll owe in taxes. Thanks in advance for your help!
where can I find the income tax brackets?
And where can I find the short and long term gains tax rates in writing from the IRS?
Can a 1031 exchange be done for a partial amount of the gain? I.E. If I realize a $50K gain and I reinvest 25K while keeping the other 25K, am I taxed only on the portion I keep uninvested?
Where can I find this information documented?
Thanks!
how is mortgage interest and property taxes on rental/investment properties treated on your tax return? Is it deductible like on your main home? Is it only partially deductible- what percentage?
My sister was the executor of our parents will.They both passed within 2 weeks of each other.she hired our parents attorney to take care of the will and to divide the money left over from their bank and sale of their estate.This all took place in California.I live in Texas.She sent me a cashiers check for 8 grand and said that was my share and that was all I could get.(I could of cared less about the money) well,about 6 months later the attorney mails me a check from his office for 13 thousand.That is suppose to be my half of the estate.my sister hates me because she claims I took HER parents money which was for her to party with.she said that she is going to report me to the IRS to make sure I pay taxes on all the money she gave me (8 g) plus the 13g the attorney sent.I understood that taxes were to of been taken out of the estate and the executor was the one who should of taken taxes out before dividing the money.She also said she has our parents paperwork and is going to report me to the IRS for every check,gift card or money,our parents sent me for birthdays and christmas for the last 5 years.My father also sent me a gift of a money order for 2g before he died,he said it was for me to spend and remember him by when I spent it.So can she report me and who is responsible for the taxes on the money from the estate.
I neglected to include about $2000 in real estate taxes on 2007 return. We have someone prepare our taxes but will they charge a hefty fee to amend the 2007 return. How difficult is it for someone with no tax preparation experience to do a Fed and State amendment. Thanks.
Serving as executor – both parents passed in 2005. How is the Estate and Income Tax handled for both New Jersey and Federal returns on Annuities and Life/Term Insurance. Not sure what is taxable as Income and what is taxable to Estate. Also, not sure who pays the taxes, beneficiary or estate on the income tax – assuming there is a income tax liability.
Members Only, is just that.. You have to join an organization and then receive benefits from that membership. I would like to furnish information on all aspects of real estate as well as a chance to win a FREE HOME. A Home that is free and clear, with the 1st year’s taxes and insurance paid. I already have the accountant, real estate people, and company in place. New York State is the location of the home.
I need advice on what type of attorney to contact, and mainly where to find the legal ramifications. Please know that I have researched this topic extensively on line to no avail.
Please no information about Lotteries or Sweepstakes.
How many of you out there would purchase information for a chance to win a HOME???
I am using Turbo Tax, but not sure if I need to list it as Personal Income or Business Income. I don’t consider this my business, just a one-time “fee” collected.
I am trying to figure out how much state estate tax would be due for a maryland couple with a 7,500,000 estate. The federal side is easy but I cannot seem to find a Maryland table.
In case anyone is wondering they already have an A/B trust
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This audio book on CDs provides an easy way for students to review a list of key terms and concepts of the underlying subject. It truly offers the most comprehensive and easy accessible supplement to your independent study for IRS Special Enrollment Agent Examination. Topics Covered: Alternative Minimum Tax; Prior Year Minimum Tax; Household Employment Taxes; Self-Employment Tax; Self-Employment Tax Exemptions; Retirement Savings Credit; Retirement Savings Credit Eligibility; Foreign Tax Credit; Sanctioned Countries; Hybrid Vehicle Credit; 2008 Economic Stimulus Payments; Decedents final return; Decedent’s Final Return (Form 1040); Constructive Receipt of Income; Decedent’s Partnership Income; Other Income Incl… More >>
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Discover the Greatest Investment Tool of All Time!
The tax breaks and loopholes built into real estate make it one of the most profitable investments in the world. In fact, the real estate tax exchange loophole–known as the 1031 Exchange–is one of the greatest tax loopholes in existence. This loophole allows a real estate investor to sell a property without paying a penny in capital gains tax–as long as the investor reinvests his or her profits into another property. Not only is this a great way to invest without paying taxes, it’s also a great way to grow real wealth over time. The rules can be confusing, but tax exchange works for every investor, big or small. This handy guide offers detaile… More >>
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The manual is designed to provide you with an understanding of how to use IRAs and qualified plans to invest – outside the stock market -in non-traditional investments such as real estate, mortgages, notes and over 40 categories of investments.
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