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What is the exemption amount requirement to not have to file federal estate taxes?
Justalilbitofevil
2008: $2 million; 2009: $3.5 million; 2010: no estate taxes, so not required; 2011 and thereafter: $1 million.
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∙ 15y ago
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What is the federal estate tax rate?
For 2011, the federal estate tax exemption will be $5 million and the estate tax rate for estates valued over this amount will be 35%. The estate tax has also become unified with federal gift and generation-skipping transfer taxes such that in 2011 the lifetime gift tax exemption and generation-skipping transfer tax exemption will be $5 million each and the tax rate for both of these taxes will also be 35%. There is NO federal level inheritance tax.
What is the current inheritance tax rate?
For 2011, the federal estate tax exemption will be $5 million and the estate tax rate for estates valued over this amount will be 35%. The estate tax has also become unified with federal gift and generation-skipping transfer taxes such that in 2011 the lifetime gift tax exemption and generation-skipping transfer tax exemption will be $5 million each and the tax rate for both of these taxes will also be 35%. There is NO federal level inheritance tax.
Does California have a Homestead exemption on real estate taxes?
You can get the information about California have a Homestead exemption on real estate taxes from www.californiachronicle.com/articles/66770 website
Which of these is taxed over a certain amount by the federal government and some states?
estate
Do you have to pay inheritance tax on inheritance?
I think that depends on the tax laws, both federal and your state of residence. If I recall correctly, here in Texas for example, the determination of whether or not an inheritance tax payment is owed, "rides" on the federal criteria. If federal tax is not owed, then Texas does not require it. The last I recall, the determination of federal tax on inheritance was based on the value of the estate, and an estate valued at less than $1.5 million was exempted from payment of federal estate tax, and therefore, Texas estate tax. I also seem to recall, that the $1.5 mil federal exemption was only a "temporary" thing, and is subject to "sunset out" within a couple of years, unless reenacted. Prior to the $1.5 mill exemption, I think the amount was $600,000 per estate. I'm not sure about this, but I think that even though an estate is exempt from "estate taxes," the heirs will have to declare money received on their income tax return(s), and pay INCOME taxes, both federal and state, on that income. Also, the income from any real property, WHEN sold, will have to be declared, and taxes paid on that income.
What is the tax ramification on a 122000 gift of equity?
Under US tax law, your lifetime federal gift tax exemption would be depleted by the amount of the gift in excess of the annual limit to one person. If the annual limit is, say, $12,000, and you give the equity to an individual, you would lose 110,000 from your $1.2 million-dollar gift tax exemption (or whatever it is when you die and your estate is distributed to non-charitable beneficiaries), not including gifts to a surviving spouse (which are estate tax-free). You could reduce the loss of exemption by giving the equity to more than one person, or spreading it over multiple years.
Is the inheritance tax going to change in 2010?
I assume you mean the estate tax, not the inheritance tax. (There is a federal estate tax, but no federal inheritance tax.) The federal estate tax will be abolished in 2010. And (unless the law is changed) it will be reinstated in 2011 and the exclusion amount will drop from the $3.5 million in 2009 to $1 million in 2011. Note that this does not apply to state estate or inheritance taxes. Because of the craziness on the federal level, many states have been revising their estate taxes to decouple them from federal changes. ***Caution*** Before making any plans to die in 2010 in order to take advantage of the estate tax repeal, be aware that this situation is very fluid and the law could be changed.
What is the asset requirement used to determine if you need an estate?
If you HAVE assets or DEBTS then you have an estate. An estate is the whole of ones possessions, debts and rights.
What is amount in a real estate market?
amount of what?amount of what?amount of what?amount of what?
Can you leave your estate to your wife and children with no tax consequences if you are a permanent resident?
A resident of the U.S. is subject to the country's estate tax laws. You can leave an amount up to but not exceeding the exemption equivalent amount ($2 million in 2008, $3.5 million in 2009, unlimited in 2010, and $1 million in 2011 and thereafter) to anyone other than your spouse. You can leave an unlimited amount to a spouse who is a U.S. citizen. If your spouse is not a U.S. citizen, then the limitations indicated previously apply.
What is included in Claim of Exemption for a civil judgment against you?
The defendant may list whatever real or personal property allowed under the laws of his or her resident state that is considered exempt. Usually the exemptions that can be used by the debtor defendant to protect property from a judgment creditor will be the same ones that allowed in bankruptcy with perhaps the addition exemption allowed under federal non bankruptcy laws. The matter can become rather complicated and is best handled by an attorney or a legal consultant that is versant in the state exemption laws. Generally the most important would be the homestead exemption, for those judgment debtors who own real estate.
What is the difference between estate tax and a gift tax?
Estate taxes are the taxes imposed on a decedents estate, whether state, federal or both) to remove the property out of the decedents name and placed into a living beneficiary's name. A gift tax is a tax on any gifted amount over the maximum lifetime gifts made by an individual from their estate to another party. This gift tax is paid by the individual giving the gift, not the person receiving the gift. The federal amount per person for a gift changes and you must keep note of this, however this gifted amount can be given each year to any number of people with no gift tax so long as it is under the maximum life amount for gifting under the uniform gifting code.
