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Australian Inheritance Tax

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Mike Said:

did i won australian lottery?

We Answered:

No you did not. Its a scam that others are trying to hit their lottery by thinking you won a prize or an inheritance.

They will communicate with you and say you need to pay taxes or fees to release the money and you will send them money and they will disappear.

Edith Said:

I live in the US & want to leave my collection to an Australian but don't want to put any tax burden on them.?

We Answered:

Australia does not have gift taxes.

Marjorie Said:

I have an inheritance of $60,000 candian but live in Australia.?

We Answered:

If you're an Australian resident for tax purposes then any cash inheritance you get from anywhere in the world will not be subject to Australian income tax. We don't have inheritance taxes.

Tim Said:

Quick Question on AUSTRALIAN TAX RETURN?

We Answered:

The processing of a tax return lodged electronically is generally quite quick, however things can always get in the way to hold things up just like any other workplace can get held up on things, such as the mail system, IT system etc. That's why they say allow 2 weeks.

Be patient and wait until 2 weeks is up, then give the ATO a call if you haven't received anything. While a lot of people can get their refund within a week unexpected things can always get in the way.

    Avoiding Inheritance Tax

    Bernice Said:Are the Kennedy clan and their tax attorneys giving high fives all around for avoiding inheritance taxes again?We Answered:In the first place, Inheritance Tax is a state tax levied on the recipient of an Inheritance. Estate Tax is, usually, a Federal Tax levied on all Estates valued at more than $3.5 million in 2009 (in 2010, there is no Estate Tax and in 2011 the exclusion returns to $675K). Neither Maine nor Massachusetts have Inheritance Tax so no one will have to pay Inheritance Tax in those states, Kennedy or not. Massachusetts does have a limited Estate Tax for estates...

    Avoid Inheritance Tax

    Marlene Said:How can i avoid paying inheritance tax?We Answered:If you receive a gift and the donor dies within seven years, inheritance tax is chargeable on the gift. However, if the gifts made by the donor in the seven years up to and including your gift are less than £300,000, no tax will be charged on the gifts. The maximum rate of tax you could pay is 40%, but this would only apply if the donor had already made other gifts totalling £300,000. Also, the rate tapers down as the years go by, to 0% after seven years. Some gifts are exempt...

    Canadian Inheritance Tax

    Mae Said:Is money received from inheritance subject to Canadian tax?We Answered:Go on the web to the canadian treasury department site. Make sure you understand specifics about the inheritance. and also remember to use the exchange rate from the foreign country to canada. you may want to have an accountant help you with this one, there are some underlying issues that need to be looked at for your benefit. not h&r block!Dave Said:do I have to pay any tax on the money I inherited from overseas. I am not a Canadian resident yet. Thanks?We Answered:There is no...

    Ca Inheritance Tax

    Luis Said:Recently i inherited a large sum of money from my deceased grandparents. in calif. is there a inheritance tax?We Answered:http://www.sco.ca.gov/col/taxinfo/estate… Heres another great link with tons of info http://www.wisegeek.com/what-is-an-inher…Jill Said:Inheritance Tax in Ca. and process?We Answered:Firstly, There is no Inheritance Tax for the State of California. California hasn't had an Inheritance Tax for years. Secondly, If there is no Will or Trust the house will go to her spouse (if there is one) or to her children after the estate is Probated. Whoever handles the Probate will have to make certain that the Probate Fees are paid BEFORE the...

    Exemption Inheritance Tax

    Ruben Said:What is the exemption level for inheritance tax liability?We Answered:300kAnnie Said:How does inheritance tax work in the UK?We Answered:First spouses exemption is rolled over to second death so survivor will get £650k.Regina Said:Can anyone tell me what the estate tax exemption is in Great Britian?We Answered:If you mean Inheritance Tax threshold it is about 320 000...

    French Inheritance Tax

    Daryl Said:Renouncing French Citizenship for inheritance purposes?We Answered:For tax purposes, your residence and domicile status is key, not your citizenship. If he is resident in the Uk when he dies, his estate will be liable to IHT in the UK. I dont know whether Spain or France will also impose their own version of IHT, but I would imagine that the executors would get double taxation relief on it.Allison Said:French inheritance tax?We Answered:In the United States, a person can disclaim (refuse) an inheritance. I imagine that it would be the same in France. You should contact an attorney who...

    German Inheritance Tax

    Micheal Said:Foreing national receives inheritance?We Answered:IRS website will answer the question. Income is income in the US, regardless of where she came from and income is income in Germany. She will have to pay taxes on it in one country or the other. The US is pretty lenient on the taxes on estates right at the moment unless we are talking about millions USD. At minimum, she needs the proceeds deposited in the country she plans to pay the taxes in. . .or it'll be flagged by banks.Marion Said:What happens if 'Non-Doms' don't want to...

    Gift Inheritance Tax

    Stanley Said:Is there any Inheritance Tax Implication if I gift a lump sum to my Sister for a Mortgage Deposit?We Answered:If you are making an outright gift of the money to your sister, there would only be an IHT implication if your estate was worth more than the Nil Rate Band of £325,000. It is classed as a Potentially Exempt Transfer (PET). If you gave her the money and died within 7 years of making the gift, the IHT liability on your estate would reduce on a sliding scale. If you lived for more than 7 years,...

    How To Avoid Inheritance Tax

    Julie Said:How can I avoid inheritance tax of £300,000 on £750,000?We Answered:Tax is not charged on the first chunk of the estate (currently £285,000). The first and simplest task is to make sure that you are left an amount at least equal to that nil rate band when the first parent dies (assuming this is possible). Then, upon the second death, that person's nil rate band is also available. In this way you have utilised two lots of exemptions which at current rates would take £570,000 out of tax. The tax is now down to around £72,000. The next thing to...

    Inheritance Capital Gains Tax

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    Inheritance Federal Income Tax

    Pamela Said:I am expecting an overseas inheritance, will I need to pay a federal income?We Answered:Hello there, Typically the recipient does not have an income tax liability on money inherited. Also, the death transfer taxes (estate taxes and inheritance taxes) are generally paid by the executor of the estate. Most states tie the definition of taxable income to the federal definition, meaning the funds inherited are not taxed for federal income tax purposes, they will not be taxed for state income tax purposes. There are some exceptions to the general rule that inherited money is free of income tax. Those...

    Inheritance Federal Tax

    Penny Said:what percentage of US federal government revenue comes from the federal inheritance tax?We Answered:4% or less. That's the best answer I can give you without losing my mind from poring through the OMB website. I got that figure from the National Priorities Project (linked below), a "nonpartisan education and advocacy organization." They give a combined figure of 4% of federal revenue from "estate and gift taxes, customs duties, and miscellaneous receipts," citing an Office of Management and Budget report.Kent Said:How much state and federal tax do you have to pay in Pennsylvania for inheritance.?We Answered:There is no Federal tax for the...

    Inheritance Gift Tax

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    Inheritance Income Tax

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    Inheritance Money Tax

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    Inheritance Property Tax

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    Inheritance Taxes

    Ida Said:Does one pay taxes on inheritance from overseas?We Answered:There's no Federal inheritance tax. Some states do have one so where you live will determine if any is due. With that much money coming in, you will DEFINITELY need to file a Form 3520 report http://www.irs.gov/pub/irs-pdf/f3520.pdf by the filing deadline for the tax year that the money is received. No tax is due with the report but the failure to file and late filing penalties are SEVERE. If anyone in the US has signatory authority over any of the foreign accounts involved in the transfer, a TD F 90-22.1 report http://www.irs.gov/pub/irs-pdf/f90221.pd… will...

    Inheritance Tax 2005

    Cindy Said:Do I have to pay an estate tax?We Answered:As you said, your grandfather's blood son is in charge of his estate; that means that he would be responsible for any estate tax, not you. Regardless of whether your grandfather gave you the house as a gift or whether it was technically considered inheritance, either way the receipt of the house is non-taxable to you. Selling the house is a different matter. It almost sounds as if the house was "given" to you in word only, but the house is actually still owned by your grandfather's estate. If...

    Inheritance Tax Act

    Guy Said:can anyone explain the operation and objectives of inheritance tax and the Inheritance Tax Act 1984?We Answered:Do your own homeworkEva Said:Can someone give £15,000 to a half-sister without incurring Inheritance Tax if he dies within 7 years?We Answered:You can make gifts of 3k/year under the annual allowance. NB also remember that there is an allowance on death of about £285k (at the moment) in total Also s143 of IHTA 1984 says that if the transfer takes place within 2 years of the original death it will be treated as if it had gone to that person originally. Not sure if...

    Inheritance Tax Advice

    Stephanie Said:Where can i get advice on spanish inheritance tax laws?We Answered:Didn't you already ask YA about this? Here is a website that lays out the rules http://www.globalpropertyguide.com/Europ… In addition, if the deceased was British domiciled, this will form part of his world wide estate and British inheritance tax may be due. As the Spanish and British authorities work together, expect that the transfer will not be permitted until this is cleaned up.Dan Said:do i have to pay capital gain tax after i sell my inheritance?We Answered:First ... I am sorry for your loss. You will pay a capital gain tax IF...

    Inheritance Tax Allowance

    Brad Said:Inheritance tax allowance raised?We Answered:"Does this mean the allowance is £600,000 on death of the last survivor even without NRB Wills?" YES (it's also 'back dated' i.e. if one spouse has already died, the survivor gets the 600k even without NPB Trust).Earl Said:How can I share my personal tax allowance?We Answered:The only way to do it wouldn't be very sensible if you don't have a legal spouse. Common-law relationships don't have the same legal status. You would have to transfer your shares into your relative or friend's name, and therefore lose any entitlement to them. Not likely with the current...

    Inheritance Tax Allowances

    Beverly Said:Inheritance Tax Query, allowances?We Answered:Up to £312k threshold, it's exempt. Only taxable above that figure.Georgia Said:Inheritance tax in England August 2008?We Answered:http://www.thisismoney.co.uk/ask-an-expe…Shane Said:Alistiar Darling made a statement about doubling the inheritance tax?? What does that mean??We Answered:He hasn't actually doubled the inheritance tax, what he has done is allowed inheritance tax allowances (around 300k) to be transferrable between married couples and those in civil partnerships. This is the same as what smart people do already up to now using discretionary trusts, but this way the lawyers won't get any money out of it. Read the pre-budget statement from the Inland...

    Inheritance Tax Australia

    Antonio Said:how much is taken out of an inheritance from Australia to California?We Answered:There is no Death Tax per se in Australia. If it is a pure straight forward plain vanilla someone died and the money is transferred to you - there is no Tax.Angela Said:How much tax will I pay on $400,000 inheritance?We Answered:As far as I know nothing you would only pay if the money had not already had taxes deducted and then on what interest it earns we do not have death duty in AustraliaBrandy Said:I have dual citizenship in the US/Australia. Do I have to pay...

    Inheritance Tax Avoidance

    Diane Said:my son is long term unemployed i would like to sign over my house to him,as i am over seventy?We Answered:It's not only his benefit, there are other things to think of as well. If you do this, you will have to pay your son an economic rent (on which he may have to pay tax, and may affect his benefits) if you want to carry on living there. If you both live there, this may come under the tax-free to £4250 rent-a-room scheme. Otherwise transfer will be disregarded for inheritance tax purposes, it will be treated as...

    Inheritance Tax Band

    Melinda Said:Inheritance tax?We Answered:No, but what happens the wife later dies? She has all the marital assets in her name. Estate values up to currently £285,000 are free of inheritance tax anything in excess is taxed at 40% although certain reliefs apply. The husband should make use of his nil-rate band and leave this value (if he has it) in trust for say the children / grandchildren) the excess can be left to the wife also free of tax as it is a transfer to his spouse. This is known as a nil-band trust. When the wife dies, she will also have...

    Inheritance Tax Calculation

    Jackie Said:Im not against Royal Family, but don't you think they should pay all the same taxes the public pays?We Answered:The Act of Settlement gave all the Crown Estates to the control of Parliament in return for income and certain tax privileges for the Royal Family. Last year, the UK government had an income of 1.5 billion from the estates. The Royal Family cost - including tax benefits, security and Civil List - 260 million. On my calculations, 82% tax on the Crown Income. Of course, you could do away with the arrangement and charge them all the same tax. But,...

    Inheritance Tax Calculator

    Dave Said:does anyone know what inherentance tax would be paid on a property worth 300 grand?We Answered:In the UK Inheritance Tax kicks in at £285,000 (for the tax year 2006/07 - this may go up next tax year we have to wait for the budget) - anything over this amount is subject to tax at 40% in your case £15,000 would be subject to 40% which equates to £6,000 this link may help (online calculator) http://www.lowtax.co.uk/common/calculators/inheritance.html includes ... VAT Calculator Stamp Taxes Calculator Payslip Calculator Gross Profit Margin Calculator Millionaire Calculator Savings Calculator Inheritance Tax Calculator Car Benefit Calculator Van Benefit Calculator Break Even Calculator Fuel...

    Inheritance Tax Capital Gains

    Arthur Said:Capital Gains tax or Inheritance Tax?We Answered:First of all: Your Dad needs a trust and not a will. That way his estate will not have to go through probate. Probate is not free and the cost of probate is generally set by law. The greater the value of the estate, the higher the probate costs. He should see an Estate Planning Attorney as soon as possible. This requires the advice of an expert. Second: The estate pays any Federal Estate Tax before the estate is disbursed. If your Dad's estate is valued...

    Inheritance Tax Exemption

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    Inheritance Tax Explained

    Samantha Said:Inheritance tax and capital gain tax, what does it mean?We Answered:Inheritance Tax is levied on estates valued at over £325,000 when someone dies. It is payable by the executors of the estate from assets. Capital Gains Tax is levied when someone makes a financial gain when selling shares, or a property that is not the seller's main residence. There is a current annual exemption of £10,100 that someone can have before tax has to be paid. This is a much simplified explanation.Holly Said:inheritance tax, I'm worried (UK)?We Answered:The £285k is the correct threshold for the current tax year, and it is...

    Inheritance Tax Form

    Claude Said:My siblings and I shared an inheritance what tax form should we use?We Answered:First, I would be careful to check that the full amount is taxable. If your father had any basis in the pension then some of the amount may not be taxable and you cannot always rely on the 1099 to be right. If you cannot get an amended 1099 or need to file right away, I would have your sister put the full amount on her return so that it matches up with the 1099 and then put a second amount as negative saying something like "Received...

    Inheritance Tax Forms

    Andrea Said:What is the inheritance tax?We Answered:For Federal taxes, there isn't an inheritance tax, only estate tax which is paid by the estate. Therefore, your grandmother will not owe any federal taxes. In Indiana, the "inheritance tax" is also paid by the estate. Your grandmother's friend's estate executor should have filled out the final tax returns for the estate including form IH-6 and any supplemental forms required. If everything is done correctly by the estate, then your grandmother will not owe any income taxes on the current value of the car. She will have to pay title transfer fees...

    Inheritance Tax France

    Monica Said:What is the situation with inheritance tax in Italy?We Answered:You've posted this in the wrong section. If you're a brit, you may want to post this in the "Italy" and "France" sections.Bonnie Said:inheritance tax in Germany, Denmark, France & Holland?We Answered:Germany charges a tax on beneficiaries as does The Netherlands. Inheritance tax in France can be very high (up to 60%). Some of these taxes are called by different names and may be imposed on the decedants estate or the benificaries.Harvey Said:Will tax death duty reductions in France encourage UK citizens to move to France?We...

    Inheritance Tax Free

    Janet Said:Can our government afford to give us all a tax free month, as a goodwill gesture?We Answered:A Tax Free Month On What?: Income? Petrol? Car? Council? VAT? Inheritance? The list goes on and on, lets face it, they are making that much money out of us they wouldn't know where to start in trying to give us some back!! Would be very nice though.. I'd definitely vote for you to be our Prime Minister, then we could share all that money, ha ha x x x...

    Inheritance Tax Gift

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    Inheritance Tax Gifts

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    Inheritance Tax Guide

    Jordan Said:can I get a family inheritance without it affecting my social security?We Answered:I'm going to go out on a limb here and assume that you meant will the federal gov't take federal taxes from your inheritance.... (I'm assuming this because social security deals with "earned income" and has nothing to do with taxing inheritances , gifts or bequests)..Receiving an inheritance is for the most part tax free to the heir/beneficiary.. That is , if the estate of the deceased is large enough (2million in 2008) it will be taxed as an "estate tax" to the estate not to the...

    Inheritance Tax Help

    Ben Said:Help with estate and inheritance tax!?We Answered:You might. It's more of a federal estate tax issue, though Minnesota may have a say. This question calls for qualified professional help. Ordinarily, what you receive in inheritance is not taxed as long as its value is below the estate tax exclusion limit, which is, I believe, 2 million. However, from what you say, your father didn't receive a 1/3 interest in your grandparents property, his estate received it. Why the house wasn't included in the probate of your grandparents' estate I can't even begin to guess at, but it should have...

    Inheritance Tax History

    Tyler Said:What is the history of Boone Hall ?We Answered:BOONE HALL PLANTATION HISTORY Agriculture was practiced on the land that is now Boone Hall Plantation for centuries before the arrivalof white settlers. On the banks of the creek was a Sewee Indian village. Here the Sewee Indians, a branch ofthe Westoe Tribal Group, established an agricultural settlement. They grew beans, pumpkins, onions, melons and corn; their farming was supplemented by hunting and fishing in the salt creek. A small tribe, the Sewee had disappeared by 1701. Major John Boone, an Englishman arriving with the “first Fleet” of settlers in 1670, received land...

    Inheritance Tax Income

    Terrence Said:do you have to claim or pay income tax on $10,000 on Inheritance ?We Answered:No, you don't have to claim it on your income tax or pay any taxes on it. But once you get it, any income you earn from it is taxable.Luis Said:When inheriting money through a family trust, do you still pay income tax on the money?We Answered:The issue is actually rather complicated and you need to consult with an accountant to make the proper determinations for your situation, but in general here's what happens: A trust does not have to pay income tax on income that...

    Inheritance Tax India

    Marshall Said:Inheritance Tax in India?We Answered:1. No such taxes. Absolutely No. 2. Section 80G may come to your rescue. Deepak Bholusaria Chartered AccountantNeil Said:Taxes on money gifted to me from India to Canada via Bank?We Answered:There are no gift or inheritance taxes in Canada. As a result, a cash gift from your parents (whether residents or non-residents of Canada) will not be subject to any tax in Canada when in your hands. if you were gifted property, such as shares in a public company, your cost for tax purposes would be the fair market value at the date that you received...

    Inheritance Tax Info

    Jay Said:Where can I find out about inheritance tax and whether or not that tax has been paid by someone?We Answered:I don't know about a website. But one example of a family having to pay it was the family of Joe Robbie. He owned the Miami dolphins football team. When he died they had to sell the team in order to pay the death tax.Norman Said:Need info on Irish Inheritance tax?We Answered:Look at this page: http://www.citizensinformation.ie/catego… My understanding is that your wife would be in Group B, meaning that the tax-free threshold is 49,682 euro. She would then have to...

    Inheritance Tax Information

    Warren Said:How much money can you inherit in 2007 without paying inheritance tax.?We Answered:There is not a federal inheritance tax in the U.S. There are some states that have inheritance taxes, so you will need to check on your state income tax laws. On the other hand, the federal government does impose an estate tax on estates that are larger than a certain amount. $2,000,000 for 2007. You can read more about it at http://www.irs.gov/businesses/small/arti… and http://www.irs.gov/publications/p950/ind… Additional information on the sale of inherited property. http://www.irs.gov/faqs/faq4-7.html Good luck,Myrtle Said:How do I file the tax information on a piece of...

    Inheritance Tax In Australia

    Christy Said:Do you pay tax on money left to you in a will in Australia?We Answered:In most cases, the answer is NO! However, there are always exceptions to the rule and it depends on how you define the terms used. There is no inheritance tax, but the assets of the deceased may be subject to other taxes. A person still subject to income tax and other taxes up to the date of death, with the estate being subject to tax on earnings. 1. Cash left to beneficiaries of a will is not income and therefore not taxed. 2. The proceeds from the...

    Inheritance Tax In France

    Benjamin Said:I have inherited a property in France. What taxes will I incur if I sell it?We Answered:Hi A few things : There is inheritance tax in France. You may have to pay tax before you can sell it ! For capital gains tax, there is tax on the gain upon sale of maisons secondaire, but not main residences. You need advice from a notaire - "can this be my main residence?" and "does cgt apply to non residents?". In any event, there is unlikely to be a large gain if you sell it quickly. In any sale, there are taxes that...

    Inheritance Tax In The Uk

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    Inheritance Tax In Uk

    Joanne Said:Inheritance tax in the UK - do I as a beneficiary have a tax liability?We Answered:The only tax that you might have to pay is on any income you received whilst the estate was in administration. You would have received a form from the solicitor (or accountant) if this were the case.Marsha Said:does inheritance tax applies to non Uk residents, the inheritance money is not earned in UK.?We Answered:It is your estate which pays IHT in the UK, not the beneficiaries of your estate. If you are not resident in the Uk and not domiciled here, then your...

    Inheritance Tax Law

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    Inheritance Tax Laws

    Herbert Said:Where can I get information on Illinois Inheritance Tax Laws?We Answered:WHEN did they inherit the annuitites? The annuity, if paid out this year will be included as income when filing this years taxes, amended return is needed if paid out last year, the taxable portion of the 54K will be the difference in what the uncle paid for the annuity and what they got. So for example if he paid 10K then they would be taxed on 47K and so on.Jennie Said:What were the laws surrounding inheritance tax before President Bush?We Answered:President Bush signed the Economic Growth...

    Inheritance Tax Law Uk

    Lori Said:What is the UK government's justification for inheritance tax on property?We Answered:Its a very old law, from millionaire families that would leave all the money to the kids, and the kids would never have to work a day in their life. It does work, but only on properties of £5 million or so! The problem is, once upon a time £250,000 was an awful lot of money and that's when the law came in, but now, half the houses in Britain are worth more than that. It needs to be changed!Nathaniel Said:Can a foreigner buy a...

    Inheritance Tax Level

    Patsy Said:Were the Eight Years of Republican George W Bush Based on Giving Tax Breaks for the Super Rich?Inheritance Tax?We Answered:That's still the Republican mantra. Bonior today said he wants deeper tax cuts. I guess they never learned. And the tax breaks under Bush were dedicated to the rich, with millions in inherited money now being untaxed, and fooling people into thinking he was saving the family farm. Which affected less than .03 percent of the people in farming. We worked, but the unfunded Bush mandate of No Child Left Behind meant our school taxes doubled. Think before you decide...

    Inheritance Tax Limit

    Kathryn Said:Is there currently an inheritance tax in place via George Bush?We Answered:Inheritance Tax and Estate Tax are two different things. Estate Tax is owed to the Federal Government on any estate valued at more than $2 million in 2008 and $3.5 million in 2009. That is paid by the estate before the estate is disbursed to the beneficiaries. Inheritance Tax, paid on the value of the inheritance received, is a state tax paid by each beneficiary IF they live in a state with an Inheritance Tax. There are only some states with this tax. ...

    Inheritance Tax Limits

    Tamara Said:Does inheritance tax apply if debts out weigh someones assests?We Answered:You wouldn't end up paying inheritance tax, since it doesn't sound like there will be anything left to inherit. For federal, his estate would be far below the limit anyway to owe any taxes....

    Inheritance Tax Mitigation

    Julio Said:Does Althorp..as Diana's gravesite..qualify for govt funding as a national landmark site?We Answered:No. There isn't any such funding available. Althorp House and grounds are private property and, not being open to the public except in the summer months - and the grave cannot be visited anyway as it's on an island in the middle of a lake - would be unlikely to be successful even if such funding existed. This is the case with so many other stately homes in the UK. Many have opened up to the public just to try and make ends...

    Inheritance Tax Money

    Carrie Said:I have married a wealthy woman overseas.Can she bring money back to Canada with no tax implications?We Answered:There are no immediate cdn tax implications for her, being a non resident of canada, to bring her money of foreign inheritance and her sale of foreign property, into canada.Miguel Said:If you owe some tax Money to the Canadian Government can they come into you bank accout take an inheritance?We Answered:Probably not, but you could face jail time plus fines. So if you have the money why don't pay it? Remember your taxes pay for the social benefits you receive as well.Alan...

    Inheritance Tax New Zealand

    Jeff Said:What would you do if you was Primeminister of the UK?We Answered:I am with you crow I agree with most of what you say but seriously privatising health care is a bad bad move for this country - health insurance is super expensive and it just wouldnt work Also it doesn't take much to become a police officer these days - and i cringe at the thought of an on the beat plod carrying a gun!!!!! also even as a smoker i don't think i would abolish the smoking ban as i don't think it is that big a deal to...

    Inheritance Tax On Property

    Juanita Said:How much inheritance/estate tax should I expect to pay on property in CO?We Answered:inheritance is not taxable by IRS and I would assume Colo is in agreement yes, you definitely need to have the property appraised at the date you r'cd it, that will give you the basis if and when you ever do sell it...

    Inheritance Tax Questions

    Tracey Said:inheritance tax questions?We Answered:This is a confusing subject. Allow me to help. 1> are the life insurance policies taxable. A. Life insurance proceeds are definitely not taxable!!!!!!!! 2> would it be better to leave the monies from his personal investment portfolio intact or do they need to be "cashed out" A. Not sure what you mean. He no longer has his own accounts. Whatever was in them is now in the estate. Keeping anything in an estate longer than necessary is a very bad thing. Moving them to the accounts of the beneficiaries as soon as possible is...

    Inheritance Tax Rate

    Pearl Said:What is the inheritance tax rate in California for a beneficiary?We Answered:There is no Inheritance Tax on the stock inherited by the beneficiary in the state of California. The value of the stock on the day that your Uncle passed away becomes the beneficiary's "basis cost" for the stock. If the stock cost $10.00 per share when your Uncle bought it then his basis cost was $10.00. If the stock was worth $100.00 per share on the day that your Uncle passed away then your basis cost for the stock is now $100.00 per share,...

    Inheritance Tax Rates

    Janice Said:What minimum rate of interest can I charge that would turn a gift into a loan for inheritance tax purposes?We Answered:Yes. The Bank of England's base rate, currently 3%. You need some sort of written agreement that this is an interest only loan with capital repayment upon death. Your solicitor will be able to draft the agreement, probably for about £150.Regina Said:Does anyone know or have a link that discusses the estate tax/inheritance tax rates in Great Britain.?We Answered:Here goes a few links on inheritance tax. http://en.wikipedia.org/wiki/Inheritance… http://www.fhmanning.co.uk/inheritanceta… http://www.direct.gov.uk/en/MoneyTaxAndB… http://www.dyerpartnership.com/inhertax.…Kay Said:What's the tax rate on inheritance money in California?We Answered:There is no State...

    Inheritance Tax Return

    Rafael Said:do you have to pay tax on inheritance?We Answered:A wonderful mix of answers that have thoroughly mixed the estate and gift tax with the income tax question. Spicertax is right on the money. The inheritance you receive will not be subject to income tax unless it would have been income to the decedent. This includes some retirement accounts, annuity accounts and inherited installment sales. If you simply receive cash from the estate it is not income and is not reported on your income tax return.Maureen Said:Is this a tax free inheritance?We Answered:She puts the...

    Inheritance Tax Rules

    Byron Said:Was the European court right not to change the rules on inheritance tax for the two sisters?We Answered:They were correct. If this case was allowed every fairly well-off family in the country would use similar arrangements to evade inheritance tax. They've been fighting this case for 30 years and should have found some alternative way to retain their property in the meantime. Probably too late now but let's face it, if their house is worth £875k, the survivor isn't exactly going to be left penniless.Daryl Said:What is the gift tax rules?We Answered:In the UK son can...

    Inheritance Tax Spouse

    Milton Said:Does a surviving spouse have to pay inheritance tax on a home the 2 spouses lived in for 37 years?We Answered:should not have to. joint owners in life it is not an inheritance. Million dollar estates, talk to a tax lawyerSandra Said:Is it possible to gift your inheritance to your spouse to avoid paying taxes on it?We Answered:Are you talking about an inheritance you have received or are you planning for your ultimate demise? If you have received an inheritance, it will have been taxed already. You do not even have to report its receipt. It would be a good...

    Inheritance Tax Tax

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    Inheritance Tax Threshold

    Alfredo Said:What is the threshold before you pay inheritance tax,?We Answered:The threshold is £285,000 but its not based on how much you receive, its based on how many gifts the donor makes. Once a person has given away £285,000 (over a 7 year period) the next £1 attracts inheritance tax. Its quite a complex tax but the HMRC website has some leaflets to help you.Crystal Said:What do you think about Inheritance Tax?We Answered:Probably one of the more effective taxes in terms of taxing those that can afford to be taked - remember it only bites at about £300k and even...

    Inheritance Tax Trust

    Eric Said:Inheritance tax trust with different beneficiaries?We Answered:There is no inheritance tax payable between husband and wife. If the house was left in part to her and in part to his children and grandchildren, that part that was left to his children and grandchild would have attracted inheritance tax at the time of his death. But from what you say about a lifetime interest, it may have been put into a trust. There would have been gift tax payable at the time it was put into the trust with a seven year tail meaning no inheritance tax payable...

    Inheritance Tax Trusts

    Ben Said:Please list legal ways to avoid inheritance taxes, might it be tax deferred, or irrevocable trusts?We Answered:An Estate Tax is paid by the estate before the estate is distributed. An Inheritance Tax is paid by the heir who inherits. If more than one person, in a state with Inheritance Tax, inherits then each pays Inheritance Tax based on the value of each person's inheritance and their relationship to the deceased. Most states do not have an Inheritance Tax but some do. Estates valued at more than $3.5 million in 2009 or more...

    Inheritance Tax Usa

    Gabriel Said:Which is the tax of new mexico, usa?We Answered:New Mexico collects a state income tax across four brackets ranging from 1.7 percent to a top rate of 5.3 percent. Sales tax New Mexico does not have a sales tax. Instead, it has a 5 percent gross receipts tax. In almost every case, the business passes along the tax to the consumer, so that the gross receipts tax resembles a sales tax. The combined gross receipts tax rate varies throughout the state from 5.125 percent to 8 percent. The total rate is a combination of all rates imposed...

    Inheritance Tax Waiver

    Marie Said:What's the point in Marriage?We Answered:Right to benefits while married: * employment assistance and transitional services for spouses of members being separated from military service; continued commissary privileges * per diem payment to spouse for federal civil service employees when relocating Indian Health Service care for spouses of Native Americans (in some circumstances) * sponsor husband/wife for immigration benefits Larger benefits under some programs if married, including: * veteran's disability * Supplemental Security Income * disability payments for federal employees * medicaid * property tax exemption for homes of totally disabled veterans * income tax...

    Inheritance Tax Will

    Dwayne Said:Will I owe inheritance tax?We Answered:There are no Federal inheritance taxes. Any taxes due would have been paid by the estate prior to distribution from the estate. The only exception would be if you inherited an IRA or other tax deferred account, in which case you'd pay Federal income taxes on any money that you withdrew from the account. CT does have an inheritance tax, though it does appear at first look to apply to the estate. However if the transfer is taxable and the estate didn't pay it, you will have to.Clara Said:If I bequeath my...

    Inheritance Tax Wills

    Harry Said:Will I have to pay Inheritance Tax?We Answered:Except for people who live in Pennsylvania, there is no inheritance tax. If a deceased's estate is more than $2 million federally, there is an estate tax owed. But that would be paid by the estate, and any inheritances received by the beneficiaries of the estate would receive the inheritance free of taxes.Johnnie Said:Wills and inheritance tax question?We Answered:In an inheritance the estate pays tax, not the beneficiary (you). Though in 2008 the first two million of an estate is exempt from being taxed federally, so you should see all that money. I don't...

    Inland Revenue Inheritance Tax

    Felix Said:Is there an inheritance tax on 9,700,000 GB-Pounds and how much would I have to pay. I live in Arkansas.?We Answered:Are you asking because you got a notice in your email box? I ask because there are a lot of scams out there and if a local attorney didn't contact you this may very well be a scam. To find out for sure, since Inland Revenue usually collects 40 or 50% of any awards for that much money, I would recommend you have a local attorney check into it for you. If it's a scam they'll find out quickly and for...

    Irish Inheritance Tax

    Melvin Said:Is it right that Ted Kennedy set up trust accounts to prevent the govt from seizing his inheritance?We Answered:That's typical liberal tax and spend politics for you. What is good for the goose is not good for the gander. Liberals believe "fairness" applies to everyone except their own elite. This is why it is "fair" to steal ( I mean tax windfall profits) from oil companies. This is why it is "fair" to steal ( I mean tax) your inheritance. But it is not fair to touch a Kennedy's wealth or a Clinton's wealth,...

    Irs Inheritance Tax

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    Irs Inheritance Taxes

    Kelly Said:Has anyone out there ever owed the IRS back taxes from an inheritance they recieved and did not know they had?We Answered:when you receive an inheritance you are supposed to receive it free and clear of any taxes. If there are any taxes on the estate, that is the responsibility of the estate and the executor of the estate, not you. The only way I can think of that you might owe taxes from an inheritance would be is if you received an ira from someone. Need a bit more info regarding your situation to have a clear picture....

    Italian Inheritance Tax

    Anna Said:I am a Italian national girl going to marry with an Indian guy..?We Answered:Gifts in Cash or Kind, of any amount, from specified relatives are Tax-Exempt Gifts in Kind (not Cash), of any amount, from any person either relative or stranger are Tax-Exempt. Any gift received from any person on the occasion of the marriage of the gift's recipient would not be liable to income tax at all. There is no monetary limit attached to this exemption, which is provided by the proviso to Section 56(2)(vi A Gift Deed has to be made. You can take advantage of the above clauses....

    Japan Inheritance Tax

    Marsha Said:What have most guys experienced by the time their 20?We Answered:Before I was 20 I had: Been a door to door salesman for Sister Helen Patricia selling Christmas Seals and Greeting Cards, and Nu-Sew for some company out of Salesman Magazine to which my uncle's subscribed me when I was 10. Went to a Jesuit Boarding School when I was 13 and then at 18 went to college in Los Angeles. Founding a company called TEC I imported radios from Japan when I was 14. Started working at 12 in my Mom's Fast food restaurant. Later in a gas station...

    Paying Inheritance Tax

    Claude Said:How do you reduce the chance of paying inheritance tax?We Answered:If you're in the UK, your best bet is to see an Independent Financial Advisor. Most of them wont charge you a fee for seeing them, but if you take out a policy through them, they will get commission from the policy (which you dont pay!), so essentially its free advice. I used to work for one and vaguely remember some of the ways to avoid inheritance tax, but an IFA could tell you for definite. you or your parents can take out a joint whole of life policy on...

    Pay Inheritance Tax

    Wilma Said:Do I need to pay inheritance tax on real estate properties?We Answered:Well, Texas has no state income tax, so you shouldn't have to worry about state income taxes. Who was handling the estate though? Depending on the value of the 14 rental house's there might have been federal estate taxes owed (federal estate tax kicks in if net value of estate is more than $2,000,000) and Texas has no estate tax on people who die after 1/1/2005. As far as rental income goes, you would not pay taxes on rental unless you were the one who received the rental...

    Pa Inheritance Tax

    Jamie Said:PA inheritance tax questions?We Answered:It looks like there is a 15% Inheritance Tax in Pennsylvania for a non lineal heir (grandparent, parent, child are lineal heirs) but the Inheritance Tax in Pennsylvania is extremely complicated. You should see a CPA who is very familiar with Pennsylvania Tax Law. In the meantime, I would set aside 15% for the taxes just to be on the safe side.Marie Said:Inheritance tax in PA?We Answered:Here's a FAQ on PA inheritance tax. https://revenue-pa.custhelp.com/cgi-bin/… - What you do with the money after you get it has no effect on the tax owed....

    Probate Inheritance Tax

    Dawn Said:what happens when you your inheritance goes to probate?We Answered:Applying for probate is to get permission from the court to administer your mother's affairs. If she left a will that is easier than if she didn't. Go to http://www.hmcourts-service.gov.uk/HMCSC… and download the application form and the guidance notes. If you need help then go and see Citizens Advice Bureau. Given the amount of money left by your Mum there should be no tax to pay. However, make sure you maintain records of all money, investments, debts etc that you find so that you can demonstrate this to the tax authorities if they...

    Property Inheritance Tax

    Jessica Said:What is my tax liability on the sale of property from an inheritance?We Answered:The property was transferred to your wife and her two siblings at the date the estate was settled. Their basis in the property was the fair value of the property at the date of your father-in-law's death. Only the amount of increase in value between their basis and the selling price is taxable for federal income tax purposes. As an example, suppose your father-in-law bought a piece of land for $10,000. On the date of his death, it was worth $25,000. Your wife...

    Reduce Inheritance Tax

    Cynthia Said:Inheritance Tax (how to reduce it?)?We Answered:With this kind of money, he needs to see an estate planning specialist. I don't know about transferring the money overseas, but I do know that he can set up trusts to help shelter the inheritance. Also, there is a maximum amount that can be gifted in a year before it is taxed. I believe it is $10,000 per person. Which means, if your grandfather and father are married, that's $40,000 from one family to another.Allison Said:Inheritance tax if not married?We Answered:The IRS does not tax the recipient of inheritance...ever. There...

    Revenue Inheritance Tax

    Tony Said:what are the advantages and disadvantages of inheritance tax?We Answered:Assuming the total amount of tax revenue is fixed, an inheritance tax allows the government to collect less tax from people that are working for their money. Since taxing something necessarily discourages it, it is probably better to discourage inheriting as opposed to discouraging working. Unfortunately, tax revenue is not a zero-sum game. It is important to note that the U.S. uses an estate tax rather than an inheritance tax. The significance is that the dead person's estate pays the tax as opposed to the would...

    Taxes On Inheritance

    Troy Said:Do I have to claim inheritance on my taxes?We Answered:No, there is no tax to the beneficiary of an inheritance. The estate will have paid final taxes and capital gains tax on the deemed disposition of all her assets at her death. Income derived from the inheritance capital, after it has been dustributed to you, is taxable.Willard Said:im recieving $30000 from Peru its an inheritance do i pay taxes on it?We Answered:No taxes on $30,000 inheritance. And Florida doesn't have a state income tax anyhow. So you're HOME FREE! Congratulations!Doris Said:Do you need to claim an inheritance as income...

    The Inheritance Tax

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    Uk Inheritance Tax

    Louis Said:What is the USA liability for inheritance tax for a person who is a U S Citizen, but does not pay US tax?We Answered:I hope that when you say she doesn't pay any US tax it's because she has no income...US citizens with more than $3400 income have a filing requirement. As for inheritance tax, she will owe whatever the UK charges her as she is a resident there.Brandon Said:How to UK avoid inheritance tax?We Answered:Don't go for Hales' suggestion, your parents could end up with massive Capital Gains Tax bills doing it that way, even if no money changes...

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