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Is the sale of real estate taxed in MA?
YES
Which of these is taxed over a certain amount by the federal government and some states?
estate
Do you have to pay income taxes on an unsettled estate?
Yes, you have to file a tax return for the estate. Any income will be reported and taxed accordingly.
How much is jewelry taxed in Texas?
Jewelry in Texas is taxed .0825, eight and one forth cents per dollar. Examples: $1 - $1.0825 $5 - $5.4125 $10 - $10.825 $15 - $16.2375 $20 - $21.65 $100 - $108.25 $1,000 - $1,082.50
Is life insurance exempt from being claimed for bills in an estate?
STILL ONE OF THE GREATES BENEFITS AVAILABLE: Life insurance with a named beneficiary is paid outside the estate, directly to that beneficiary. It is not subject to any other claims by anyone involving the decedent. (It is also not taxed). Unfortunately, some people name themselves or their estate (which is the same) as the beneficiary. Then it simply becomes another asset of the estate to be taxed, and distributed after handling the claims against the estate.
What is the tax rate of an estate valued at 500000 going to children?
Zero. Estate taxes start at $3.5 million dollars value, so .5 isn't going to be taxed.
What if there is a life insurance policy out on you but the benifecery died?
If the only beneficiary of a policy dies, the benefit is paid to your estate, therefore can be taxed as an estate. You can call the company or your agent to add another beneficiary(ies).
Are executor expenses tax deductible?
they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.
If inherited money has gone through probate hasn't it already been taxed?
Not necessarily Inherited money is not taxable, so the issue is not that it has already been taxed. The IRS does not consider it taxable income. On the other hand, any interest earned on the inherited money during administration IS taxable. That money is considered income and the estate must pay the income tax on it or the estate distributes that interest to the beneficiaries prior to the close of the estate and the beneficiaries have to declare that as income.
Is there tax on tax inheritance?
I guess it depends on the situation; An inheritance tax (also known as an estate tax) is a tax levied on a person who inherits money or property, or a tax on the estate (total value of the money and property), of a person who has died; as long as the FMV of the estate or the amount of inheritance exceeds a certain level, you are subject to inheritance tax. == ans == While the entire concept of inheritance/estate tax is complex, with many exemptions and exclusions and other considerations - the above is wrong. The Federal laws are changing, but basically, if the estate (as it is defined) is )or soon will be) under 5M there is no tax on it. That is - a tax on the ESTATE of what the deceased has to give. What one receives from an estate (with certain exemptions, like to a spouse, generally) - an INHERITANCE - is generally taxable as income to the one receiving it. Also if the money is coming from the deceased IRA (or certain other qualified retirement savings plans), there may be options on how to have it paid that either defer or change the amount of tax to be paid. Finally, the laws in the STATES are generally entirely different. (So an estate may not be taxed by the Feds, but taxed by the State, and an inheritance taxed by the Feds and not the State).
At death of a single person with no assets can the IRS get life insurance money left to a sister?
STILL ONE OF THE GREATEST BENEFITS AVAILABLE: Life insurance with a named beneficiary is paid outside the estate, directly to that beneficiary. It is not subject to any other claims by anyone involving the decedent. (It is also not taxed). Unfortunately, some insureds name themselves or their estate (which is the same) as the beneficiary. Then it simply becomes another asset of the estate to be taxed, and distributed after handling the claims against the estate. Like anything else in estates/law, it is not what any/everyone says the person wanted, but what the documents, (or lack of), show.
What is the estate system in France?
The estate system was division of three different groups. The first estate was made up of the clergy(Church). They made up 1% of the population and owned 10% of the land. They also taxed the peasants heavily to avoid paying taxes themselves. The second estate was made up of nobles and kings. They were about 4% of the population but owned 20% of the land. They lived rich lives and taxed peasants to avoid paying their taxes. The Third estate was everybody else. They were workers and farmers. some were rich but never went up to the 2nd or 1st estate. The third estate was taxed heavily making the poor poorer and this helped the rich stay rich.
