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You were left money in a will Do you have to pay taxes on it?
There are many regulations regarding inheritence tax. You'll need to talk to your tax attorney or accountant.
What is a tax that you pay on the money you earn?
To answer your question, the taxes you pay on the money you earn (salary, income) is called income tax.
Does IRS tax regular IRA distributions?
Yes, IRA distributions are taxable. You do not pay tax while the money is in the account, but you pay tax when you withdraw the money.
What type of business needs to pay tax and what type of business do not need to pay tax?
you pay from your job money
Do you have to pay tax on mother's house you inherited and sold?
If you inherit something of value -- instead of earning it through work -- you pay no tax unless the value of what you inherit is greater than $5 million. In 2013, the amount you can inherit tax-free goes down to a "mere" $1 million. In other words, if you earn money by working for it, you pay income tax. If you inherit the money, you pay pretty much nothing unless the amount is truly huge. To some politicians, this difference in tax rates is called a "flat" tax. Others propose that those who get their money, not by working for it, but by inheriting it, should pay no tax at all -- which these people also insist is a "flat" tax rate.
If your the executor of a will and you find the bank account has Pay upon death on it and it is not the executor who pays taxes on that?
I have been the executor of my mothers money, I pay her nursing home bills with it, she just died and i have 200,000 dollars left, do I have to pay tax on that money.
How much tax do ypu pay on 26000?
on an estate settlement how much money in tax will i pay on $26000.00
Do the wealthy pay income tax?
The wealthy do pay income tax, and since the wealthy have more income, they must pay more money in income tax.
Do you have to pay sales tax on car bought from my parents in mn?
is it required that I pay Minnesota sales tax on a car purchased from my mother
If you receive money from your grandparents do you have to pay tax?
No. They may have to pay gift tax. See discussions under that topic.
How much money can your mother give you without you having to pay a tax?
You won't believe this until you check with someone and verity it. If your mother gives you a gift of more than $13,000, your mother owes gift tax on the amount over $13,000, not you. You do not even claim it as income. See link
Do you have to pay taxes on money inherited from parents estate in va?
This may not apply to Virginia, but you generally do not have to pay tax on money you inherit. The tax has already been paid by the estate. Thus, the Federal Government took its share from the estate and then the state took its share from the estate and what little is left is yours to keep. No additional tax is generally due.
