0
Should you use your tax ID or the estate tax ID when selling the house?
Wiki User
∙ 14y ago
Should you use your personal tax ID or the estate tax ID when selling the house of a decendant?
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Is there capital gains tax on selling a house left in an estate?
Yes this is possible.
What is the rate of estate tax for those living in Milwaukee, WI?
The rate of estate tax will vary depending upon the house .For example $110k house it will be charged about $2k that is 2% of the assessed
What tax credits can i claim from an estate I was administrator of?
There are not likely to be any tax credits. The estate should reimburse you for your time and expenses.
Is there a Washington state real estate excise tax on a simple refinance transaction?
Yes there is. It is a Sales Tax by definition even though you are not selling.
What costs will be involved in selling one's house?
When one sell one's house, a lot of costs will be involved. These include cost for cleaning the house in preparation for viewing, preparing a home report, estate agent's commission, bridging loans, and capital gain tax.
Is there in the US capital gains tax on inherited property?
No. In the present system, you pay estate tax and you get a step up in basis and the date of death. But if you hold the house or stocks for several years, you should get the house appraised or get a stock quote and you will pay tax on the price change while you own it. Estate tax exemption changes from year to year. Right now it is several million, so if you are inheriting less than several million, it is tax free. Check with IRS for details. No. In the present system, you pay estate tax and you get a step up in basis and the date of death. But if you hold the house or stocks for several years, you should get the house appraised or get a stock quote and you will pay tax on the price change while you own it. Estate tax exemption changes from year to year. Right now it is several million, so if you are inheriting less than several million, it is tax free. Check with IRS for details.
How is estate tax determined?
what is an estate tax
Is it better to name a spouse OR the living trust as beneficiary of a non-qualified compensation plan?
You should get that kind of specialized advice from an attorney who specializes in estate planning and tax law in your jurisdiction.You should get that kind of specialized advice from an attorney who specializes in estate planning and tax law in your jurisdiction.You should get that kind of specialized advice from an attorney who specializes in estate planning and tax law in your jurisdiction.You should get that kind of specialized advice from an attorney who specializes in estate planning and tax law in your jurisdiction.
Does the Unified gift and estate tax credit reduce the size of the gross estate?
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
Is there a gift tax if deeding house to child before death?
Yes, there could very well be a gift tax. Consult a tax attorney. And the estate could pull the property back into the estate if it is within a few years of death.
Selling a new house in toronto Do I pay hat on selling my new home?
Yes, you may pay income tax for selling your new home in Toronto.
Do indigents pay death tax?
"Death Tax" refers to an Estate Tax. If your estate is worth $1,500,000 or less the estate is exempt from an estate tax. I assume most indigents don't have an estate that is worth that much.
