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Q: What type of tax is determined through the use of mil levy?
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Continue Learning about Accounting

where do I mail form?

where do I mIL FORM?


Abbreviation for millions?

Since million is abbreviated mil, you can abbreviate millions as mils. Even though there is an s on the end, most people will know what you are referring to based on the context of the word.


How many mils in one dollar?

There are 1000 mils in one dollar. A mil is a tenth of a cent.


What does 2.7 mil look like in American money?

Well my friend picture stacks an stacks of green paper, then dive in it


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.