Usually most parents are sure their house and property taxes are paid every year and if so, there is no reason to worry. Say the land had an assessed value of $250,000 and you sold it for $400,000. Then you would be charged Capital Gains Tax on the profit of $150,000. If you sold it for the exact amount $250,000 you wouldn't have to pay Capital Gains Tax. That's the only tax you would have to worry about it and you could easily pay it off by the profit you made. If your parents had back-taxes (highly doubtful) then you would have to find out from the IRS what they owed and pay those taxes. If the children want to keep the house on property, then they can get a loan to pay off the taxes, or, they can sell the house/property and hopefully make a profit after they pay off the back taxes. Marcy * The land will be taxed at the fair market value at the time of the person's death. Be advised that in most states land transfers through wills are often subjected to significant probate costs.
The owner of a deeded home can get the home back if the home is in his or her name. The taxes must be paid on a deeded home in order for it be a clear deed.
sent letters must do it ok
Children at the age of 12 do not have to pay taxes. The parents of the child is the one who has to pay taxes.
The taxes of a deceased person would be the responsibility of that person's estate. If the children are the administrators/executors of the the estate, then they would be responsible for filing the taxes on behalf of the deceased; but the payment would come out of estate funds, not from the children personally.
Whether it's your parents or mine, you won't have to pay (other than through taxes) - children are not legally responsible for their parents.
No. A child cannot be held responsible for the actions of their parents.Exception to the rule: If the children are heirs of an estate (both parents are deceased) and taxes are outstanding, then the taxes must be paid out of the estate proceeds before the child(ren) could be awarded the residuals.
Taxes are not age-dependent. In general, if you make money, then you have to file taxes. In some cases parents are allowed to fold the income of their minor children into their own tax returns, but if you have income at all, then SOMEBODY has to pay taxes on it.
Many parents dread the tax season. They find out how much they owe in taxes and can become quite upset at the amount. Owing money in taxes is quite the drag. One way to eliminate high tax expenses is for parents to pay for the tuition of their children. If parents foot the bill for tuition expenses, then they are able to qualify for a $4,000 deduction on their taxes. This can be a great incentive for parents to pay for the education of their children. However, parents are unable to claim more than $4,000 in tax deductions for paying tuition expenses.
who evers name is on the deed is legally responsible
Could cause some problems for both taxpayers that are involved in this matter.
You don't have to pay taxes.. But the government says they tax the transfer property at your death..
Death and Taxes - 2014 was released on: USA: 2014
As long as you are depending on your parents to provide for you,they can claim you on their taxes. So the answer is YES.
Taxes & Death are part of life.
Taxes and death
The cast of Death and Taxes - 2010 includes: Julia Butterfly Hill
Whatever you like if the taxes is big enoguh.
you will have to pay your own taxes not your parents.
Death and taxes.
Death and taxes : )
Only by death
Death and Taxes - 2011 was released on: USA: 12 May 2011 (Chashama Film Festival)