0
Add your answer:
Earn +20 pts
Who is responsible for filing taxes if there is no estate?
If there are taxes that need to be filed, there needs to be an estate. That allows all debts to be resolved and closed. The court has to approve all distributions and payments.
Do you pay taxes on a trust inheritance?
Depending on where someone lives depends on the need to pay taxes on any inheritance they get from a living trust. The beneficiary of an estate from inheritance will need to pay taxes to take possession of assets.
How much does real estate taxes cost?
You need to inquire at your local tax assessor. Real estate taxes vary from town to town and are charged at different rates for the various types of property: residential, commercial, agricultural, forest, recreation, etc.
If you rent a home do you pay school taxes?
No, you don't directly pay real estate taxes when you rent a home. You don't receive an assessment notice from the local assessor and get the tax bill. However, you do pay real estate taxes indirectly in your monthly rent. Real estate taxes, insurance, maintenance, and other costs are taken into consideration by landlords when they determine the amount of rent they need. Luckily there is also competition from other available rental units, so the landlord can't ask too much in rent.
How much tax must be paid on land sales?
You must pay capital gains taxes on any amount of profit that you receive from the sale of the land. This is around 15%. In addition, there may be local and state taxes that need to be paid depending on your location.
Do you report the sale of land to a family member?
You need to report the sale. The deed needs to be reported, the taxes evaluated and their may be income tax consequences.
Will you need to pay estate taxes?
That will depend on the value of the estate. The executor will have to file a tax return with the IRS for the estate.
What kind of taxes will need to be paid on a considerable sum of money from a deceased mother's checking account when it is divided between the surviving children?
Estate taxes are what need to be paid. The executor of the estate, or their legal advisor, should have a good handle on the process. If the value of the estate is less then about 1.2 million, there may be no taxes due, but you still need to file.
Who is responsible for filing taxes if there is no estate?
If there are taxes that need to be filed, there needs to be an estate. That allows all debts to be resolved and closed. The court has to approve all distributions and payments.
Do you pay taxes on a trust inheritance?
Depending on where someone lives depends on the need to pay taxes on any inheritance they get from a living trust. The beneficiary of an estate from inheritance will need to pay taxes to take possession of assets.
How much is real estate transfer tax?
Real estate transfer taxes vary from state to state. You need to contact your local land records recording office and inquire about your state tax rate. You could check at your state's official website to see if that information is posted. You could also do an internet search to see if your land records office has a website. Search by county and state + land records.
Do the elderly need life insurance?
Probably, burial expenses, estate planning, taxes, etc for more info.
Can the administrator of an estate sell property without the heirs permission in North Carolina?
Court appointed administrators of estates do not need the heirs' permission to act. They are given the authority to settle the estate according to state laws. The land may need to be sold to pay debts. In that case, the heirs can arrange to purchase the land from the estate so the debts can be paid. If you have questions about the estate administration you should contact the attorney who is handling the estate or a private attorney who can review all the details and explain your options.Court appointed administrators of estates do not need the heirs' permission to act. They are given the authority to settle the estate according to state laws. The land may need to be sold to pay debts. In that case, the heirs can arrange to purchase the land from the estate so the debts can be paid. If you have questions about the estate administration you should contact the attorney who is handling the estate or a private attorney who can review all the details and explain your options.Court appointed administrators of estates do not need the heirs' permission to act. They are given the authority to settle the estate according to state laws. The land may need to be sold to pay debts. In that case, the heirs can arrange to purchase the land from the estate so the debts can be paid. If you have questions about the estate administration you should contact the attorney who is handling the estate or a private attorney who can review all the details and explain your options.Court appointed administrators of estates do not need the heirs' permission to act. They are given the authority to settle the estate according to state laws. The land may need to be sold to pay debts. In that case, the heirs can arrange to purchase the land from the estate so the debts can be paid. If you have questions about the estate administration you should contact the attorney who is handling the estate or a private attorney who can review all the details and explain your options.
How much does real estate taxes cost?
You need to inquire at your local tax assessor. Real estate taxes vary from town to town and are charged at different rates for the various types of property: residential, commercial, agricultural, forest, recreation, etc.
My mother gave her husband a life estate in land that we inherited. Can we reverse that?
No. The life tenant would need to release his life estate in writing.
Why do you need an ein number for an estate?
So that you can pay taxes for the estate. It allows the IRS and state entities to insure the proper taxes are collected. It also allows the executor to open bank accounts and keep them isolated from personal assets.
How much land do white men need to vote?
that i(owning real estate) s not a requirement.
