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What type of tax is paid on money property and other valuables left by a person?

The tax paid on money, property, and other valuables left by a person after their death is called an estate tax. This tax is assessed on the total value of the deceased person's estate before it is distributed to heirs. In some jurisdictions, there may also be an inheritance tax, which is paid by the beneficiaries based on the value of what they receive. The specific laws and rates can vary depending on the location.


Can you give your property away owing taxes?

Yes, you can give your property away owning taxes, unless there is a lien or other legal document held by the IRS or taxing authority that prohibits you from doing so. Examples of such restrictions against giving the property away might be where your personal income taxes are delinquent or your property taxes are delinquent and the property is collateral guaranteeing payment of the debt.If the property is free of delinquencies, the person accepting the property is doing so subject to the outlying property taxes. For example, if you gave real estate to a person they probably need to pay the real estate taxes before they could purchase title insurance or mortgage the property.


What are miscellaneous assets?

Things other than money, bank accounts, business assets and property, for example coin collections, art work or anything else of value.


Who controlled the property And other assets of Román women?

who controled the property and other assets of roman woman


What does the term irs lien mean?

An IRS tax lien means the IRS is placing a lien against your hours or other personal property. This is usually due to you owing the IRS an amount of money. If you cannot pay it within a certain amount of time, they could put a lien on your property, seize it, and sell it in order to make the money they are owed.

Related Questions

What type of taxes paid on money and property and other valuables left by a person who has died?

estate tax


What is a large place store money or other valuables?

What is a place to store money or other valuables


What are the money and other valuables that belong to a corporation?

Assets.


Money and other valuables belonging to an individual or business?

assets


What are the money and other valuables belongs to a corporation or partnership called?

Assets


What is the real definition of swag?

Jewels, money or other valuables taken by a thief.


What are the money and other valuables that belong to a corporation or a partnership called?

Assets-B


What is the correct term for money given to deceased family?

The correct term for money given to deceased family members is "inheritance." Inheritance refers to the assets, including money, property, and other valuables, that are passed down from a deceased individual to their heirs according to their will or state law.


How do you spell scamming?

That is the correct spelling of the informal term "scamming" (tricking out of money or other valuables).


What is the truck called that ships expensive stuff?

An armoured truck is one that transports money, and other valuables,


What would grave robbers take?

Jewelry and any other valuables a person might be buried with.


The Items of value that a person owns are called?

The items of value that a person owns are called assets. These can include cash, real estate, investments, personal property, and other valuables. Assets contribute to an individual's net worth and can be used for financial planning and investment purposes.