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What are the tax implications of receiving an estate gift?
Receiving an estate gift may have tax implications depending on the value of the gift and the estate tax laws in place. In the United States, estate gifts above a certain threshold are subject to estate tax. However, recipients generally do not have to pay income tax on the value of the gift they receive. It is important to consult with a tax professional to understand the specific tax implications of receiving an estate gift.
In real estate what does in arrears mean?
Arrears refers to the state of being behind in payments. That could mean there are arrears in the mortgage payments, real estate taxes, municipal charges or rents.
Can you close on the sale of your home with an outstanding personal loan?
If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.
Husband has died and you are the excutor of his estate you want to add your name to the mortgage loan?
I can't think of any reason why you would. You can always just make the payments. If the payments are made, the mortgage company probably won't even blink.
Can an estate account be used to pay mortgage and or rent payments as well as utilities?
This depends on how the house is treated in the will. Generally, if the house is given to a beneficiary specifically or through the residuary clause, or if it goes to an heir by intestate succession, the house becomes the property of the beneficiary as of the date of death even though the beneficiary is not entitled to actual possession yet. In that case, mortgage, property taxes, insurance and utilities are the obligation of the beneficiary or heir and are not true estate expenses. Since the estate account contains estate monies that may be used only for estate expenses and since those are not estate expenses, the estate account may not be used for them. However; if the will states that the house is not to be given to anyone in particular but that it is to be sold by the estate and the proceeds given to the the beneficiary, then the carrying charges of the house are legitimate estate expenses and the estate account may be used. In the world of reality and practicality, the estate account is sometimes used, even though it may technically be wrong. Sometimes, beneficiaries agree to let the estate account pay for carrying charges, subject to the beneficiary reimbursing the estate later on. As far as rent payments go, obviously, the estate account will be used to pay for the rental obligations the decedent has, because this is a legitimate debt of the decedent. But, the estate account cannot pay for someone else to live there. The executor has an obligation to cancel the lease as soon as practicable so that no unnecessary rent payments accrue.
What did Phyllis Diller do as a kid?
curious about real estate
What would happen if a person owened a car and die but they still making payments?
The executor must make the payments from any assets of the deceased Estate until the Estate is settled.
What are the tax implications of receiving an estate gift?
Receiving an estate gift may have tax implications depending on the value of the gift and the estate tax laws in place. In the United States, estate gifts above a certain threshold are subject to estate tax. However, recipients generally do not have to pay income tax on the value of the gift they receive. It is important to consult with a tax professional to understand the specific tax implications of receiving an estate gift.
In real estate what does in arrears mean?
Arrears refers to the state of being behind in payments. That could mean there are arrears in the mortgage payments, real estate taxes, municipal charges or rents.
Does a life estate affect disability?
A life estate does not have an affect on someone's disability. It may certainly affect their ability to collect disability payments.
How many estate tax installment payments allowed under code 6166?
Under Internal Revenue Code Section 6166, an estate can elect to pay estate tax in installments over a period of up to 15 years. The first payment is typically due nine months after the date of death, with subsequent payments made annually. However, the election can only be made if the estate meets certain criteria, such as having a closely held business. The installment payments can help ease the financial burden on the estate during the settlement process.
Who pays deceased unpaid mortgage?
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
If a person passes before receiving monies from a settlement due to cancer from asbestos and then received by survivors is it included in person estate?
It would become part of the estate.
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.
Can you close on the sale of your home with an outstanding personal loan?
If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.
What happens if you purchase real estate from an estate with the estate holding the mortgage then the estate account is closed by the trustee and payments are now going to a personal account?
You should review this situation with an attorney. You are the mortgagor. There is a mortgagee to whom the money is owed and the name of the mortgagee should be recited in the mortgage document. The heirs should be listed as the mortgagees since they were the legal owners of the real estate. An attorney should review the mortgage and the recipient of your payments to make certain you are paying the correct party.
What is the law in the state of Ohio with reference to a surviving spouse receiving the estate when there is no will?
It will depend on whether there are children or not. In most cases the estate is split between any children of the deceased and the spouse.
