Comments on: Death and Taxes… Actually Certain? http://www.taxgirl.com/death-and-taxes-actually-certain/ Paying taxes is painful... but reading about them shouldn't be. Sun, 12 Feb 2012 17:55:29 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Kelly http://www.taxgirl.com/death-and-taxes-actually-certain/comment-page-1/#comment-9832 Kelly Wed, 25 Mar 2009 12:17:27 +0000 http://taxgirl.com/?p=176#comment-9832 For federal purposes, the threshold is quite high: $2 million. If the estate doesn't have assets in excess of that amount, there is generally no tax due. For state purposes, the amount and "who pays" varies by statute. In many cases, the estate - not the beneficiary - of estate assets pays the tax. However, if there is a tax clause in the decedent's will, that will determine who pays. If I were you, I'd check with an attorney in your state who is versed in these kind of matters. He or she can take a peek at the will and give you a better answer. For federal purposes, the threshold is quite high: $2 million. If the estate doesn’t have assets in excess of that amount, there is generally no tax due.

For state purposes, the amount and “who pays” varies by statute. In many cases, the estate – not the beneficiary – of estate assets pays the tax. However, if there is a tax clause in the decedent’s will, that will determine who pays. If I were you, I’d check with an attorney in your state who is versed in these kind of matters. He or she can take a peek at the will and give you a better answer.

]]> By: joe arceneaux http://www.taxgirl.com/death-and-taxes-actually-certain/comment-page-1/#comment-9831 joe arceneaux Wed, 25 Mar 2009 11:53:10 +0000 http://taxgirl.com/?p=176#comment-9831 i need to know about estate tax's my father died last year 2008. in his will he gave my older sister an her husband use of his home till they die.we share 1/8 of the estate. but my sister gets to live there till she die's .do we have to pay any tax's on the estate.or does the person who is living in the home pay these tax's since she lives there for free. we have know say in the home or land. she can use it like she wants. till her death then an only then do we come back into the estate as those who in inherite it. please help me with this ? thank you i need to know about estate tax’s my father died last year 2008. in his will he gave my older sister an her husband use of his home till they die.we share 1/8 of the estate. but my sister gets to live there till she die’s .do we have to pay any tax’s on the estate.or does the person who is living in the home pay these tax’s since she lives there for free. we have know say in the home or land. she can use it like she wants. till her death then an only then do we come back into the estate as those who in inherite it. please help me with this ? thank you

]]> By: Bill Woessner http://www.taxgirl.com/death-and-taxes-actually-certain/comment-page-1/#comment-900 Bill Woessner Tue, 16 Jan 2007 13:37:27 +0000 http://taxgirl.com/?p=176#comment-900 I think the estate tax is pretty much absurd. Why do we need yet another special tax rule? Just treat inherited money as income. If we really need to tax inherited money more than 35%, we can create an ultra-high tax bracket. I think the estate tax is pretty much absurd. Why do we need yet another special tax rule? Just treat inherited money as income. If we really need to tax inherited money more than 35%, we can create an ultra-high tax bracket.

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