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Estate taxes
Boston and Nantucket join call for property taxes to boost affordable housing
Massachusetts communities, including Boston, Somerville and Nantucket, are joining forces to push the legislature to allow them to tax certain real estate transactions and use the money to bolster affordable housing.Cities and towns each…
Collecting unpaid municipal charges and property taxes in Pennsylvania through estate sales can be…
Selling mortgaged real estate to collect unpaid municipal charges and county property taxes under both the Pennsylvania Municipal Claims Act (MCA) and the Real Estate Tax Sale Law (TSL) can present pitfalls for the unwary . The greatest…
Property taxes could hit the less wealthy
Democratic presidential candidates Elizabeth Warren and Bernie Sanders have unveiled ambitious plans to fund universal health care and other programs by raising taxes for the wealthiest Americans. But behind the proposed tax hikes for the…
Rich Koreans Give Their Children Millions to Protect Against Property Taxes, Economy News & Top…
SINGAPORE (BLOOMBERG) - Some are barely old enough to walk and talk, let alone understand the stock market. But thanks to South Korea's tax laws, a growing number of children as young as one year old are sitting on stakes collectively…
Worried about property taxes? A strategy to try
Imagine having a thriving family business that you plan to pass on to your heirs.Or maybe there is some important ground that you want to leave for your children.However, during the estate planning process, you find out that your…
Girlfriend pays property taxes but isn’t on the deed
Ilyce Glink and Samuel J. Tamkin, Tribune content agency
| Sarasota Herald-TribuneQ: I live with my boyfriend and have been with him for about 12 years. We have two children. He bought a house, and he's the only one on the bill of…
How to Use a Roth IRA to Avoid Paying Inheritance Tax
Smart estate planning will lower the tax bill your heirs pay upon your death, and a Roth IRA is one of the most effective tools that can be used for this purpose. In addition to all of the other positive features of Roth IRAs, there…
Opinion: I have questions about inheritance tax and other inheritance issues
I have regularly received questions about inheritance, and they have relatively simple answers. Keep in mind that I am not a lawyer and you should always consult a qualified lawyer for legal advice, but here are…
Would higher property taxes save social security?
Tens of millions of Americans rely on Social Security to make ends meet in retirement, and many more expect to use the program when they retire. Yet Social Security faces a financial crisis of epic…
Explanation of property taxes in New York, New Jersey and Connecticut
By Mari Galvin.
The Tax Cut and Jobs Act of 2017 (TCJA) doubled the amount of property that an individual can pass on without federal transfer taxes. As of January 1, 2019, the federal…
India reforms property tax
India - Large
The levying of indirect taxes in India on the real estate…
Californians to vote on property tax increase under Senator Scott Wiener’s bill
SACRAMENTO - Are Californians willing to tax some of the state's wealthiest residents after they die to close the wealth gap with the poor?Senator Scott Wiener, D-San Francisco, is betting on a new state-level estate tax, modeled on the…
Bernie Sanders proposes steep rise in inheritance taxes, after Elizabeth Warren suspended wealth tax
Senator Bernie Sanders on Thursday introduced legislation that would raise the estate tax for billionaires, the left's latest effort to raise taxes for wealthier Americans. The Vermont independent, who could run for…
Can you reduce income and estate taxes with a trust called ING?
r-ING in the new year with ING tax savings. photo credit: Getty
Getty
INGs are an excellent income and estate tax planning tool. But these are complex trusts and you have to beware of the…
Spanos family won’t need to sell because of property taxes
Getty Images
When the patriarch of a family that owns an NFL franchise passes away, one of the most important questions is whether the transfer of his stake to other family members will trigger…
These are the cities with the highest and lowest property taxes in Canada – National
Buying a home in Canada briefly became a little less difficult at the end of last year, but that small gain has already vanished as rising interest rates erase the impact of a declining housing, according to RBC.
But home prices and…
$ 40 million in uncollected, abandoned property taxes | Guam News
Draft audit report shows $ 40.8 million in property taxes was considered "lost income" because the…
$40 million in uncollected, abandoned property taxes | Guam News
A draft audit report shows that $40.8 million in property taxes were considered 'lost revenue' because the…
Can you prepay your property taxes before the tax bill takes effect? Find out here.
A 1040 tax form (Mark Lennihan / AP) UPDATE: The Internal Revenue Service said Wednesday night that homeowners can only deduct prepaid property taxes from their next tax returns if those property taxes were assessed and paid in…
City of Alexandria to Accept 2018 Property Tax Advance Payment and Encourages Taxpayers to Seek…
There could be benefits
Changes to federal tax law expected to take effect for the 2018 tax year have raised questions about the potential benefits of prepaying state and local taxes. Under current law, state and local tax…
Impact of US tax reform on inheritance tax
The major estate and gift tax change in the Conference Committee's version of the Tax Cuts and Jobs Act of 2017 is the doubling of the built-in estate tax exemption. estates and gifts at $11.2 million adjusted for inflation for deceased…
Liability of executor and beneficiary for unpaid income, gift and inheritance taxes of a deceased
Estate tax advisors are generally aware that the executor or personal representative of the estate is personally responsible for paying federal property taxes not only with respect to the probate estate, but also estate taxes attributable…
Variation in property taxes depends on more than geography
The highest property taxes in 2016 were paid by New Jersey homeowners, and the lowest were in Alabama. The difference between the two was impressive; $7,707. Using the Census Bureau's 2016 American Community Survey, the…
The CRA’s crackdown on property taxes does not allow tracking of collection results
A real estate sale sign hangs in front of a property in western Toronto on Friday, November 4, 2016. The Canada Revenue Agency has identified $ 291.7 million in taxes owed in Ontario and $ 78.6 million in taxes. dollars in British…
Property taxes: should you be worried? – Tax
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What is a property tax?
An inheritance tax is levied on the inherited part of an estate from an heir if the value of such inheritance…
Qualified Newport News seniors with disabilities may be exempt from property taxes
NEWPORT NEWS, Va. — The Newport News Office of the Commissioner of Revenue is accepting applications for the Seniors and Disabled Property Tax Relief Program available to Newport News property owners.
Individuals who meet certain…
5 smart strategies to reduce property taxes | Taxes
If you die this year and have more than $ 5.49 million in assets, the federal government could tax the excess up to 40%. Depending on where you live, your state government may also take a stake.âSome people don't care…
How the Rich Pay Less Inheritance Taxes
Donald Trump and Hillary Clinton have opposing plans for the country's estate tax: Clinton wants to raise it and Trump wants to kill it. Yet behind the political noise, which intensified on Thursday when Clinton detailed her…
Property taxes are indeed immoral
Michael Tomasky wrote a seriously flawed article column for The Daily Beast this week in which he not only made a case for wealth and inheritance taxes, but even said those taxes were moral. He made four arguments to support this…
States cut estate taxes to attract retirees
It's not unusual for states to claim they are great places to live. But more and more, states are trying to get the message across that they are also great places to die.In 2015, four states will increase the amount exempt from state…
Gift and inheritance taxes: why you may never owe a penny
Note: This article is part of Morningstar's October 2014 special report, 5 Keys to Retirement Investing. If you've ever made a large financial gift to someone - say, a four or five figure check to a child or grandchild - you probably know…
A potential game changer for property taxes on art
IN LIFE, James A. Elkins Jr., a prominent Houston businessman and philanthropist, amassed a portfolio of art that was the envy of museums and collectors alike. He owned works by Pablo Picasso, Jackson Pollock, Jasper Johns, David Hockney,…
Anticipated issues with estate taxes for RAQT trusts
A tax lawyer is warning about some adverse tax consequences for surviving spouses in many states across the country due to the use of so-called "QTIP trusts".Seymour Goldberg, a senior partner at the law firm Goldberg & Goldberg in…
Art property tax decision will save millions
Robert Motherwell, Elegy to the Spanish Republic # 134 (1976).Courtesy of the Elkins Collection.
In what is seen as a victory for art collectors seeking to dodge or minimize inheritance taxes, a U.S. appeals court agreed that…
Some states are preparing to ease their inheritance taxes
Take the example of a couple in New York with $ 5 million in assets. They should not have any federal inheritance tax. But what they owe in New York would depend on their planning, said Ita M. Rahilly, partner at accounting firm…
State Estate Taxes After ATRA | Wealth management
Prior to the enactment of the American Taxpayer Relief Act of 2012 (ATRA), the federal credit under Section 2011 of the Internal Revenue Code would have been reinstated in 2013, but the ATRA…
Inheritance deal: record year for property taxes helps fuel budget surplus
Even though death and taxes are the only certain things in life, state lawmakers say they can never be certain about taxes on death.Without a crystal ball and no idea when spectacularly wealthy Connecticut…
Rich should pay high taxes, but not property taxes
Perelman's point of view obtains some sympathy in Washington. While income taxes have increased as part of the âtax cliffâ agreement for high earners, inheritance tax has been…
Connecticut Property Taxes Explained
If you live in Connecticut, any property you own when you die will be assessed to determine whether your estate owes the IRS or Connecticut - or both - or neither. Your estate includes your house, car, furniture, bank account, brokerage…
The end of a decade of uncertainty over gift and inheritance taxes
FOR many wealthy people, the American Taxpayer Relief Act, passed by Congress this week, lives up to its name. For inheritance and gift taxes in particular, all but the richest will likely be able to protect their assets from taxes, now…
Next battle at the edge of the cliff: property taxes
Many Republicans say the inheritance tax should be banned altogether. But some have said that if the tax were to stay, it would have to be at current levels of 35 percent on a $ 5 million exemption.…
New property taxes bring confusion
During the recent spring break, we visited with family and friends who were considering real estate buying and selling.
A couple sold their primary residence, a modest brick Tudor in a well-established suburban…