Estate taxes

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…

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…

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…

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…

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…

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…

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…

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…

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…

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 - Large The levying of indirect taxes in India on the real estate…

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…

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…

…

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…

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…

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…

Draft audit report shows $ 40.8 million in property taxes was considered "lost income" because the…

A draft audit report shows that $40.8 million in property taxes were considered 'lost revenue' because the…

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…

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…

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…

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…

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…

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…

To print this article, all you need to do is be registered or log in to Mondaq.com. 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…

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…

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.“Some people don't care…

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…

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…

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…

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…

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,…

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…

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…

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…

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…

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…

Perelman's point of view obtains some sympathy in Washington. While income taxes have increased as part of the “tax cliff” agreement for high earners, inheritance tax has been…

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…

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…

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.…

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…

…