Inheiritance Tax

[lazs2]

socialism is a bad thing... the more of it you have... the worse off you are.
lazs

[AKIron]

President Bush pushed hard for a phase out of our "Death Tax." I may be wrong but it seems that Congress balked on this.

Many of those that cry about freedom lost don't give a rats bellybutton about the freedom to spend your own money, go figure.

[Dune]

When my grandfather died in the late 70's, the farm depression and Carter's inheiritance taxes almost sank our family farm.  It was years before we dug ourselves out.

[Ripsnort]

Originally posted by Dune
When my grandfather died in the late 70's, the farm depression and Carter's inheiritance taxes almost sank our family farm.  It was years before we dug ourselves out.

No dis to your grandfather, mind you...but what was the debt owed vs. estate-worth percentage?Its wise to consider this if you own a business that relies on equipment debt vs. estate worth. (I know this because it happened to our neighbor in Minnesota where I was raised)

[straffo]

Here it's 5 % to 55 % depending of the amount and 0  if you are living in Corsica.

[Eagler]

Originally posted by Furball
£250,000 = about $350,000 - 400,000

You saying that if you died tomorrow all the things you leave will not be more than that? including your estate?

thanks for the correction

yes, it would be over that - that is why I have a full time food tester

[Dowding]

My point still stands - money spent on assylum seekers is a drop in the ocean in terms of taxation income. I think you'd be surprised if you looked into it, as I suggested.

As for the social security expenditure - I assume you mean employment benefit or income support? There are holes in the system, sure, and they get exploited - but there is no system in the world that is fool-proof.

And prices are high in the South East for a reason.

[SOB]

Just went through this a couple of years ago.  Here you'll get hit with estate tax if the estate is worth over $375,000, and you have an option of using the value of the estate at the date of death or at 6 mo out from the date of death.  While the estate is active after death, it is subject to tax on any income earned from the time it is opened.  This is, basically, just a personal income tax filing for the deceased and you can use any tax benefits that would normally be able to carry over from the previous tax year just as if the person had not died.  ie, if the deceased had a large capital loss that they could have carried over from the previous tax year, you can still use this against the estate's taxable income.

On the other end... Cash received from an inheritance is not taxable income - as it would have been taxed as income to the estate or the deceased.  Property & untaxed money (retirement accts, etc) that you recieve as a beneficiary are taxable to you as income.  In the case of retirement accts, they aren't taxable until you withdraw the money.


SOB

[bigsky]

two words....TRUST FUND

[Leslie]

Seems like what Furball is concerned with is...he doesn't have money or maybe no income?  How would he pay the taxes on the house, etc... if he suddenly becomes owner.  What if it ain't so easy to get a job?  Then what?

I feel for ya Furball.  That's gotta be the worst situation I can think of.  Dunno what I'd do.  Sometimes things work out though.  If you worry about it too much, you'll lose your mind.   Long as you have friends, you're not gonna starve.

Being philosophical about it, it could even be a blessing in disguise if that happened.  You never know who you might meet as a result, and it could change your life dramatically for the better.  You could invent something and become a millionaire, for example.   The famous painter Goya didn't become famous 'til he worked in a restaurant and bounced some drunk who was molesting a princess (maja), out the door.  She got him into the royal academy and he became court painter.  Never would have happened if Goya wasn't in the right place at the right time, in addition to painting.  Without that, he would have most likely been unrecognized as the father of modern painting.

I just use that example cause I'm an artist, and I all too understand about the no income part.  And about what it's like to fall through the cracks of society, though I'm not saying you have Furball.  I have.  I've been workin on 2 etchings that took about 6 months apiece to do.  One year, and I'm just about dead mentally and physically.  I sure ain't doing it for my health...LOL.  All speculation work.  Gambling with my life, so to speak.  But I feel I have to do it to survive.

Best thing is to keep in shape, physically and mentally, so you can handle anything that comes along.  




Les

[Furball]

Thankyou very much for your concern leslie.  But i am not worried about me, its the situation my gran, father and aunt are in that makes my blood boil.

I hope your etchings make you a lot of money, not too much though - or the money grabbing taxman will get'cha!

[Leslie]

Thanks Furball.





Les

[DmdMac]

America has something on the order of a 40% inheritence tax.

[Sixpence]

Where I never inherited anything, or ever will, can I get a tax credit?

[LePaul]

Hmmm, but when we here in the USA talk about eliminating the death tax, or marriage taxes...the democrats blare out about how badly we need the income to support those living off the government....etc etc

You've made a good point, its unfair and pretty much anyone with any common sense agrees.  Then, you have democrats...