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Estate taxes

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Money Talk > Taxes

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raemart
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Estate taxes  Reply with quote  

My family's family sold our great grandmother's old home place in 2012. There were more than 65 heirs. My 3 brother's and I each received $179.00 as our part. How do I claim it on my taxes; as income or a divendend? I think it only gives me the 2 choices to use in the estate portion on the tax forms. I must claim this, correct?
Post Tue Apr 09, 2013 8:36 pm
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oldguy
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quote:
I must claim this, correct?


No, inheritances are tax tree. And Estate Tax only applies on the amount over $5.1 million.
Post Tue Apr 09, 2013 8:49 pm
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raemart
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OMG! I'm glad I asked! Come on OG, we're going to Vegas!

The tax software added it right in there as part of my income!? WTH? I will back that right out of there, right now! Now that you say it, estate tax is free until the millions! Duh......

Thank you so much!
Post Tue Apr 09, 2013 9:48 pm
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clydewolf
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quote:
Originally posted by raemart
OMG! I'm glad I asked! Come on OG, we're going to Vegas!

The tax software added it right in there as part of my income!? WTH? I will back that right out of there, right now! Now that you say it, estate tax is free until the millions! Duh......

Thank you so much!


Oldguy said it right.

Inheritance does not go on the federal income tax form. And even the amount above the $5.25M exemption the estate pays the tax, not the inheritors.

Some states do have an inheritance tax that the inheritor pays....
Check your state's rules.
Post Tue Apr 09, 2013 11:32 pm
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raemart
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It was entered in the 'estate and inheritance' section of the tax form..... I thought these tax programs are suppose to be smarter than (me) GIGO? Rolling Eyes

Not a question...... Thanks for all the help!!
Post Wed Apr 10, 2013 6:35 am
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clydewolf
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quote:
Originally posted by raemart
It was entered in the 'estate and inheritance' section of the tax form.....

What tax form was that?
Post Wed Apr 10, 2013 8:20 pm
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raemart
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There's a section for estate tax and I entered it there. It's part of their 'Life Events' portion of the form.

Last edited by raemart on Thu Apr 11, 2013 3:43 am; edited 2 times in total
Post Thu Apr 11, 2013 2:33 am
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raemart
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Thanks Tim, I removed the tax program name. No one's business. I will PM Clydewolf. That tax program gave me questionable answers on other amounts I entered too. Something told me to 'ask' about the estate monies. Glad I did.

Yes, I am full of questions all the time! lol


Last edited by raemart on Fri Apr 12, 2013 3:43 am; edited 1 time in total
Post Thu Apr 11, 2013 4:10 am
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clydewolf
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quote:
Originally posted by raemart
There's a section for estate tax and I entered it there. It's part of their 'Life Events' portion of the form.


Using the term, "life events" sounds like the interview section of the tax program.
Post Fri Apr 12, 2013 1:05 am
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Anton Martin
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Stops using software  Reply with quote  

I would like to suggest you that stop using software as it may give you errore. Remember that brains behind developing softwares are human brains then why to use software. Better you follow manual tax filing to make it better for you and error free.
Post Wed May 29, 2013 12:18 pm
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developmyapps
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A tax levied on an heir's inherited portion of an estate if the value of the estate exceeds an exclusion limit set by law. The estate tax is mostly imposed on assets left to heirs, but it does not apply to the transfer of assets to a surviving spouse. The right of spouses to leave any amount to one another is known as the "unlimited marital deduction."
Post Tue Jun 25, 2013 12:30 pm
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pezlindalo
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On real estate tax. History of real estate tax, property assessor, real estate tax maps; limitations of increasing property taxes with homestead real estate tax exemption; delinquent real estate tax penalties; lien on property and use of tax certificates; about estate tax lien and filing affidavit by executor to remove estate tax lien. Real estate worth more than $1.5 million subject to federal estate tax.
Post Tue Aug 13, 2013 9:47 am
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appsfacebook
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The estate tax in the United States is a tax imposed on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will, according to the state laws of intestacy or otherwise made as an incident of the death of the owner, such as a transfer of property from an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries. The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, imposes a tax on transfers of property during a person's life; the gift tax prevents avoidance of the estate tax should a person want to give away his/her estate.
Post Mon Oct 21, 2013 11:27 am
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