Inheritance tax

[The Abdominal Snoman]

Do any of you Getbiggers live off an inheritance? If so, what is the tax rate?

[newmom]

What do you mean per se. What a person paid in taxes on the money they inheritated. Or what they pay to the govt?

[Coach is Back!]

What do you mean per se. What a person paid in taxes on the money they inheritated. Or what they pay to the govt?

It's called a "death tax".

[Primemuscle]

-Not sure what the cutoff is today before you pay taxes on an iheritance but about ten years ago it was something like $650 grand.

[claymore]

It's called a "death tax".

It's also called an estate tax or death duty.

[chaos]

Sometimes the government calls it the "bend over and take it like a prison rape victim" tax.

[tbombz]

these lucky rich fuckers are complaining about a few % tax on millions that they never earned...should be grateful the government doesnt collect 100% of inheritance after debts are paid

[Coach is Back!]

these lucky rich fuckers are complaining about a few % tax on millions that they never earned...should be grateful the government doesnt collect 100% of inheritance after debts are paid

If you want to take this to the political board I'd be happy to explain it. For someone who doesn't work, vote or pay taxes, you sure don't have a hard time wanting to tax people who do.

[tbombz]

If you want to take this to the political board I'd be happy to explain it. For someone who doesn't work, vote or pay taxes, you sure don't have a hard time wanting to tax people who do.

  but i thought you were done with politics coach ?

theres nothing for you to explain, besides maybe why you choose to base your opinions on false theories and bigotry

[Coach is Back!]

  but i thought you were done with politics coach ?

theres nothing for you to explain, besides maybe why you choose to base your opinions on false theories and bigotry

Take it to the political board tbombz or is it because you'll get torn up over there? I'm not posting political on the G&O not the political.

[tbombz]

Take it to the political board tbombz or is it because you'll get torn up over there? I'm not posting political on the G&O not the political.

home slice, talkin politics with you is like talkin psychology with a retard

[Tapeworm]

As I understand it, the best way to minimize the burden is to use the one time tax free gift, the yearly tax free allowance, and there's some benefit from a trust.  Talk to more than one accountant.

[danielson]

As I understand it, the best way to minimize the burden is to use the one time tax free gift, the yearly tax free allowance, and there's some benefit from a trust.  Talk to more than one accountant.

That's the kind of knowledge that can save you from being thrown off a roof. And maybe even get you and your buddies a few cold ones.

[Tapeworm]

That's the kind of knowledge that can save you from being thrown off a roof. And maybe even get you and your buddies a few cold ones.

Haha.  I miss my friend Andy.

[Butterbean]

I think this year the Estate Tax is 0%.

[El Diablo Blanco]

The fact that someone already paid taxes on their money and yet when they pass it on the other party has to pay more taxes is just bullshit. This double dipping is just insane.  Yes this year the death tax is 0%.  Bush pass one law that made it zero for the last couple of years, but next year it is back to it's original 40%

[MORTALCOIL]

In France, you gat a 156 000€ free of taxes for each children. Then it's 20% up to almost 600 000€. Then 30% and then 40% above 870 000 I think. That is for the deceased's kids. Sisters, brothers, etc...start at 45%.

[CalvinH]

As I understand it, the best way to minimize the burden is to use the one time tax free gift, the yearly tax free allowance, and there's some benefit from a trust.  Talk to more than one accountant.

That's the kind of knowledge that can save you from being thrown off a roof. And maybe even get you and your buddies a few cold ones.

Haha.  I miss my friend Andy.

 

[coltrane]

I'm an attorney and practice estate admin in ny.

Here is some info:

You personally don't pay an inheritence tax when you receive your money.  
The estate may pay the estate tax (death tax) if the estate's total probate assets are above a certain amount.  In NY, the exemption is set at 1 million.  Anything above that will be taxed.  At the fed level, in 2010, the estate tax is repealed.. (hopefully it stays that way).  There is talk of making an estate tax retroactive to 2010, but the exemption would be high.. say 3.5 million.

You just receive money that is left AFTER the estate pays the tax.  

[Coach is Back!]

I'm an attorney and practice estate admin in ny.

Here is some info:

You personally don't pay an inheritence tax when you receive your money.  
The estate may pay the estate tax (death tax) if the estate's total probate assets are above a certain amount.  In NY, the exemption is set at 1 million.  Anything above that will be taxed.  At the fed level, in 2010, the estate tax is repealed.. (hopefully it stays that way).  There is talk of making an estate tax retroactive to 2010, but the exemption would be high.. say 3.5 million.

You just receive money that is left AFTER the estate pays the tax.  

Knucklehead tbombz thinks it should be taxed 100% but he refuses to take to the politics board where he'd get his ass tore up not only by me but by others. Typical.

[Hereford]

these lucky rich fuckers are complaining about a few % tax on millions that they never earned...should be grateful the government doesnt collect 100% of inheritance after debts are paid

You're fucking joking, right?

Spoken like a true liberal that doesn't own shit.

[coltrane]

TBombz is young and doesn't understand this stuff guys.

I'm wrapping up an estate now that is just over a million and the estate tax is $70,000.   The only portion that IS taxed is the portion over 1 million.  That's not small change.

Tbombz:  you're in over your head on this one bud.

[funk51]

a pox on all undertakers and lawyers may they all contract the black plaque like the vermin that they are.

[pluck]

You're fucking joking, right?

Spoken like a true liberal that doesn't own shit.

Someone who has a job and earns their money and sees over 1/3 of their check get taken by the government would NEVER agree to more taxes. He's not a real person and his opinion doesn't count since he has zero life experience. It's like going to junior high and taking political advice from a 6th grader who aced their social studies test.

[Hereford]

The death tax sounds great to liberals... of course it sounds wonderful to take what someone else worked for and restribute it to those who have not. Shit, dying is totally a taxable event!

Seriously, even if you are a POS socialist, you have to be insanely intellectually dishonest with yourself to support even taxing DYING.