Welcome to Tax Law Guide
Education Funding Through Property Tax Law Passed In Texas Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Estate Tax Law – Understanding the Amount You’ll Owe?
from:When you gain an inheritance from a deceased loved one, it’s important to understand how your taxes might be affected. Estate tax law has gone through several changes over the last few years, and the changes are still occurring. These taxes are going through a phase out right now, so you need to know the details of the changes in order to understand how your taxes will be affected in the year after you inherit an estate. Here are some of the basics:
• Spouses don’t pay estate tax. If your husband or wife dies, according to estate tax law, you’re generally not subject to estate taxes on the money you receive.
• You don’t pay estate tax on estates worth less than $2,000,000. – This estate tax law is part of the phase out that the laws are going through right now. The Economic Growth and Tax Reconciliation Act of 2001 was designed to put more money back in taxpayer’s pockets by giving them some relief from certain taxes, including estate taxes. So, if a relative dies in 2006, 2007 or 2008, you are not subject to estate tax if their taxable estate is worth less than $2,000,000. In 2009, this amount will increase to $3,500,000 and in 2010, the estate tax will be repealed altogether. However, unless Congress acts, beginning in 2011, the estate tax will return, and you will be exempt from estate tax only up to $1,000,000.
• The Gift Tax Still Applies – Many people try to bequeath their money before their death to avoid their relatives having to pay estate tax. However, if your relative turns over their fortune to you just before their death, what you receive may still fall under the estate tax law requirements, under the gift tax law. The law only allows a person to receive $12,000 each year from a single source before gift tax must be paid. And, there is a lifetime limit, too. A person can only give away $1,000,000 in a lifetime to a given person before that person is subject to gift tax. The gift tax laws are somewhat complicated, so it’s wise to consult a tax attorney before you make or receive cash gifts, so that there are no surprises at tax time.
• Life Insurance doesn’t count – Generally, estate tax law says a payout you receive from life insurance proceeds are not subject to estate tax and are also not considered reportable income. However, any interest you receive on a life insurance policy is income that you must report.
Education Funding Through Property Tax Law Passed In Texas Specific Links
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Free Tech and Gadget Reviews!
- Watch GeekBrief With Cali Lewis on Mevio!
-- http://www.geekbrief.mevio.com/
Free tech talk and news video!
- Watch Tech5 with John C. Dvorak now!
-- http://www.tech5top5.mevio.com/
Howie Mandel & The Talking Pine
- Howie Mandel tries to come up with a holiday campaign for Buy.com. Buy.com has millions of items at amazing prices, free shipping, video reviews, over 20 major categories of products.
-- http://www.youtube.com/
New Rap Music
- Search Emerging Artists & Help Vote Them Into Stardom. Join Today
-- http://www.ourstage.com/
Education Funding Through Property Tax Law Passed In Texas News
State's future Moore's passion (The Post and Courier)
Editor's note: This is the first of two stories on one of the most influential women in South Carolina. The pragmatic Grande Dame of South Carolina receives her guests by the Steinway & Sons grand piano, nestled in a front parlor niche of her luxurious South of Broad home. She introduces her husband, Richard Rainwater, as "Dr. Doom." He is holding a can of soda, chatting and a little ...
Read more...Breakdown of House Committees: Increased Majority Gives Democrats a Clearer Path to Enactment of Agenda (CQPolitics.com via Yahoo! News)
Agriculture | Appropriations | Armed Services | Budget | Education and Labor | Energy and Commerce | Financial Services | Foreign Affairs | Homeland Security | House Administration | Intelligence | Judiciary | Natural Resources | Oversight and Government Reform | Rules | Science and Technology | Small Business | Standards of Official Conduct (Ethics) | Transportation and Infrastructure | ...
Read more...First Steps: Baby Lawyers Set Off on Disparate Professional Paths (Law.com)
Texas Lawyer, which will check in with them annually for career updates over the next several years.
Read more...Every School Every Thursday -- Urbandale, Johnston (The Des Moines Register)
Jensen
Read more...Top Scoops (Scoop.co.nz)
Labor is prior to, and independent of, capital; that, in fact, capital is the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital and deserves much the higher consideration. - Abraham Lincoln
Read more...