Welcome to Tax Law Guide
Texas Law On Tax Sale Property 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 In 2009, this amount will increase to $3,500,000 and in 2010, the estate tax will be repealed altogether.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.
Texas Law On Tax Sale Property Specific Links
Get Hired
- Earn more money with a better job now
-- http://www.hotjobs.com/
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
The Best in Fine Living
- Lifes best is one click away.
-- http://www.justluxe.com/
Free Tech and Gadget Reviews!
- Watch GeekBrief With Cali Lewis on Mevio!
-- http://www.geekbrief.mevio.com/
Texas Law On Tax Sale Property News
Realtors plead with to lawmakers to revoke point of sale property tax ... - Beaufort Gazette
A property tax system that Realtors say desperately needs to be reformed was the focus of a meeting Friday among local officials, state legislators and area Realtors. Realtors want legislators to push for reform when the General Assembly begins its ...
Read more...Shoppers, charities cash in at Belk sale - Beaufort Gazette
Early Saturday morning, the few cars in the Cross Creek Centerparking lot were in front of Belk,where shoppers got access to a private sale while helping out local nonprofit organizations. Shoppers, charities cash in at Belk sale Billy Keyserling ...
Read more...No regular session - Stateline
Several key issues were left on the table as squabbling Alabama legislators — widely criticized last year for their lack of productivity — could not put their differences aside. It even took an $110,000 special session to pass an education budget ...
Read more...Libertarianism: About Property, Or Something More? - Reason.com
reason contributors spar about the definition and proper focus of libertarianism. A dividing line: is libertarianism (or should it be?) about property rights, or about the exercise of freedom more widely conceived? This blog entry from Todd Seavey ...
Read more...Denver's 150 Unsung Heroes - Rocky Mountain News
Adams is the executive director and former chairman of Rocky Mountain Arts Association, the parent organization for the Denver Gay Men's Chorus and Out Loud: the Colorado Springs Men's Chorus. After volunteering for many years, he left the corporate ...
Read more...