There is much debate that property that is gifted or inherited should not be taxed.  Why do you think gifts and inherited property are taxed?  Do you agree that gifts and inherited property should be taxed?
216576
No I don't think gifted/inherited property should be taxed.  I think it is being double taxed because the income that was used to purchase the property had been taxed when earned.  Why should the IRS even be able to tax something just because someone dies??
442191
The IRS does not tax the recipient of inheritance...ever.  There is a federal tax on the estate (the net value of all assets left behind by the deceased), but the amount taxed is reduced by:\n\n1) donations made to charity if stipulated in the will\n\n2) the first $2,000,000 (for 2006, this changes year-to-year)\n\n3) all amounts left to the spouse.\n\nSo if you are not married when your other dies, and if the amount of the estate is less than $2,000,000, and if your other never filed a form 709 "Gift Tax Return", there should be no estate taxes.
369060
Hello\n\nIf she buys a second home then gives it to someone else in your family, or she gives someone else in your family the money to buy a home; and she dies within 7 years, then inheritance tax may be payable.\n\nIf the total value of her estate, which includes all: property, cars, assets, cash, etc... exceeds £263,000; then 40% tax must be paid on the rest.\n\nIf shes gives away a gift (home, cash, etc...) then lives for 7 years then it is safe from inheritace tax.\n\n\nFor example: \nScenario a)\n - she gives you a £150,000 house;\n - she has another home worth £150,000; \n - she has £63,000 in funds in the bank; and\n - she dies in 6 years.\n\nTotal value of estate: £363,000.\nInheritance tax allowance: £263,000.\nTaxable amount after allowance: £100,000.\nTotal inheritance tax payable: £40,000.\n\nScenario b)\n - she gives you a £150,000 house;\n - she has another home worth £150,000;  \n - she has £63,000 in funds in the bank; and\n - she dies in 10 years.\n\nTotal value of estate: £213,000.\nInheritance tax allowance: £263,000.\nTaxable amount after allowance: £0.\nTotal inheritance tax payable: £0.\n\n\nThanks
674146
It is my understanding that Bill Gates does not want to give a really large estate to his children. You're probably right, that the bulk of his estate will go to charity. Note that Bill and Melinda have already given 52% of their total wealth to charity.
605675
Yup, you're taxed on income (salary, dividends, rental income etc).\n\nProperty is taxed yearly based on the value of your property (I think).  \n\nBuying and selling shares are taxed on point of sale, so if you do not have any other income, you can file for a refund at the end of the year.\n\nCapital gains are NOT taxable so if you strike the lottery, it's all yours.
122426
I think that if you don't have kids in school at all you shouldn't pay taxes. And they ought to base it on how many kids you have in school. By using the address that they give when signing up for school.
669765
Estate and garage sales are usually priced about the same, mostly pretty good, occasionally priced too high. \n\nUsually I have gotten my best deals at "moving sales". Lots of times ppl haveperfectly good things for sale, and are moving somewhere where they don't have room to take them. \n\nAt an estate sale, because you have the items that an older person accumulated over a lifetime, lots of times there are more antique and collectibles at an estate sale. Sometimes you can get some really nice things that way reasonably. Also you can get lots of household items that you might need if you are just starting out. \n\nThe only time I have found estate sales to be pricy is if they have an antiques dealer or some other sort of professionals run it. I usually avoid those, because they tend to be overpriced. I hope this helps, and "happy sale-ing"! :-)
143009
CGT are taxes placed on profits from the sale of investments or real estate.\n\nCharitable giving is often used to either balance or void completely the impact of the CGT.
535931
There are no US gift or income taxes on gifts from foreign individuals.  Send it anyway you want to.
459582
You sound like you don't have any proof. Any written papers from you parents, which state each of them gave you $10,000 every year - I am sure it's a good proof. \n\nGifts you receive aren't considered income. It doesn't matter how large they are. You don't report them on your income tax return in any way.\n    There are a couple of important qualifications on this simple rule:\n\nTrue gifts. This rule applies only to true gifts. You can't avoid paying income tax by calling something a gift when it isn't. For example, a "gift" you receive in exchange for services or some other consideration isn't a gift. \nIncome after gift. If you receive a gift of property that produces income, you must report any income produced after the gift. For example, if you receive stock as a gift, you must report any dividends paid on that stock after the gift. \nYou can find more info in:\nhttp://www.fairmark.com/begin/gifts.htm
92578
It would be wiser to divide the gift in smaller amounts and give them to several members of your family and then they can give the money to you and you don't have to pay any taxes. Or you can divide the gift among several years.\n\nThere is a limit to the amount of gifts you can get tax free each year. Find that number.\n\nI am also a friend of yours and I can also give you a gift each year. If you know what I mean.\n\nFor an amount as small as yours you problably can do it with just 3 relatives or friends.
304351
The giver might have to pay taxes.  The recipient does not pay taxes:\n\n"If you give people a lot of money or property, you might have to pay a federal gift tax. But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($11,000 in 2005) to a person, every year, without facing any gift taxes, and without the recipient owing an income tax on the gifts. And you can give up to $1,000,000 in gifts, total, in your lifetime, before you start owing the gift tax."\n\nGifts not subject to the Gift Tax: http://www.turbotax.com/articles/TheGiftTax.html?source=ttcommain#notsubject
106261
The inheritance tax threshold was raised in the budget on Wednesday (22/03/06).\n\nCurrent rules mean that 40% tax must be paid on any estate worth more than £275,000. This threshold will rise to £285,000 from April and then £300,000 by the 2007/2008 tax year.\n\nIf your house is worth substantially less than this then it may not be worthwhile.\n\nAlso you would have to live for 7 years in order for the house to be classifed as a "gift" by the Inland Revenue. If you pass away before that then the house will still be taxed as inheritance.\n\nOne option is to move house and then use any spare cash to gift or distribute.\n\nIf you do consider that signing over 50% of your hosue is the best way you should investigate carefully the laws on tenants in common, as this is treated slightly differently to joint ownership.\n\nFor full information check out the Inland Revenue website here:\n\nhttp://www.hmrc.gov.uk/leaflets/iht.htm
627649
The most diffilcult part when handing out money is weather the person that you are giving it to is going to put it to good use. Everyone in life should make it for themselves. The wealthy did. Most of them did not take handouts and they achieved their wealth by hard work. My hand out to people is that I give them jobs. If they plan to make good use of the money and invest in their future instead of blowing it all, then they too will have wealth in the near future. Although we have money to spare, it is not our job in life to work for others who can't see that they can't make it themselves.
554893
You need to be put on the note from the mortgage company.  Meaning you would have to refinance.  Your parents will get the tax credit.  But as a suggestion, I would ask your parents to put you on the deed so if anything happened to them you will not have to pay an inheritance tax.  Establish credit if you can.  I know it is a tough world but that is your best bet.
479966
Some people are given many talents, others only a few.  You can choose which pf your talents you want to use and develop them as you go on in life.  Nobody has every gift, and nobody has none.  Also it's not about which gifts you have but how you use them.
343368
This one is tricky.\n\nIf you find some stuff in your attic and want to "get rid of it" and sell it on eBay, then you don't have to pay taxes on what you receive.\n\nIf you regularly troll through garage sales looking for "bargains" which you can resell on eBay at a profit, then you do have to pay taxes on what you receive.\n\nIf you are selling new items on eBay then you undoubtedly have to pay taxes. (The above two are assuming used items)\n\nDisclaimer #1: Consult a tax professional, this is not tax advice.\nDisclaimer #2: I work at eBay