There is much debate that property that is gifted or inherited should not be taxed.?
476944
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??
905983
No, I believe that your father is worrying unnecessarily.  I think that what has happened technically, from what you say, is that you are tenants in common with your father, having been left your mother's share of the property in trust.  It does not make any difference to your father's position, but I do think that you should take legal advice, as you may be faced with a nasty bill for inheritance tax.  The following link will give you a helpline.  It's worth a phone call to check up on this.  Under the present law, if your mother's half of the property is worth less than £275,000 then no tax will be due. When your father dies (which I hope will not be for a long time to come, by which time the law may have been changed), his half may also be below the threshold, so again would miss IHT. \n\n\nhttp://64.233.161.104/search?q=cache:6NomUA1DMqIJ:www.hmrc.gov.uk/cto/glossary.htm+probate+tenants+in+common+inheritance+tax&hl=en&ct=clnk&cd=1
54627
You aren't the first to ask. http://www.salestax.org/  \n\nHowever, taxes seem to be more about redistribution of wealth than fairness.
1157021
Estate tax is based on the year of death. There is no federal "inheritance tax". And, there generally is no requirement to file an estate tax return unless the estate was >$1.5 million (for deaths in 2005)
742289
The 'Death Tax' is a more accurate term for 'Estate tax'.  Technically it is paid by the estate (remaining assets of the deceased).  Those most affected are heirs of small business owners.  The value of the business often causes the estate to owe taxes without providing sufficient cash to pay them.  In this case, the business may have to be sold to pay taxes.\n\nSomeone mentioned the inheritance tax.  This is a separate tax imposed by some states, but not the federal government, on the heirs who inherit the estate.
1164566
Im not from NJ, but I assume that there are taxes on inheritance. Thats the government for you. The more money you got they want it. \nBut check with the county or a lawyer and see what they say.
973229
Generally speaking, if "inheritance tax" is due, it is paid by the decedent's estate before the assets are passed to the heirs; keep in mind, though, that the earnings on your inheritance, such as interest and dividends, will become part of your taxable income once the assets are transferred to you personally.  If in doubt, please contact a qualified tax professional.
292013
No. However, the parent's estate is responsible for the debt. In other words, if parents have more debt than can be paid off, the children won't receive any sort of inheritance.\n\nOh, one exception. If the parents have made any sort of gift to the children in the last years of their life, they may be required to return that gift. This depends on the state they live in.
617219
Let's say you are running a small family manufacturing business.  You start it from nothing, by the time you die, it's worth $4 million.  Fact is, a lot of the $4 million of value which was built has never been taxed.  This is because the value of the business is not just the original historic cost of the physical assets owned, or cash in the bank.  Businesses often have a value far beyond what the Balance Sheet shows.  One, they are a going concern that makes money, and they have an established customer base.  Two, they often buy assets such as land or buildings that appreciate in value.  If these gains aren't taxed at death, when the property is transferred to heirs, it would NEVER be taxed - which death tax advocates would say is not fair.  Also, bear in mind that the first $2,000,000 of value transferred to heirs is NOT subject to the death tax (the amount exempt changes from year to year).  So this is a tax that affects only a small minority of the people who die in the US every year.
393440
She can do this, but it may count as a taxable gift since she will have basically deeded over 1/2 interest in the property to you.\nBetter that she puts the property in a trust with her as the trustee and you as beneficiary.  It can then pass to you with no tax consequence and avoid probate.
347560
If you did not sell a product, something that you touch, see, smell, etc, then no tax.  Service, such as sharpening a blade, labor on car repairs, are all non-taxable.
60271
Source has all the info you need:\n\nDo you own land that you would like to see remain free from development -- for your lifetime and for future generations? Doing nothing to protect it may doom your land to development.\n\nWhy? Estate taxes are one reason. Federal taxes can be as high as 50% of a property's fair market value, virtually forcing heirs to sell it. And, of course, future owners may be compelled by ever-increasing property values, or simply by a lack of appreciation for the land, to sell it for development.
220860
For sure, if you don't have enough money to pay the bills and you're going into debt, you might be putting too much money in your 401(k).  Likewise, if you're not saving enough for your children's education, you might want to limit your contributions and consider an Education IRA or a 529 plan, if you haven't already.\n\nThe only other situation that I can think of that might (and I emphasize might) warrant reducing your 401(k) contribution is looking at the inheritance tax situation of your future heirs.  If the estate is large enough, they will not only have to pay inheritance taxes on the estate, but also income tax on the 401(k) (at least that's how it was few years ago; I doubt the law has changed).  If the only liquid investment in the estate is the 401(k), the heirs might not have enough to pay all the taxes, forcing the sale of real estate, which neither you nor your heirs might want.  If this is your case, I'd recommend contacting a tax specialist.
832594
If it is a revocable trust it will be subject to estate tax of the grantor of the trust.\nIf it an irrevocable trust generally not. It would depend on who the trustee is and the powers of the beneficiary.\nIf it is a qualified personal residence trust it would be subject to tax if the grantor dies before the end of the trust term
708641
Much extreme wealth was inherited.  There aren't a lot of self made people anymore but it does happen.\n\nGood investments help but knowing how to invest without being schemed or taken takes wisdom that most ordinary people just don't have.  Life is so full of trickery.\n\nIf you find out, let me in on it.
557170
It's not a clear question.  Binding on whom???  I think that if you are bequeathed something in someone else's will, you can reject it.
943156
There's nothing wrong with it - in fact, it would be in keeping with our nation's historic practice of separation of church and state.\n\nMarriage rights - taxation, adoption, and obviously in this case, inheritance - are regulated and given by the STATE.  Religion should have no say in such matters.\n\n"Religious" people who campaign for unequal rights are preaching hatred, bigotry and discrimination and are virulent hypocrites.