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What is the Estate Tax Exemption?
In certain instances – especially if you have amassed an extremely large estate – you’ll have to pay an estate tax when you transfer real property or other monetary assets to your heirs when you die.
What Does a Qualified Investment Mean?
Are you contributing to a retirement plan with your employer? If so, then you are likely utilizing a qualified investment. Qualified investments include 401(k), 403(b), 457(b), SEP-IRA, and SIMPLE IRA plans. These plans follow IRS rules and restrictions. They also have tax benefits. Keep reading to see what these plans are all about.
What States Have Both Inheritance and Estate Tax?
Estate planning is essential to protect the value of your estate and create the lowest possible amount of taxation when assets are transferred to your heirs. Estate planning is especially important for larger estates. The IRS estate tax exemption of $12.06 million excludes many estates from federal taxation, and that exclusion amount is doubled for married couples. However, some states impose estate taxes while others impose inheritance taxes – and one state imposes both.
Where Do I Put Royalties On My Tax Return?
Taxes are a regular part of generating income. No matter how you earn money, there’s a tax for that. Taxes on ordinary income or capital gains are fairly straightforward. But taxes you might owe on royalties are a little more complex. This is because royalties encompass a broad list of payment types and income. In other words, where to report your royalties when tax time rolls around greatly depends on the type of royalties you earn.
Does Deferred Income Count as Earned Income?
A deferred income plan isn’t just another name for a retirement plan. There are two types of deferred income plans — qualified and non-qualified. Is it considered earned income when you contribute to one of these plans? Does it matter? We’ll discuss the differences in these plans and cover if their income is considered earned.
Can an Estate Use a Section 121 Exclusion?
The Section 121 exclusion is a great tax benefit for homeowners. It allows them to exclude taxes on gains up to a certain amount if they meet the Section 121 criteria. That’s nice for homeowners, but what if the home is within an estate? Does the home still get the exclusion?
What is the Difference Between Inheritance Tax and Estate Tax?
Inheritance and estate taxes have common threads, but they are different. Taxation and how it is applied for both are quite different. Not everyone will have to worry about these two taxes. Most states do not have either one. But some states have both. These may sound like confusing taxation laws so let's unwind both.
What is a Section 121 Exclusion?
One of the motivators for buying real estate is that it tends to appreciate. Of course, this result isn't guaranteed, and there are notable periods when real estate values have dropped. However, buying real estate is a good bet over time, and you may earn significant increases in value. This potential outcome applies to both investment property and personal use assets.
What is a Tax Deferral?
According to the Merriam-Webster dictionary, the word “deferral” is the act of delaying or postponement. Accordingly, deferring taxes means pushing the tax payment to a future date. Using various techniques, taxpayers can defer taxes on income, earnings, and capital gains. Let's take a look at some of the standard options.
Do Retired Seniors Have to File Taxes?
Hitting retirement is a milestone, but it can create uncertainty about your finances. One of the major questions we hear is whether retired seniors have to file taxes.
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