I won't pay this I'll go to jail for life rather then pay anymore taxes at all to theese fleas
2007-10-25 15:39:25 · 17 answers · asked by Anonymous in Society & Culture ➔ Royalty
Did you inherit money or property?
1. Any thing (money and property) you receive as gift or inheritance, you (the receiver) don't pay any federal tax liability.
Any
2. It is not an earned income so it is not subject to social security or medicare taxes.
3. For any State tax liability check at your State's web site. For most of the States there is no tax.
4. If you inherit a property, your cost basis is the valuation (Fair Market Value) of the property at the date of the decedent's death or the FMV (Fair Market Value) on the alternate valuation date if the personal representative for the estate elects to use alternate valuation.
5. If you sell the inherited property at a price up to your cost basis you don't have any taxes due. However, if you sell the property at price more than the cost basis to you, then you pay the taxes on the profit (sale price minus your cost basis).
2007-10-25 16:07:41 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
If you don't pay maybe you'll get lucky and live forever ,, but then again would that be good if your in jail for that duration and they keep what's rightfully yours LOL
I don't know what will happen if you don't pay,,, depends on where you live,, maybe they'll keep your inheritance ,or if your leaving something behind for yours truly maybe you'll be smart to add them as a joint person to your properties ,,,,,the person you intend to leave it behind too when your gone so it wont apply to them as far as paying the death tax and all
2007-10-25 16:54:03 · answer #2 · answered by Angela H 3 · 0⤊ 0⤋
fairly, some likely can make contributions to starting to be the economy. regrettably, I the final public (immediately) ought to A) purchase countless crap they don't go with arising more suitable bubbles and construction Walmart/ China's economy or B) sit down on it. turn it into gold, positioned it contained in the monetary employer, and do not some thing with it.
2016-10-23 00:17:28 · answer #3 · answered by ? 4 · 0⤊ 0⤋
If you don't pay the death tax, you become one of the Undead, and have to wander the halls and be called a Congessman.
2007-10-25 15:43:01 · answer #4 · answered by CGIV76 7 · 1⤊ 0⤋
Only the dead pay the death/inheritance tax, I'm thinking you won't care much.
2007-10-25 15:47:47 · answer #5 · answered by Scott K 7 · 1⤊ 0⤋
They don't actually have a death tax. They only have an inheritance tax.
And you don't pay it. The executor does, and you receive your inheritance, net.
But nice try, anyway.
2007-10-25 15:43:10 · answer #6 · answered by Anonymous · 2⤊ 0⤋
There is an exemption in the U.S. I believe it may have been raised, but if memory serves me correctly, it is or was $600,000. Unless the estate is more than the exemption then there won't be any taxes to pay.
2007-10-25 15:44:13 · answer #7 · answered by Flyby 6 · 0⤊ 1⤋
Which fleas collect taxes?
2007-10-25 15:47:20 · answer #8 · answered by jon_mac_usa_007 7 · 0⤊ 0⤋
What the f*** is a death tax?
2007-10-26 06:55:18 · answer #9 · answered by jldude 5 · 0⤊ 1⤋
my dads didnt pay his taxes and were alright kinda
2007-10-25 15:42:20 · answer #10 · answered by Anonymous · 0⤊ 0⤋