Assets

Assets are everything that you own that can be used for the payment of debt. Assets could include cars, a house, land, bank accounts, stocks and bonds, even items like furniture, clothing, jewelry and collectibles. To calculate net worth, subtract everything you owe from the sum total of your assets. Learn more about your assets and what they mean in different transactions on this page.

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Estate Taxes Depend On Value And Type Of Assets

When you inherit assets from a family member you may owe estate taxes on them depending on the total value of the estate and the types of assets in the estate. Heirs can inherit tax-free up to $3.5 million in assets in 2009. But if the inheritance includes tax-deferred retirement accounts such as a 401(k) or IRA you'll likely have to pay taxes regardless. Consult an estate attorney to fully understand your tax obligations when you receive an inheritance.

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