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Current Estate Tax Laws Causes Problems For Some Homeowners

Added March 15, 2010 by Ilyce R. Glink

Current Estate Tax Laws Causes Problems For Some Homeowners
In years past, if you inherited property, you could inherit property and immediately sell it and you would incur no tax liability. In addition, if the person you inherited property from had an estate that was less than several million dollars, the estate would also have no taxes to pay. But in 2010, if you die, your estate will pay no estate taxes at all; no matter how large the estate is. But if you inherit the property, you now have to pay tax if you sell the property on the basis of what the difference between what the property cost the owner (plus some expenses) and what you sold the property for (plus expenses). We expect the estate tax laws to change, but for now we are left with the current rules that affect many homeowners that have property that has appreciated significantly.

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January 13, 2010

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Should you be filing your taxes on your own? If you have a simple tax return it should be very easy to file your taxes online and receive a fast refund. Use a CPA if you have a more complicated tax return to file your taxes and use as a tax resource all year long. Make filing your taxes easier by…

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