Results 1 to 4 of 4
  1. #1
    JeffBruce's Avatar
    Join Date
    Aug 2002
    Post Thanks / Like

    Gift Tax and Estate Taxes..

    If someone gives you a gift, or someone dies in your family and leaves can get really complicated....Tax wise...

    Does this have to be so compicated???..This is rediculous..
    I thought some of this was a good read...,2933,125224,00.html

  2. #2
    Yep, my wife went through it, and it`s a pain. You need a lawyer to figure it out. Of course, the lawyer also get his/her share................ which makes it even worse.

  3. #3
    JeffBruce's Avatar
    Join Date
    Aug 2002
    Post Thanks / Like
    48-50 percent tax on gift over 11,000 .....unbelievable

    gift tax is only due on the amount of the gift that exceeds $11,000. For instance, if you bought a new car and gave your younger brother your old one, which was worth $16,000, you would have made a "taxable gift" of $5,000 ($16,000-11,000 = $5,000).

    Almost $2500 tax for something you already paid taxes on when you bought it...

    The top gift/estate tax rate was 55 percent in 2001; it now stands at 48 percent

    Please note: gift tax is paid by the person who makes the gift, not the one who receives it. So you are double tax`d

  4. #4
    1999NCSU's Avatar
    Join Date
    Mar 2004
    Hickory, NC
    Post Thanks / Like
    A coworker of mine, just won $500,000 dollars on Super Millionaire. He said he`d only see half of it, but he`ll probably never a mortgage.



Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Property taxes?
    By imported_Detailing Technology in forum Hot Tub
    Replies: 19
    Last Post: 04-15-2009, 05:42 AM
  2. The Gift that Gives Back! Holiday Discount & Free Gift Wrapping!
    By Lynn Matthews in forum
    Replies: 0
    Last Post: 12-08-2008, 03:18 PM
  3. Taxes
    By moore614 in forum Start your own auto detailing business
    Replies: 15
    Last Post: 06-14-2008, 03:55 PM
  4. How to pay your Federal Taxes.
    By Jngrbrdman in forum Hot Tub
    Replies: 2
    Last Post: 01-31-2006, 07:22 PM
  5. Taxes...
    By imported_kgb in forum Professional Detailer General Discussion
    Replies: 24
    Last Post: 12-08-2004, 07:13 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts