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If someone gives you a gift, or someone dies in your family and leaves alot...it 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...
http://www.foxnews.com/story/0,2933,125224,00.html
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. :(
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
Crazy!
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.