Gift Tax and Estate Taxes..

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.
 
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