Six states (Indiana, Iowa, Kentucky, Nebraska, Pennsylvania, and Tennessee) collect a separate inheritance tax without an estate tax, and two states (Maryland and New Jersey) collect both an inheritance tax and state estate taxes
Rather than lose its rightful share of tax revenues, Illinois correspondingly amended its laws in 2003 (in a process known as "decoupling") (5) to provide that state estate taxes
would continue to be based on the repealed 2011 credit taking into account a separate Illinois estate tax exclusion amount.
In midtown during the five-year period from 1995 to 2000, real estate taxes
increased only 49 cents psf, or 5%.
The Ostrows, who were subject to AMT, deducted real estate taxes
paid by the coop on their joint return; the IRS disallowed the deduction.
It is interesting to speculate on what the result would have been if Strangi had retained substantial assets outside the partnership, including his home and sufficient liquid assets so that he could pay his living expenses for the rest of his life and still have enough cash to pay the estimated estate taxes
Unlike homeowners, who incur and pay their real estate taxes
directly, tenant-stockholders of a housing corporation indirectly pay real estate taxes
incurred by the corporation through their rent.
They are usually less expensive than insuring both lives separately, and they provide often-needed liquidity to disburse assets to heirs and/or to pay estate taxes
They own their home as joint tenants, paying mortgage interest of $11,700 a year and real estate taxes
As well as serving as a useful conservation tool, an easement can both qualify as a tax-deductible gift and significantly reduce property and estate taxes
Net income before minority interest, however, includes a non-recurring accrual of District of Columbia real estate taxes
in the amount of $2.
If the combination of these assets exceeds $600,000, your heirs will have to pay federal estate taxes
While there are no federal gift or estate taxes
on transfers between spouses, transfers to non-spouses are taxable.