Debt ceiling crisis and you

Troy · #**101** 08/02/11, 02:46 AM

Your right , That we will. I'm worried the same thing is going to happen when girlfriends mother passes. Her brother is already dropping hints about her place. Although he does nothing or very little in the way of helping us with the upkeep on it for her.

Laura Zone 10 · #**102** 08/02/11, 07:35 AM

How does one get 'around' inheritance tax?
Give it away / sell it for a 1.00 while I am still alive?

Minelson · #**103** 08/02/11, 08:20 AM

Quote:

Originally Posted by Laura Zone 5

How does one get 'around' inheritance tax?
Give it away / sell it for a 1.00 while I am still alive?

You can give up to $10,000 without being taxed.

Laura Zone 10 · #**104** 08/02/11, 08:27 AM

Quote:

Originally Posted by Minelson

You can give up to $10,000 without being taxed.

So, when I am getting old.......
I can sell my house, to my kids for 3.00? And when I croak, they will not get hit with inher. tax?

What about the contents of the home? If they have a bill of sale, showing they paid me for the item, then they will not get taxed on it?

My goal, is to die, with NOTHING (except the house) therefore leaving nothing to squabble over.
I have no fear of my kids acting stupid....but cannot speak for their (future) spouses.

Forerunner · #**105** 08/02/11, 09:22 AM

The inheritance tax is the bulk of the reason that Americans fall increasingly into poverty, one generation at a time.
I have friends in farming whose fathers have passed, leaving them the farm, but over a third of those multi-million dollar farms must be coughed up to the long-out-of-control purseholder..... placing that previously strong family unit into debt, with interest, lest pop had the cash. If that is not robbery/enslavement, there is no such.

Imagine the strength of rural America if they could pass their worth from generation to generation. No such luck in the communist manifesto.

geo in mi · #**106** 08/02/11, 09:22 AM

I consider this topic closed. But for those of you who wish to continue the extreme thread drift of inheritance, take a look at Luke 15:11-32

geo

Forerunner · #**107** 08/02/11, 09:28 AM

George, that's an excellent passage. How do you relate the passage to the issue ?
Simply curious as to your take.

Minelson · #**108** 08/02/11, 09:29 AM

I don't know how it works with property. Since you sold it to them I would think it would not be considered an inheritance. But if they sell it, it would be taxed. I don't know. If you want to die with nothing then I would suggest you talk to a financial planner. My MIL is slowly giving her money to all her kids to avoid the inheritance tax. Very nice for us!

That is how I ended up with the new fireplace and new tires on my truck that I have been posting about. She owns 2 properties and I don't know how that is going to work out.

Forerunner · #**109** 08/02/11, 09:32 AM

Bless en masse the parent who wisely bestows their worth, in all of its forms, upon their children.

Curtis B · #**110** 08/02/11, 12:48 PM

My grandfather slowly started taking money out and put it into cash the last five years of his life. He may not have made any intrest in that cash in the safety deposit box, but my parents did not have to pay tax on it.

mightybooboo · #**111** 08/02/11, 01:04 PM

Friend of mine sold her property,moved in with TRUSTWORTHY kids and gave em each 10 grand a year until it was gone.Kids in turn took fine care of her,but TRUSTWORTHY is key here.

**highlands** · #**112** 08/15/11, 12:02 PM

Quote:

Originally Posted by City Bound

Inheritances are not earned money, they are a transfer of private property from one person to another, so the gov shouldnt treat it like income, in fact it is none of their business.

You just proved my point that the inheritance tax is a cityslicker scheme to steal from rural folks. You showed that you don't have a clue as to how hard we work out here on the farm to keep it going and that it takes generations to build and maintain a farm or forest. Thank you for demonstrating the cityslicker attitude. Beautiful.