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Estate Tax back in 2011

Started by notadmin
almost 16 years ago
Posts: 3835
Member since: Jul 2008
Discussion about
If only $1M is exempt and sheltering becomes more difficult, does this affect RE in NYC? when somebody inherits an apartment, how is it affected by the estate tax? http://www.forbes.com/2010/04/18/estate-tax-sharp-bite-2011-personal-finance-grats-flps.html?feed=rss_finance
Response by ph41
almost 16 years ago
Posts: 3390
Member since: Feb 2008

An inherited apartment is subject to an appraisal - appraised price then becomes part of the estate.

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Response by chelapt
almost 16 years ago
Posts: 81
Member since: Apr 2010

i heard that 2010 might be retroactively applied

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Response by ph41
almost 16 years ago
Posts: 3390
Member since: Feb 2008

My spouse and I love our heirs, just not enough to try to die this year. LOL

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Response by aifamm
almost 16 years ago
Posts: 483
Member since: Sep 2007

ph41, the scary part is actually: if you want to KILL your spouse/parents, this is the year to do it.
Congress was supposed to fix this last year, but Obama had them puttering around with healthcare

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Response by aifamm
almost 16 years ago
Posts: 483
Member since: Sep 2007

Sigh, how can you estate plan when you have no idea what the heck Congress will do, if they do anything.

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Response by se10024
almost 16 years ago
Posts: 314
Member since: Apr 2009

a lot of people would die this year if that were the case, but it won't happen... 100% chance of it being applied retroactively

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Response by Cpalms
almost 16 years ago
Posts: 122
Member since: Sep 2007

There is a 100% chance of the government attempting to make the tax retroactive, and there is 100% certainty that a very wealthy new heir (the Steinbenner kids perhaps?) with take contest this probably all the way up to the Supreme court....and there is 100% UNcertainty of how the supreme court will rule...stay tuned...

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