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| Re: Vehicle Registration (913788) | |||
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Re: Vehicle Registration |
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Posted by LuchAAA on Mon Feb 27 18:47:31 2012, in response to Re: Vehicle Registration, posted by RIPTA42HopeTunnel on Mon Feb 27 15:34:45 2012. You mean the gift tax? The donor is responsible, but there would be no tax unless the property were worth more than $5,133,001.Depends who you sell to. Difference between selling to a child vs. non-relative. Until a few years ago, the death tax kicked in at a measly $2,000,000. And before that it was even lower. That's why it would benefit any elderly homeowner to sell their home a few years before death. Even if the home is worth less than $500,000(which is working class in Queens and Long Island), you don't want your total estate to be worth too much. That's why I commend Obama for raising the death tax to $5 million. That gives breathing room to middle class families from places like Ridgewood, Middle Village, Massapequa(my cousins live there) etc....... |
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