Generally speaking, inheritance is not subject to tax in California. If you are a beneficiary, you will not have to pay tax on your inheritance. There are a few exceptions, such as the Federal estate tax. However, an estate must exceed $11.58 million dollars per person in 2020 to be subject to estate tax
Estate & Gift Tax
Can You Inherit Favorable Tax Treatment? How to Inherit Your Parent’s House and Low Tax Bill
The Following is a Transcript of this Video. For More Information, CLICK HERE
Hi, this is Keith Davidson from Albertson & Davidson. In this video, we’re discussing real property taxes. When a person passes away and they transfer assets, real property, from themselves to their children, under California law, the children are allowed to…
Estate Taxes: An Uncertain Future
Death may be certain, but estate taxes are not. At least not at the end of 2012 when the current Estate Tax exclusion of $5.12 million is set to expire and be automatically reset to $1 million. With proper planning, married couples can combine their exclusions for a total amount in 2012 of $10.24 million.
Are Your Gifts Taxable? The Tax Result of Making California Gifts
I recently had the pleasure of speaking with Kate Ashford, a freelance journalist who occasionally writes “The Help Desk” column for CNNMoney online. Her question was a common one: how are gifts taxed? There is a lot of confusion on how gifts are taxed, and to whom they are taxed. Here’s a few…
Estate Taxes – Inadvertently Check the Wrong Box, Pay Over $120,000 in Penalties and Interest!
Shaun Maritn, in his blog entitled California Appellate Report (which I read regularly and enjoy), posts a recent Ninth Circuit Appellate Court decision penned by District Judge Timothy M. Burgess, sitting by designation with the Ninth Circuit Court of Appeals.
The case, entitled Baccei vs. United States, revolves around a request for extension…
Estate Tax Reduction Passes
As a follow-up to yesterday’s blog post, the House of Representatives passed a package extending the Bush-era tax cuts for two more years and substantially revising the estate tax.
Writing for the Non Profit Times, Mark Hrywna reports that had Congress not acted, the estate tax would have returned to its 2001 rates beginning…
How Does the Estate Tax Affect You After January 1, 2011?
How does the estate tax affect you? Likely, it does not affect a majority of us in the last few days of 2010. But it may begin to impact more of us, beginning January 1, 2011, if Congress does not pass the current tax-cut extension package recently negotiated by President Obama and the Republicans.