45% death tax starts in 2010.

HRCNICK11 · 04-01-2009, 12:09 PM

So if your father leaves you a $100,000 it will cost you $45,000 for you to own it even though he already did!

Rider · 04-01-2009, 12:10 PM

Double taxation is nothing new.

Mr Lefty · 04-01-2009, 12:12 PM

Move him to canada before he dies

shmike · 04-01-2009, 12:12 PM

Quote:

Originally Posted by HRCNICK11

So if your father leaves you a $100,000 it will cost you $45,000 for you to own it even though he already did!

Fail.

zed · 04-01-2009, 12:14 PM

I am obviously behind on this, thought they were getting rid of the death tax.

Rsv1000R · 04-01-2009, 12:23 PM

Change you can believe in!

z06boy · 04-01-2009, 12:28 PM

goof2 · 04-01-2009, 12:47 PM

I would double check your source. The 45% estate tax carries over from 2009, along with the first $3.5 million being exempt from the tax.

Rider · 04-01-2009, 12:49 PM

Quote:

Originally Posted by goof2

I would double check your source. The 45% estate tax carries over from 2009, along with the first $3.5 million being exempt from the tax.

Is it that much? Back in 2003 when my grandma died it was only the first $650K that was tax exempt IIRC.

goof2 · 04-01-2009, 01:10 PM

Quote:

Originally Posted by Rider

Is it that much? Back in 2003 when my grandma died it was only the first $650K that was tax exempt IIRC.

In 03 I believe it was the first million that was exempt, but after that it was taxed at 49%. Part of Bush's 2001 tax bill dealt with this tax by lowering the rate by 1% each year and steadily raising the exemption until next year when it was supposed to go away entirely. Obama's budget would keep it in effect.

04-01-2009, 12:09 PM	#1
HRCNICK11 Canyon Carver Join Date: Nov 2008 Posts: 429	45% death tax starts in 2010. So if your father leaves you a $100,000 it will cost you $45,000 for you to own it even though he already did!

04-01-2009, 12:10 PM	#2
Rider Moto GP Star Join Date: Feb 2008 Posts: 12,156	Double taxation is nothing new.

04-01-2009, 12:12 PM	#3
Mr Lefty TWFix Legend Join Date: Feb 2008 Location: Denver CO Moto: 01 BMW F650GS Dakar Posts: 15,677	Move him to canada before he dies

04-01-2009, 12:14 PM	#5
zed yellow don't corner well Join Date: Feb 2009 Location: Kansas City, KS Moto: 06 ZX10R Posts: 1,243	I am obviously behind on this, thought they were getting rid of the death tax.

04-01-2009, 12:23 PM	#6
Rsv1000R WERA White Plate Join Date: Nov 2008 Posts: 1,059	Change you can believe in!

04-01-2009, 12:28 PM	#7
z06boy Letzroll Join Date: Feb 2008 Location: Lake Norman area, NC Moto: 07 Red R1 & 07 Blue R6 Posts: 5,265

04-01-2009, 12:47 PM	#8
goof2 AMA Supersport Join Date: Feb 2009 Posts: 4,756	I would double check your source. The 45% estate tax carries over from 2009, along with the first $3.5 million being exempt from the tax.