Estate Tax Compromise May Protect Housing Assets From Taxation
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Congress looks like it is shying away from an outright repeal of the death tax, but they are making the terms much more realistic for homeowners not to be burdened by an outrageous tax on the assets of the deceased.
The House of Representatives has approved legislation that limits the reach of federal taxes at death. It will permanently spare an estimated 2,800 multimillion-dollar estates.
Bloomberg reports the legislation will exempt the first $10 million of a couple’s estate from any taxation. While estates valued between $10 million and $25 million would be taxed at the capital-gains rate, a value of more than $25 million would be taxed at top rates of 30 percent to 40 percent.
This will take effect in 2011. Senate Majority Leader Bill Frist urged the House to pass the tax-reducing measure after the Senate fell three votes short June 8 on a procedural measure that would have allowed a vote on outright repeal of the estate tax.
“This bill was crafted as a compromise,” said House Ways and Means Chairman Bill Thomas, a California Republican who drafted the legislation. “Compromises are supposed to be reasonable, but most importantly they are supposed to be doable.” via All Headline News
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
I see the question I have, but no response. I do not have a for sale sign up ...
I'll add mine to the list too. This is happening in Kansas City, Missouri as well now.
We already knew ...
