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
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
not bad 
I can't speak for the whole state of Nevada, but in the Las Vegas area, homes are still selling, we ...
When will we see the bottom of the Realtor market? 
