Death and... Taxes.

sleevedraw

sleevedraw

Revolver Ocelot
<Bronze Donator>
1,801
6,047
TJT said:
Well looks like I am going to get completely raped by property taxes here in Williamson County.

I just had the gay ass country send me an appraisal and it was ~$12k higher than in 2023. Which is fine. But my property taxes now are 4x what they were last year. I've been in this house for 3 years now so not sure how this could happen.
Click to expand...

Sounds like an error, especially if your property is under homestead. The increase should be capped. Did your homestead exemption fall off? I know it's not supposed to, but I've heard of stranger things happening.

Only other thing I could think of would be if some massive bond got snuck through during election season.
 
BrutulTM

BrutulTM

Good, bad, I'm the guy with the gun.
<Silver Donator>
14,473
2,276
Sludig said:
Since I was already talking about estate stuff from my parents. I imagine it's state by state but I'm trying to figure out how much gets raped by the government when it's time to inherit. Likely going to have 401k money since he's basically waiting to the required disbursement point, Actual cash funds, then the properties which most I assume would be sold.

Just hate the feeling of looking at retire early money maybe and that by the time selling fees, taxes, and splitting with my brother happens it's going to be just a year of pay.

Probably need to clear up one property my aunt had like a25% stake in as well. I would hope that doesn't mean somehow she can scoop the whole thing vs just being paid out her proportion of value.
Click to expand...

Taxes on inheritance is generally only on big money unless you live in one of the few states that have one. Federal estate tax doesn't kick in until $13.6M. States vary but most states don't have it at all.

State-Estate-Tax-State-Inheritance-Tax-2020-01.png
 
  • 1Like
Reactions: 1 user
Sanrith Descartes

Sanrith Descartes

Von Clippowicz
<Aristocrat╭ರ_•́>
41,535
107,627
Sludig said:
Since I was already talking about estate stuff from my parents. I imagine it's state by state but I'm trying to figure out how much gets raped by the government when it's time to inherit. Likely going to have 401k money since he's basically waiting to the required disbursement point, Actual cash funds, then the properties which most I assume would be sold.

Just hate the feeling of looking at retire early money maybe and that by the time selling fees, taxes, and splitting with my brother happens it's going to be just a year of pay.

Probably need to clear up one property my aunt had like a25% stake in as well. I would hope that doesn't mean somehow she can scoop the whole thing vs just being paid out her proportion of value.
Click to expand...
DM if you wish to discuss.
 
Borzak

Borzak

Bronze Baron of the Realm
24,706
32,104
Appointment with the IRS at the closest office Monday. Fun fun. My CPA is going with me.

I have a shirt that says income tax is theft. Will not wear, this time. We'll see if I have to go a second time.
 
Last edited:
C

Captain Suave

Caesar si viveret, ad remum dareris.
4,815
8,144
Borzak said:
Appointment with the IRS at the closest office Monday. Fun fun. My CPA is going with me.

I have a shirt that says income tax is theft. Will not wear, this time. We'll see if I have to go a second time.
Click to expand...
Did you initiate the appointment or did they?
 
Borzak

Borzak

Bronze Baron of the Realm
24,706
32,104
Getting into the building to see someone is not like it was 25 years ago. Multiple layers of security, a waiting area that is secure from the meeting area, a metal detector and who knows what else. It's not a walk in and have an appoinment type deal anymore. The guy I saw did not think it was funny at all when I told him it probably wasn't going to do any good if someone flew their plane into the office like the guy that did at the IRS office in Austin that was pissed.

The agent said they have to do further research and get back to me. My CPA went and she had to wait in the waiting area and was available with any answers if/when and only when they needed them.

I had called them to ask what the money was they sent me and the agent I talked to couldn't really come up with something so we scheduled an appointment. They're still trying to come up with something.
 
Last edited:
  • 1WTF
Reactions: 1 user
You must log in or register to reply here.