Death and... Taxes.

sleevedraw

sleevedraw

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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.
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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

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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.
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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
 
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Sanrith Descartes

Sanrith Descartes

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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.
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DM if you wish to discuss.
 
Borzak

Borzak

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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.
 
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Captain Suave

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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.
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Did you initiate the appointment or did they?
 
Borzak

Borzak

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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.
 
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TJT

TJT

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God damn ~$2k a month in property taxes for a house that is completely within my price range or was before their bullshit evaluation can straight suck a dick.
 
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Sludig

Sludig

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How much is the house, that's an awful lot, sure you have that right. Iirc you also had some other rate or silly thing misunderstood a year ago on a car purchase that or was Gravel forget which.
 
Tmac

Tmac

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TJT said:
God damn ~$2k a month in property taxes for a house that is completely within my price range or was before their bullshit evaluation can straight suck a dick.
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That seems like an error.
 
Borzak

Borzak

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Clear with the IRS, for now. Similar has happened before but not this big. A company I had done work for misreported how much and didn't match my 1099s. Took my CPA to figure it out, she literally had to go to the business I had income from that year and compare and get them to show her and they didn't match. Maybe it's just me seems like the IRS would have figured it out, guess not.
 
Sanrith Descartes

Sanrith Descartes

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Borzak said:
Maybe it's just me seems like the IRS would have figured it out, guess not.
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I have two clients who the IRS refuses to pay their refunds because they cant "find" a record showing they had withholding taken from their Social Security checks. I gave them the actual SSA-1099 statements from Social Security and 3 years of prior returns showing they had the same percentage withholding. IRS response... "We will have to investigate. You will hear back in 12-16 weeks".

No matter how incompetent you think the IRS is, you are underestimating it.

Irony - Neither client makes enough to have to file. The only reason they have to file is because they withhold from their Social Security and need to file to get it back.
 
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Foler

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I’m getting my next RSU vest next month. I’ve elected sell to cover. I’m trying to get a rough estimate of how much will actually be sold to cover. Any suggestions how?

Also, I think I missed the deadline with my employer to modify my tax withholding. I’d like to withhold as little as possible without incurring a penalty. I’m OK with a big federal tax bill versus lending the gov money interest free. I’m not OK for being penalized financially for withholding too little.

Any suggestions on how to calculate this? If I calculate it and my math adds up to be projected under withholding can I make a contribution myself pre-tax season to avoid penalty?
 
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