View Single Post
Old 01-26-2013, 04:10 PM   #25
KevinNYC
Toronto Mayor Rob Ford
 
Join Date: Dec 2010
Posts: 8,423
KevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginableKevinNYC is the Michael Jordan of posters with the best reputation imaginable
Default Re: Tina Turner Renouncing U.S. Citizenship, Will Become Swiss Citizen

Quote:
Originally Posted by The Macho Man
I got no inheritance when my dad died, it all went to paying estate taxes.

Do you mean back taxes? Because with estate taxes there is a certain amount that isn't taxed and estate taxes only apply above and beyond that.

Quote:
Year ExclusionAmount Max/Toptax rate
2001 $675,000 55%
2002 $1 million 50%
2003 $1 million 49%
2004 $1.5 million 48%
2005 $1.5 million 47%
2006 $2 million 46%
2007 $2 million 45%
2008 $2 million 45%
2009 $3.5 million 45%
2010 Repealed
2011 $5 million 35%
2012 $5.12 million 35%
2013 $5.25 million 40%

So there's an initial chunk of money that isn't taxed and is your Mom still alive because if most assets went to her, there is no estate tax.
KevinNYC is offline   Reply With Quote