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Probate Tax Questions

What is probate tax?

Probate is a certified copy of a will that has been proven through the probate court and the beneficiary receives money from the estate, then the person would need to pay a tax called probate tax. Probate tax is also known as estate tax, gift tax, capitol gain tax and several others. The beneficiary would also have to pay income tax on any money that was made through interest. Probate tax often brings many complications as well as questions from people that do not know the probate tax law. Read below where Experts have answered questions regarding probate tax.

Is probate tax still due if a person’s home is foreclosed on in the state of California and the property is the only asset in the estate?

In the state of California, even if the home is foreclosed on, there will be probate taxes that will be due since the home would be a part of the estate assets. The beneficiary would need to claim the home in probate court and if the estate is under $635,000 the person would not owe any taxes according to the state of California and if the estate is under $3.5 million then there will be no federal taxes owed.

In the state of Pennsylvania, what is the difference between probate tax and federal death tax on an estate?

In the state of Pennsylvania, the tax that is imposed on an estate is called probate or inheritance tax. There are some states that do not impose this type of tax. A revocable trust does not shield the estate from the estate taxes, but it does keep the assets out of probate court. In an irrevocable trust, the assets are no longer owned, making the probate tax not apply.

In the state of Virginia, if a person dies in the year 2010 and the beneficiary was told that the taxes were paid on the probate, can this happen?

In the state of Virginia, there is no estate tax if a person dies after July 1, 2007, but there is a probate tax that is imposed. This probate tax is $.10 for every $100 for estate that exceeds the $15,000 guideline. If the estate is under the $15,000 guideline, then there would be no tax imposed on the estate. Probate tax would only be applied if the property or assets pass through the probate process.

If a person passes a way in 2008 and had several properties including a corporation, which the person was the only share holder and the estate taxes were already paid on all the property based on the appraisals at the time of death, is it true that the estate will have to pay a 35% federal income tax and a 8.25% state income tax if they sale a piece of property?

If the property that is being sold is a part of the corporation, then the sale and money will be treated as capital gain. Since it would be considered capital gain, then the taxes will have to be paid because they are considered a separate tax. Since it is a separate tax, then the taxes will be charged on both the state and federal tax levels.

When a property goes through probate, then there may be a probate tax that is applied to the assets that are in probate. When these taxes are charged, a person may feel that they do not understand why they are being charged these taxes. When the person feels this confusion, then he/she will need to seek clarification from an Expert.
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