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Author Topic: primitive can't make sense of tax laws  (Read 1637 times)

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Offline franksolich

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primitive can't make sense of tax laws
« on: April 18, 2013, 08:27:17 PM »
http://www.democraticunderground.com/10022704664

Oh my.

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historian (2,345 posts)    Thu Apr 18, 2013, 09:20 PM

can anyone make sense of our tax laws? HELP

I discovered that i had an inheritance from my grandmother in Brazil. The building had been sold, and my share, after expenses, was approx 50.000. This is being sent to my us account but its going to add a huge tax burden on me. The property was built in 1930 and there is absolutely no way of knowing whether it has increased or decreased in value since Brazil has changed its currency times since then and n the 1970's went through a period of inflation of over 1000%! Does anyone know whether this taxable? I have gone through all the forms i can via the irs but cant find anything relating to this. A thousand blessings on anyone who can help with this. My email is poorvic2@gmail.com if you prefer to answer directly. Thanks again.

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Skittles (85,479 posts)    Thu Apr 18, 2013, 09:22 PM

1. delete your email address from your post and offer it in a DU mail

what I would suggest is hiring a CPA - I did that when I became confused over my mum's estate - a CPA can be pricey but I felt like I bought peace of mind that I did not underpay or overpay

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elleng (39,642 posts)    Thu Apr 18, 2013, 09:24 PM

2. For a start:

http://www.sfgate.com/business/article/Inheritance-usually-not-taxable-to-recipient-2749568.php

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dems_rightnow (1,865 posts)   Thu Apr 18, 2013, 09:24 PM

3. No, inehrtiances are not taxable

Inheritances are not taxable at the federal level. It's possible your state has an inheritance tax. Or Brazil may. But not the IRS.
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Offline USA4ME

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Re: primitive can't make sense of tax laws
« Reply #1 on: April 18, 2013, 08:35:23 PM »
Com'n primitive, pay your fair share.  :usflag:

We know, taxes are for those silly conservatives that don't really need it, not for those like you who deserve to keep everything they get.

.
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Offline Delmar

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Re: primitive can't make sense of tax laws
« Reply #2 on: April 18, 2013, 08:37:36 PM »
Sounds like the historian is trying to line up a DUmmy for a Nigerian money transfer scam.
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Offline Skul

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Re: primitive can't make sense of tax laws
« Reply #3 on: April 18, 2013, 08:42:22 PM »
Pay up, suckas.  :lmao:
 :ownit:
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Offline longview

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Re: primitive can't make sense of tax laws
« Reply #4 on: April 18, 2013, 08:44:14 PM »
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dems_rightnow (1,865 posts)   Thu Apr 18, 2013, 09:24 PM

3. No, inehrtiances are not taxable

Inheritances are not taxable at the federal level. It's possible your state has an inheritance tax. Or Brazil may. But not the IRS.

I would suggest not getting tax advice from the DUmp.   :rotf:
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Offline DumbAss Tanker

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Re: primitive can't make sense of tax laws
« Reply #5 on: April 18, 2013, 08:53:27 PM »
Quote from: longview on April 18, 2013, 08:44:14 PM
I would suggest not getting tax advice from the DUmp.   :rotf:

That DUmmie's actually correct, and even threw in the appropriate cautions about State and foreign taxes, though there are naturally a lot of nuances to the whole thing with an overseas estate that make obtaining advice from a probate attorney or a CPA an extremely good idea.
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Offline Freeper

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Re: primitive can't make sense of tax laws
« Reply #6 on: April 18, 2013, 08:56:39 PM »
Quote from: longview on April 18, 2013, 08:44:14 PM
I would suggest not getting tax advice from the DUmp.   :rotf:

Yeah considering their only tax experience is cashing the EITC checks, it is a bad idea asking them for tax advice.

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Offline Duke Nukum

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Re: primitive can't make sense of tax laws
« Reply #7 on: April 18, 2013, 09:06:25 PM »
Put your money in the Cayman's and flee the country before 0bama gets a whiff of a new 1%er.

Check out my pamphlet, "So, Suddenly You're Rich and Want to be a Conservative Now? A Ten Step Guide to Protecting Your Wealth From Your New Found Friends and Long Lost Family" Kindle version is only $.99 on Amazon this week!
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Offline Skul

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Re: primitive can't make sense of tax laws
« Reply #8 on: April 18, 2013, 09:14:04 PM »
Quote from: Duke Nukum on April 18, 2013, 09:06:25 PM
Put your money in the Cayman's and flee the country before 0bama gets a whiff of a new 1%er.

Check out my pamphlet, "So, Suddenly You're Rich and Want to be a Conservative Now? A Ten Step Guide to Protecting Your Wealth From Your New Found Friends and Long Lost Family" Kindle version is only $.99 on Amazon this week!
I ordered one.
Now I just need money.
A Grayson DU fund drive is just the ticket.
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Offline longview

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Re: primitive can't make sense of tax laws
« Reply #9 on: April 18, 2013, 11:04:22 PM »
Quote from: DumbAss Tanker on April 18, 2013, 08:53:27 PM
That DUmmie's actually correct, and even threw in the appropriate cautions about State and foreign taxes, though there are naturally a lot of nuances to the whole thing with an overseas estate that make obtaining advice from a probate attorney or a CPA an extremely good idea.

I'm sure they are exceptions, but aren't inheritances by a spouse the only ones not taxed by the Feds? 
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Offline RobJohnson

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Re: primitive can't make sense of tax laws
« Reply #10 on: April 18, 2013, 11:41:39 PM »
I hope no one does anything malicious with that email address.
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Offline Ralph Wiggum

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Re: Re: Re: primitive can't make sense of tax laws
« Reply #11 on: April 18, 2013, 11:51:40 PM »
Quote from: RobJohnson on April 18, 2013, 11:41:39 PM
I hope no one does anything malicious with that email address.

Never.

But can we still make fun of people who ask for tax advice at the DUmp? ;D
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Offline RobJohnson

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Re: Re: Re: primitive can't make sense of tax laws
« Reply #12 on: April 18, 2013, 11:59:56 PM »
Quote from: Ralph Wiggum on April 18, 2013, 11:51:40 PM
Never.

But can we still make fun of people who ask for tax advice at the DUmp? ;D

 :-)
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Offline franksolich

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Re: primitive can't make sense of tax laws
« Reply #13 on: April 19, 2013, 08:28:08 AM »
Quote from: RobJohnson on April 18, 2013, 11:41:39 PM
I hope no one does anything malicious with that email address.

It's okay now; the primitive deleted it.
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Offline DumbAss Tanker

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Re: primitive can't make sense of tax laws
« Reply #14 on: April 19, 2013, 09:32:35 AM »
Quote from: longview on April 18, 2013, 11:04:22 PM
I'm sure they are exceptions, but aren't inheritances by a spouse the only ones not taxed by the Feds? 

No, you're thinking of estate tax, not income tax, with that one.  The income tax exception does have some limitations, but anyone in the extended family would fit well within them.
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