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Old 02-10-2010, 07:21 PM
  #13  
Bruce W
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Join Date: Feb 2001
Location: VA
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Originally Posted by JALICHTY View Post
Don't take tax advice from a real estate agent. The exemption she is talking about is $250,000 gain for a single person when they sell their residence, not just real estate. As far as the $1,000,000 exemption from Federal estate tax, that is somewhat incorrect, at the moment. Technically, the Federal estate tax was repealed for 2010 so there is no Federal estate tax for persons dying in 2010, currently. However, Congress is working on re-instituting the estate tax back to 1/1/10 at some level. Seems they think they have other pressing matters to take care of first, like the economy, homeland security, health care, two wars and not being able to get out of their own way.
My aunt was "single" (widowed) when she sold her last residence. Well, whether it's $250K or $500K, doesn't much matter - the residence sold for something like $150K or so. Weird that the agent said that - she's the one that SOLD my aunt's place and remembered me from the "walk-through"? I'll verify with the RIGHT people on that!

I was talking to her accountant/investment guy this afternoon and he was telling me about the "repeal" of the capital gains tax, effective last month, and that it is suppose to be put back in place (or voted on?) before Jan. '11. He said to check with the lawyer on what to do about the Fed estate taxes, based on that "repeal" - seems to be a LOT of questions on exactly HOW it is to be handled CURRENTLY?

What REALLY bothers me is that I must get a "certification" from the Court stating that I am, in fact, the "executor" - seems ridiculous since I have the ORIGINAL document (Will), notorized, stamped, and witnessed, and was able to deposit, withdraw, write checks, pay bills, etc., just by presenting that document?

Friday with the lawyer should answer a LOT of questions!

Thanks for the info!

Regards,
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