PDA

View Full Version : My turn to cry



Hulamoon
April 12th, 2013, 08:51 PM
I got two tax property bill's from the house I'm renting out in calif. $8000.00 Because it changed ownership even though I inherited it, it went up in value. It was given as a gift. What the hell? I swear my neck is hurting right now. :(

Gayle8675309
April 12th, 2013, 08:53 PM
Dang taxes...sorry about that huge bill that you got! I'd be upset too.

Doloris
April 12th, 2013, 09:04 PM
i think there is a maximum you can inherit without paying taxes on it. How long have you owned it. What a bummer. I would be upset too.

Musical_Starling
April 12th, 2013, 09:12 PM
Ouch! That REALLY sucks! I have no idea how the whole tax thing works, especially property taxes and such. Right now I'm paying tax on the value of my house from 2009 or something, and at the time there wasn't even a house built on this property (it's a new subdivision, my house is only a little over 2 years old) so I think when the taxes catch up with the ACTUAL value of the house and land I may be in trouble!

I hope you can figure something out to help lessen the blow at least!

buckeyequilter
April 12th, 2013, 09:19 PM
My kids are going to get hit with Capital Gains taxes next year because they just sold some property that belonged to their grandpa. I told my daughter how much to put in a savings account so when she has to pay the taxes on it she will have money. The boys are both smarter than I am....so they argued with me....we'll see what happens come tax time next year.

This is from wiki....could this be what part of that is? An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate (total value of the money and property) of a person who has died.

WendyI
April 12th, 2013, 09:34 PM
That really stinks. Maybe you should consult a tax specialist and see if there is a way to invest that money that might save you having to pay it? Paying tax on a gift is just mean!

ilive2craft2
April 12th, 2013, 09:36 PM
Oh my - I sure feel for you! No fun losing the relative in the first place and then to get hit with a tax bill later is just like poring salt in the wound! We got a bill from the nursing home 6 months after my DMIL died for about that same amount....

K. McEuen
April 12th, 2013, 11:18 PM
In most states, anyone who owns property has to pay property taxes on the homes value. I know ours is reduced a bit because of one of us being a veteran and because we live in the home. I think it is reduced again when you hit senior citizen status.

If you got 2 bills I am guessing one is property tax and the other might be the inheritance tax.

Sew Perfect
April 12th, 2013, 11:35 PM
Yeah, my head is hurting just from reading that you have to pay that much!!

Hulamoon
April 12th, 2013, 11:36 PM
One was called Supplemental and the other was Adjusted. Well there goes all the rent I just made lol

Lisapc
April 12th, 2013, 11:49 PM
Taxes are just plain old rotten!

Lissau
April 13th, 2013, 12:37 AM
(((((((((((hulamoon)))))))))))))))))

phoots
April 13th, 2013, 01:08 AM
Wow, that really does suck! Back in 1995 my ex and I inherited his mother's house and we just kept making the monthly mortgage payments. We never got a property tax bill...it was figured into the monthly payments. I realize that was quite a while ago, but maybe you could consult a tax expert. See if you can get a free consultation with a tax attorney!! Good luck!

Pam in Vegas

rebeccas-sewing
April 13th, 2013, 06:23 AM
Yep! Taxes are no fun. My sis and I recently had inheritance taxes taken out of money we inherited from my aunt. It definitely hurt to see that money fly out the window. It also hurt to see all the money that went to probate fees and to the lawyer. I just kept reminding myself that I still gained a lot and I really did nothing to deserve it other than the fact that sis and I were her only biological nieces. She gave some of her assets to the adopted niece and nephews who were definitely more involved in her life than we were. They lived a couple of miles away as opposed to us. I don't know why she left us anything other than the fact that we were blood relatives. Maybe she felt guilty that my dad was left nothing at the time of his parents' deaths. She was given everything. Who knows? I wouldn't mind paying taxes if I felt the money was being spent wisely by the government. That doesn't always seem to be the case when I see how much wasteful spending goes on by the governing body.

Evilynn
April 13th, 2013, 07:21 AM
Sending big hugs! I can understand you are upset, I would be too! I find it pretty cheeky from the state to collect taxes from property anyway. You pay a huge amount of taxes when it's built already. That you have to pay extra taxes every year just for owning it is outragous in my opinion. They make you pay all over... for stuff that you paid already for! .. so cheeky...

Hulamoon
April 13th, 2013, 08:45 AM
Thanks for the hugs and hugs back to everyone that has gone through this too. A lot of people ask why are you keeping it? This aunt was like a mom to me. She was my last childhood family member and I just love this little house. I'm an orphan now.

What's interesting is that a realator called a few day's ago asking me about the property. We had a nice conversation. I said I didn't want to sell right now and he understood. He is going to back to me for the value on it. I asked how did you get my #?

I already have a realator so if I sell it will go to her. But since he is hungry I will let him do it. lol

MayinJerset
April 13th, 2013, 10:49 AM
Sending big hugs! I can understand you are upset, I would be too! I find it pretty cheeky from the state to collect taxes from property anyway. You pay a huge amount of taxes when it's built already. That you have to pay extra taxes every year just for owning it is outragous in my opinion. They make you pay all over... for stuff that you paid already for! .. so cheeky...

As much as we all hate to pay taxes we pay property taxes to our town and county every year as they pay for our schools, teachers, police, library, municipal buildings, roads, etc.