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Another burden is Virginia’s rare probate tax of $1 per $1,000 of assets, which can mean thousands in extra costs. Furthermore, the entire probate process is public, which can open your estate ...
Probate involves validating the deceased’s will, if one exists, appointing an executor or administrator, identifying the deceased’s property, paying debts and taxes, and distributing the ...
Probating an estate is an expensive, time-consuming and sometimes adversarial affair. It is possible, and sometimes advisable, to avoid probate.With the help of an estate planner and, perhaps, an ...
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]
However, some assets are recognized as exempt to allow a person significant resources to restart their financial life. In the United States, asset exemptions depend on various factors, including state and federal law. [2] [3] [4] The estate (or assets) of a bankrupt person is administered by a trustee in bankruptcy.
The original basis of an asset is usually the value of a taxpayer's investment in the asset. (See IRC § 1012). When a taxpayer purchases an asset, the original basis is the purchase price, or cost, of the asset. Different factors, including tax deductions for depreciation, can lead to an adjusted or recomputed basis for the asset.
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