For Estate Tax purposes

[moburkes]

How exactly does that work? If somebody gets their own mortgage, don't I get monthly payments, or the whole thing at once? What interest would I be paying taxes on here?

If someone gets their own mortgage, the seller gets paid the balance (after fees associated with the closing) in cash.

If YOU carry the mortgage, then you will be receiving interest payments, and you will pay taxes.

The bottom line is this: If you are asking for answers to such basic questions as the last 2, then you need an estate planner because, again, you know just enough to get this whole thing done wrong, which will cost you money.

 

[SSD53NJ]

Wrong

If the interest plus my other income is beow the filing threshold then I will still not be oaying taxes cause I'm on Social Securuity Disability. What kind of interest can I get holding a mortgage? If I sell the property for its appraised value when I inherit then I get a stepped up cost basis & pay no taxes, correct?

 

[moburkes]

If the interest plus my other income is beow the filing threshold then I will still not be oaying taxes cause I'm on Social Securuity Disability. What kind of interest can I get holding a mortgage? If I sell the property for its appraised value when I inherit then I get a stepped up cost basis & pay no taxes, correct?

Oh, really? Then what happens when the income that you receive from holding the mortgage pushes you over the threshhold and reduces your disability check?

 

[SSD53NJ]

But you said only the interest adds to your income? And why don't you answer the other question I asked?

 

[moburkes]

But you said only the interest adds to your income? And why don't you answer the other question I asked?

I don't know what kind of interest you will get, or if you will get any. I don't know what interest rate you charge. This is a legal website, not a banking website, and I'm not going to look up amrotization tables for you.

But, I will say that, at the beginning of any mortgage, 97% of the payment is interest, which could push you over the threshhold.

If you don't understand these basic concepts, we cannot help you here.

 

[SSD53NJ]

So you're making ad hoc comments without knowing anything of what you're saying.Why don't you respond only if you have some information to add & not denigrate everything I say here.

 

[moburkes]

As I see it, I am the only one who has continued to answer your questions, although you've continuously chosen to reject the legal answers that you have been given. Go pay for your advice. Good luck.

 

[lcannister]

As I see it, I am the only one who has continued to answer your questions, although you've continuously chosen to reject the legal answers that you have been given. Go pay for your advice. Good luck.

Sitting here laughing Mo as I was thinking the same thing back 4 posts ago and you have tried to continue to give helpful info!

OP doesn't want to hear that he hasn't a single clue given the questions ask.

 

[moburkes]

Sitting here laughing Mo as I was thinking the same thing back 4 posts ago and you have tried to continue to give helpful info!

OP doesn't want to hear that he hasn't a single clue given the questions ask.

Well, thanks for your support!

 

[SSD53NJ]

Selling the property for it's appraised FMV once inherited, will not generate any income for tax purposes, is that correct?

 

[moburkes]

Selling the property for it's appraised FMV once inherited, will not generate any income for tax purposes, is that correct?

I don't have any information to add.

 

[lcannister]

Selling the property for it's appraised FMV once inherited, will not generate any income for tax purposes, is that correct?

Have you read any of Mo's posts? Have you read any of the posts? This question is very clearly answered in a previous post.

I think after your obnoxious reply

So you're making ad hoc comments without knowing anything of what you're saying.Why don't you respond only if you have some information to add & not denigrate everything I say here.

you will find few willing to add more at this point.

 

[SSD53NJ]

I want to thank you all for putting up with these annoying questions, I have learned alot here but am reluctant to go to estate planners because I've been lied to by them before about estate taxes & the need to file.
At the time of sale I can learn all i need to know about interest payments & if they will force me to into a corner I don't want to be. I would like to know how much additional income I would be adding if I accepted a morgage of say 5 to 6 %

 

[lcannister]

reluctant to go to estate planners because I've been lied to by them before about estate taxes & the need to file

With all due respect, from the questions you have ask here there is no way on god's green earth you would know if you were lied to or not.

Google mortgage calculators and plug in all the percentage you want to!

 

[SSD53NJ]

It stands to reason there are not enough customers to supply the growing number of estate tax planners & lawyers. They have to say something to the genral public to convince them their services are required. When they blatantly lie & use scare tactics to convince you to use them then how can you trust one to tell you the truth. Nobody should be afraid to talk to their State tax dept, division of estate & inheritance tax to determine whether their specific situation requires filling an estate or inheritance tax return. If you know of an honest one in New Jersey let me know.