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2016 Postmortem

DFW

(54,302 posts)

17. We had to pay plenty when our parents died, and we're not in any of those states.

Reply to question everything (Original post)

Sun Oct 27, 2013, 05:44 AM

Oct 2013

They lived in Virginia, but there were plenty of estates taxes to pay. We had to sell their house because we couldn't afford to keep it after paying its assessed value. They built it in 1955 for $50,000, borrowing from every relative that had a cent to spare (they had none), and had to pay the Federal government 50% of the assessed value of some objects inherited from our grandmother.

It was painful to give up the house we had grown up in, but we had all moved on to other parts of the world. Sic transit gloria mundi. No one is starving.

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States You Shouldn't Be Caught Dead In [View all] question everything Oct 2013 OP

"Death Duties" Really? DURHAM D Oct 2013 #1

Yep, nice framing there. As soon as the IRS drags someone back from the dead petronius Oct 2013 #6

I think that that's handled by their super-secret "Supernatural Affairs" Division Proud Liberal Dem Oct 2013 #19

Why MFM008 Oct 2013 #2

I'm crying for the children of those millionaires who have to pay taxes. bravenak Oct 2013 #3

Yes, the guy who wrote this is a typical winger Warpy Oct 2013 #4

I was a major gifts officer for a nonprofit and I was blown away when a young staffer told me he CTyankee Oct 2013 #7

Indeed. Which is why I would have loved to see maps of quality of education question everything Oct 2013 #14

Heh Proud Liberal Dem Oct 2013 #20

So start circulating it Warpy Oct 2013 #21

I just might Proud Liberal Dem Oct 2013 #22

+1. You'd think that the "self-made", "pull yourself up by the bootstraps" right-wingers... YoungDemCA Oct 2013 #28

In my state, Minnesota, the inheritance tax kicks in at $1,000,000. The Velveteen Ocelot Oct 2013 #5

The map says Minnesota does not have an inheritance tax. DURHAM D Oct 2013 #8

You are correct, that was just sloppy nomenclature on my part. The Velveteen Ocelot Oct 2013 #11

Seriously, if your children are competent to run the family business or family farm... Hippo_Tron Oct 2013 #23

My only problem with inheritance and estate taxes... BluegrassStateBlues Oct 2013 #9

The estate tax is the most fair tax there is MillennialDem Oct 2013 #10

Fuckin PA Aldo Leopold Oct 2013 #12

Yes I believe they tax EVERY penny of inheritance here. DebJ Oct 2013 #24

Not over a certain limit, but any amount at all, but then, this is a Red State in local reps. DebJ Oct 2013 #25

So, states should cut their taxes to keep people with money from leaving? hedgehog Oct 2013 #13

Neither do I question everything Oct 2013 #15

Here is an alternative link: davidpdx Oct 2013 #16

We had to pay plenty when our parents died, and we're not in any of those states. DFW Oct 2013 #17

Inheritance taxes are about more than revenue Recursion Oct 2013 #18

Death taxes are the reason they invented The Rule Against Perpetuities Jersey Devil Oct 2013 #26

There are alternatives TexasBushwhacker Oct 2013 #27