[Bob Seger]

You posted a lie, got caught, and are still trying to worm your way out. A person can die and leave their kids any amount of property and money, and they won't pay one cent in inheritance, or death taxes. Why don't you just man up, TRT?

Not so. Nobody has lied, but you are both incorrect.

[Bob Seger]

You posted a lie, got caught, and are still trying to worm your way out. A person can die and leave their kids any amount of property and money, and they won't pay one cent in inheritance, or death taxes. Why don't you just man up, TRT?

Double post

[TheRealThing]

You posted a lie, got caught, and are still trying to worm your way out. A person can die and leave their kids any amount of property and money, and they won't pay one cent in inheritance, or death taxes. Why don't you just man up, TRT?

Well, I know for a fact, if the amount is over 5 million it's taxed and they're talking about lowering that amount down to 1 million. I didn't research my post very well and the source I used initially, conflicts with the other sources I have seen after the fact. In the end, it's a taxation mistake and I freely admit I'm no tax lawyer. Enjoy the moment RV, you don't get many, and I know you were dieing for some payback. :biggrin:

[Bob Seger]

Well, I know for a fact, if the amount is over 5 million it's taxed and they're talking about lowering that amount down to 1 million. I didn't research my post very well and the source I used initially, conflicts with the other sources I have seen after the fact. In the end, it's a taxation mistake and I freely admit I'm no tax lawyer. Enjoy the moment RV, you don't get many, and I know you were dieing for some payback. :biggrin:

There ya go. Actually it is only the portion that exceeds 5 million that is taxable. There was a 1 year repreive, I think back in 2010. See you were both right, and then again you were both just a little in error. As the late Rodney King would say, "cant we all get along?"....:biggrin:

[TheRealThing]

There ya go. Actually it is only the portion that exceeds 5 million that is taxable. There was a 1 year repreive, I think back in 2010. See you were both right, and then again you were both just a little in error. As the late Rodney King would say, "cant we all get along?"....:biggrin:

Yeah, it's a problem I'll never have anyway. All my money is outgoing, LOL. Either way, that was just intended as a parting shot anyway. The part of my post that was more significant was that the govenment extorts money from already tax weary taxpayers to pay the way for people that don't work.

[Bob Seger]

Yeah, it's a problem I'll never have anyway. All my money is outgoing, LOL. Either way, that was just intended as a parting shot anyway. The part of my post that was more significant was that the govenment extorts money from already tax weary taxpayers to pay the way for people that don't work.

You certainly have that part pegged.:Thumbs:

[TheRealVille]

Yeah, it's a problem I'll never have anyway. All my money is outgoing, LOL. Either way, that was just intended as a parting shot anyway. The part of my post that was more significant was that the govenment extorts money from already tax weary taxpayers to pay the way for people that don't work.

No, it is what it is. You were trying to twist facts and tell untruths to make people think the government takes more than they do. How many people do you know that inherited more than 5 million? That's what you people do. The 5mil might be federal, but KY takes nothing for any amount.

[TheRealThing]

No, it is what it is. You were trying to twist facts and tell untruths to make people think the government takes more than they do. How many people do you know that inherited more than 5 million? That's what you people do. The 5mil might be federal, but KY takes nothing for any amount.

Some people just can't quit when they're ahead, and some people can, guess which catagory you fit in?

INTRODUCTION

Kentucky has two death taxes.

Inheritance Tax
The Kentucky inheritance tax is a tax on a beneficiary’s right to
receive property from a deceased person. The amount of the inheritance tax
depends on the relationship of the beneficiary to the deceased person and
the value of the property. Most of the time, the closer the relationship the
greater the exemption and the smaller the tax rate. All property belonging
to a resident of Kentucky is subject to the tax except for real estate located
in another state. Also, real estate and personal property located in Kentucky
and owned by a nonresident is subject to being taxed.
If the inheritance tax is paid within nine months of date of decedent’s
death, a 5 percent discount is allowed. The tax due should be paid when
the return is filed. However, if the beneficiary’s net inheritance tax liability
exceeds $5,000 and the return is filed timely, an election can be made to pay
the tax in 10 equal annual installments. The first installment is due at the time
the return is filed. The portion of the tax deferred is charged with interest at
the rate established by law beginning 18 months after the date of death.
There are three classes of beneficiaries: Class A, Class B, and Class C.
Class A beneficiaries include:
surviving spouse, parent, child, grandchild, brother, sister, halfbrother,
and half-sister
If the date of death is after June 30, 1998, all Class A beneficiaries
are exempt from paying Kentucky inheritance tax.
Class B beneficiaries include:
niece, nephew, half-niece, half-nephew, daughter-in-law, son-inlaw,
aunt, uncle, great-grandchild
Note: nieces and nephews by marriage and great-nieces and
great-nephews are Class C beneficiaries.
Class B beneficiaries receive a $1,000 exemption and the tax
rate is 4 percent to 16 percent. See tax chart on pages 6 and 7.
Class C beneficiaries include all persons not included in Class A or Class B.
Cousins are considered Class C beneficiaries. Class C beneficiaries receive
a $500 exemption and the tax rate is 6 percent to 16 percent. See tax chart
pages 6 and 7.


2 Estate Tax
Since January 1, 2005 there has been no Kentucky estate tax, but
it could come back on January 1, 2013. The federal Economic Growth and
Tax Relief Reconciliation Act of 2001 enacted a phase out of the state death
tax credit on the United States Estate (and Generation-Skipping Transfer) Tax
Return, federal Form 706, by December 31, 2004. This phase-out was not
made permanent and was to end on December 31, 2010. On December
17, 2010, President Obama signed the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act), which
extended this phase-out through December 31, 2012.
In the past, the estate tax was calculated as the difference between
Kentucky inheritance tax and the state death tax credit allowed on the United
States Estate (and Generation-Skipping Transfer) Tax Return, federal Form
706. Presently, a deduction for state death tax paid is allowed under federal
law.
There is no discount allowed on estate tax.
For answers to questions pertaining to the filing of a Federal
Estate and Gift Tax Return, you can call the IRS at (800) 829-1040

http://revenue.ky.gov/NR/rdonlyres/6D844...e_2011.pdf

As to the bolded. No I wasn't, read the percentages for yourself. Some taxes are obviously defered right now and I failed to notice that fact.

[TheRealVille]

Some people just can't quit when they're ahead, and some people can, guess which catagory you fit in?

INTRODUCTION

Kentucky has two death taxes.

Inheritance Tax
The Kentucky inheritance tax is a tax on a beneficiary’s right to[COLOR="black"][COLOR="black"]
receive property from a deceased person. The amount of the inheritance tax
depends on the relationship of the beneficiary to the deceased person and
the value of the property. Most of the time, the closer the relationship the
greater the exemption and the smaller the tax rate. All property belonging
to a resident of Kentucky is subject to the tax except for real estate located
in another state. Also, real estate and personal property located in Kentucky
and owned by a nonresident is subject to being taxed.
If the inheritance tax is paid within nine months of date of decedent’s
death, a 5 percent discount is allowed. The tax due should be paid when
the return is filed. However, if the beneficiary’s net inheritance tax liability
exceeds $5,000 and the return is filed timely, an election can be made to pay
the tax in 10 equal annual installments. The first installment is due at the time
the return is filed. The portion of the tax deferred is charged with interest at
the rate established by law beginning 18 months after the date of death.
There are three classes of beneficiaries: Class A, Class B, and Class C.
[COLOR="red"]Class A beneficiaries include:
surviving spouse, parent, child, grandchild, brother, sister, halfbrother,
and half-sister[/COLOR]
[COLOR="Red"]If the date of death is after June 30, 1998, all Class A beneficiaries
are exempt from paying Kentucky inheritance tax.[/COLOR]
Class B beneficiaries include:
niece, nephew, half-niece, half-nephew, daughter-in-law, son-inlaw,
aunt, uncle, great-grandchild
Note: nieces and nephews by marriage and great-nieces and
great-nephews are Class C beneficiaries.
Class B beneficiaries receive a $1,000 exemption and the tax
rate is 4 percent to 16 percent. See tax chart on pages 6 and 7.
Class C beneficiaries include all persons not included in Class A or Class B.
Cousins are considered Class C beneficiaries. Class C beneficiaries receive
a $500 exemption and the tax rate is 6 percent to 16 percent. See tax chart
pages 6 and 7.


2 Estate Tax
Since January 1, 2005 there has been no Kentucky estate tax, but
it could come back on January 1, 2013. The federal Economic Growth and
Tax Relief Reconciliation Act of 2001 enacted a phase out of the state death
tax credit on the United States Estate (and Generation-Skipping Transfer) Tax
Return, federal Form 706, by December 31, 2004. This phase-out was not
made permanent and was to end on December 31, 2010. On December
17, 2010, President Obama signed the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act), which
extended this phase-out through December 31, 2012.
In the past, the estate tax was calculated as the difference between
Kentucky inheritance tax and the state death tax credit allowed on the United
States Estate (and Generation-Skipping Transfer) Tax Return, federal Form
706. Presently, a deduction for state death tax paid is allowed under federal
law.
There is no discount allowed on estate tax.
For answers to questions pertaining to the filing of a Federal
Estate and Gift Tax Return, you can call the IRS at (800) 829-1040

http://revenue.ky.gov/NR/rdonlyres/6D844...e_2011.pdf

As to the bolded. No I wasn't, read the percentages for yourself. Some taxes are obviously defered right now and I failed to notice that fact.

That's the exact same thing I posted. Notice that kids are exempt. To the bold, it isn't 2013 yet, and the key word is could come back. No, you post lies, and are still trying to worm around.

[TheRealThing]

That's the exact same thing I posted. Notice that kids are exempt. To the bold, it isn't 2013 yet, and the key word is could come back. No, you post lies, and are still trying to worm around.

Kentucky has two death taxes.

Staight off the Kentucky Department of Revenue web site. Clearly the collection of inheritance and estate tax are temporarily suspended, however, they are still the law of the land and apart from state government action they will return in force. You employ the very same tactic the liberals all use, and that is to attack the character of your philosophical opponents. You take so much backwater 99% of the time it's your only recourse. Create a diversion or an aspersion to refocus the attention on a trifling matter that you think you can smear the reputation of your opponent with, in lieu of substantitive debate. In other words, you always resort to name calling or insults where others raise factual concerns you can't deal with intellectually or from a position of being factually informed. I have admitted to being mistaken, but everything I posted is contained in the body of the text from the Kentucky Dept. of Revenue. If I had anything to hide I certainly wouldn't post my source for all to see, as well as the link, I might add. As I said, the main thrust of my post was the unfortunate plight of the upstanding and taxpaying citizenry of this country, in that they are forced to fund the non productive among us.

[TheRealVille]

Kentucky has two death taxes.

Staight off the Kentucky Department of Revenue web site. Clearly the collection of inheritance and estate tax are temporarily suspended, however, they are still the law of the land and apart from state government action they will return in force. You employ the very same tactic the liberals all use, and that is to attack the character of your philosophical opponents. You take so much backwater 99% of the time it's your only recourse. Create a diversion or an aspersion to refocus the attention on a trifling matter that you think you can smear the reputation of your opponent with, in lieu of substantitive debate. In other words, you always resort to name calling or insults where others raise factual concerns you can't deal with intellectually or from a position of being factually informed. I have admitted to being mistaken, but everything I posted is contained in the body of the text from the Kentucky Dept. of Revenue. If I had anything to hide I certainly wouldn't post my source for all to see, as well as the link, I might add. As I said, the main thrust of my post was the unfortunate plight of the upstanding and taxpaying citizenry of this country, in that they are forced to fund the non productive among us.

You said you can't leave your kids your money without the government taking part of it. That's a lie. Your kids are exempt from any death or inheritance tax in KY.

Exactly right, you become a cash cow for liberals to use to fund the lives of the listless among us. And that doesn't change until the day you die, then, they bang the heck out of you one last time with their inheritance tax schemes. The federal death tax rate is somewhere around 35% and then you'll have to endure the ravenges of the Kentucky death tax rate on your bank account and your estate--about 16% each. Aint it grand? You can't even leave your own kids your money.

[Hoot Gibson]

When RV makes a mistake, he changes the subject. When others make mistakes, he calls them liars. What a guy! nicker:

[TheRealVille]

When RV makes a mistake, he changes the subject. When others make mistakes, he calls them liars. What a guy! nicker:

If he wasn't a word twister, and a half truther, it wouldn' have been carried so far. But you know the feeling, you are of the same ilk.

[Hoot Gibson]

If he wasn't a word twister, and a half truther, it wouldn' have been carried so far. But you know the feeling, you are of the same ilk.

It's amazing how often the people you disagree with turn out to be liars, huh? It is just a darn shame that everybody cannot be as smart, honest, tough, courageous, and good looking as yourself. An alternative explanation is that you suffer from delusions of grandeur and paranoia that compel you to find fault with others to boost your own low self esteem.

[TheRealVille]

It's amazing how often the people you disagree with turn out to be liars, huh? It is just a darn shame that everybody cannot be as smart, honest, tough, courageous, and good looking as yourself. An alternative explanation is that you suffer from delusions of grandeur and paranoia that compel you to find fault with others to boost your own low self esteem.

Last I heard, you were a "couldn't make it as a mine engineer, so I became a computer whiz". When did you make it into the medical field?

[Hoot Gibson]

Last I heard, you were a "couldn't make it as a mine engineer, so I became a computer whiz". When did you make it into the medical field?

That's it, RV, just let that anger flow out. There has to be a rational human being in there somewhere.nicker:

[TheRealThing]

If he wasn't a word twister, and a half truther, it wouldn' have been carried so far. But you know the feeling, you are of the same ilk.

On the contrary, I appreciate the opportunity to let you have your head through the course of conversation on here. You have made the case I have made, about the hate and contempt liberals have for main stream Americans, far more compelling. I'm just the guy next door. And I've been around long enough to see how America worked during it's hay days of the 60's and watched the miraculous come back of the Reagan era. I've also seen the asurdities of the liberal left. I record on this forum my observations about the changes the left is trying to foist upon the remaining 80% of the citizens of our republic. I watch as the present administration lies to America about it's agenda, and I read and listen to the left's cheerleaders doggedly insist it's the republicans that are the liars.

If one watches the news, folks like Bob Beckel, Alan Combs, Leslie Marshall, Kirsten Powers, Juan Wiliams, Ed Schultz, Rachael Maddow, et-al, every last one finds themselves behind the 8-ball these days as they try to put a happy face on our nation's slide into the quasi-socialistic state, ala the Obama vision of record. All of these folks are livid and cannot hide their anger during interviews in which they are asked to defend the actions of this administration. RealVille is no exception to the rule. At some point, following the playground play book page by page, after the insults and namecalling fails to get the desired result, they get mad. When they get mad the venom rolls out. And so has it always been.

The tactics of the left are not the stuff that makes this country great. Debate should be a course of action in which a plan for the good of the 'many' emerges. Of course, since the dems are the party of special interest groups, the good of the many doesn't work for them and therefore their party platform is all about tolerance and special interests. Because America has been sleepwalking in a trust-like trance, for the several generations since WWII, dems have substituted pettiness and the politics of destruction for statesmanship and have gotten themselves into the irretractable habit, of slamming the character of their opponents, thus rendering the issues of the day of no substance or meaning. Politics have been reduced to the art of inciting ire and mistrust in the other side, which in this case, are the republicans.

The beauty of the this simple but effective methodology is that once mistrust is established, any and all concerns of the folks who find themselves in an odd man out postition, are considered to be of no import. For instance, anytime republicans try to get something done for main stream America rather than one of the liberal pet social or ethnic groups, the dems say it's just a ploy by those rich white republicans to get richer. The newly emerging problem for the dems with regard to this well established short cut to success, is that folks are starting to wake up. If the dems find themselves in the posititon of having to defend their questionable agendas, they'll be in real trouble. I contend this is where we are headed and it will happen prior to the fall elections.

In my mind, one would necessarily have a considerable amount of contempt for his/her country, to allow this kind of sentiment to sweep rational thought out of Washington, DC. Blind hatred and contempt occupying the same hallowed halls, where diplomacy, civility, respect and service of folks like Washington, Jefferson, JFK, Dwight D Eisenhower, Tip O'Neil and Ronald Reagan once trod. It is more than not right, IMO worst case scenario it is borderline treasonous. It is bringing down the greatest country of all time, and it's all over this peeing match intitiated in pursuit of the petty interests of fringe groups who are totally consumed with their own wants and grievances. Best case scenario it is unAmerican. We are a nation that serves the interests of the "COMMON GOOD", if we leave that stance we will be swept away by the wildfires of flaming hatred which is presently emanating from misguided government officials.

[TheRealThing]

You said you can't leave your kids your money without the government taking part of it. That's a lie. Your kids are exempt from any death or inheritance tax in KY.

Up to now I've given you the benefit of the doubt. I wasn't speaking strictly as a Kentuckian, rather as an American citizen. There are 49 other states in this country and I know for a fact that one of the hot topics, of which, Anthony Weiner was engaged before he left office in disgrace, was the death tax. There was a lot of debate about it only one year ago. My kids would be exempt this year, but if laws put into motion that temporarily suspended the Ky death taxes are not interrupted by legislation, the death tax will be reinstated here in Kentucky a mere 6 months from now. And FWIW, if this is the worst faux-pas you can ever celebrate at my expense, and it very likely is, I'm pretty happy with it. http://online.wsj.com/article/SB125694593227919879.html As you can plainly see from the map many states do have death taxes.