Can you sell, rent for a year, then move, or do they still come after you? If you sell at a loss, NJ should pay you to go. Fair's fair

Tax talk angers me. The FIL is always talking about inheritance tax, or death tax as he calls it. I get the concept of it being income for the the beneficiaries, but everything earned throughout the decedent's life was already taxed once. IRS is double dipping in this case. I call BS

Sunoverbeach wrote:

The government is always double or triple dipping.

You work and get paid - they take out income tax (taxed once for working and earning money).
You buy something from what you have left and you pay sales tax, gas tax, etc.. (taxed again for spending your money).
Wanna save it or invest it - taxed on trying to let your money grow by saving or investing it.
Buy property - taxed on purchasing it and taxed on owning it.
You die and pass on your assets to a family member, they tax you again.

Here in MA, if you buy a car, boat, trailer, motorcycle... - you pay MA sales tax on the transaction. Then every year you get to pay an excise tax on those vehicles for the simple pleasure of owing it. Sounds logical - if you own something the government should get it's pound of flesh out of you for the simple reason that you own something.

Here's a kicker that blew me away from a real world experience as a young pup.
- When I graduated college, I bought a truck in WI then moved to MA.
- When I went to register it in MA, I had to show proof of ownership, bill of sale and stuff. No biggie, that's standard practice.
- Turned out the sales tax that I paid in WI was something like 1% less than the current sales tax in MA.
- In addition to the standard registration fees, they said I had to cough up the difference in sales tax and I owed MA the additional money on a truck that I bought in WI. That was not anticipated.
- When I asked if, for example, if I bought the truck in a state that had a higher sales tax would I get reimbursed the difference by the state of MA. They laughed (literately) at me - nope it doesn't work that way.

Real world slap of reality of my 2nd experience with MA taxes.
- Fast forward to a year later.
- I get a bill in the mail that says I owe excise tax on the truck.
- Went into work the next day and asked a co-worker WTF is this excise bill that I got?
- He explained to me that I'll have to pay that tax every year and the tax goes to support the roads and stuff. But don't worry, it will go down. The amount you'll owe every year will based on what MA determines as the value of the vehicle and not the real value of the vehicle.
- WTF? Isn't that what the gas tax is supposed to pay for?
- More laughs... Welcome to MA, kid.

The only certain things in life are death and taxes.

BuckyB93 wrote:

The government is always double or triple dipping.

You work and get paid - they take out income tax (taxed once for working and earning money).
You buy something from what you have left and you pay sales tax, gas tax, etc.. (taxed again for spending your money).
Wanna save it or invest it - taxed on trying to let your money grow by saving or investing it.
Buy property - taxed on purchasing it and taxed on owning it.
You die and pass on your assets to a family member, they tax you again.

Here in MA, if you buy a car, boat, trailer, motorcycle... - you pay MA sales tax on the transaction. Then every year you get to pay an excise tax on those vehicles for the simple pleasure of owing it. Sounds logical - if you own something the government should get it's pound of flesh out of you for the simple reason that you own something.

Here's a kicker that blew me away from a real world experience as a young pup.
- When I graduated college, I bought a truck in WI then moved to MA.
- When I went to register it in MA, I had to show proof of ownership, bill of sale and stuff. No biggie, that's standard practice.
- Turned out the sales tax that I paid in WI was something like 1% less than the current sales tax in MA.
- In addition to the standard registration fees, they said I had to cough up the difference in sales tax and I owed MA the additional money on a truck that I bought in WI. That was not anticipated.
- When I asked if, for example, if I bought the truck in a state that had a higher sales tax would I get reimbursed the difference by the state of MA. They laughed (literately) at me - nope it doesn't work that way.

Real world slap of reality of my 2nd experience with MA taxes.
- Fast forward to a year later.
- I get a bill in the mail that says I owe excise tax on the truck.
- Went into work the next day and asked a co-worker WTF is this excise bill that I got?
- He explained to me that I'll have to pay that tax every year and the tax goes to support the roads and stuff. But don't worry, it will go down. The amount you'll owe every year will based on what MA determines as the value of the vehicle and not the real value of the vehicle.
- WTF? Isn't that what the gas tax is supposed to pay for?
- More laughs... Welcome to MA, kid.

The only certain things in life are death and taxes.

BuckyB93 wrote:

They may want it... but they can't legally have it.

MACS wrote:

31 degrees. Inch of snow. Maybe another inch yet this morning. High of 38.
Warms to low-mid 40's for the next five days- or so they say.

Drinking coffee out of a Arizona mug. Think I bought it in...... Arizona.

8trackdisco wrote:

Did you pay tax on that?

deadeyedick wrote:

Did you pay tax on that?

I just read that Cali is studying how much and to which blacks they will pay reparations. MACS better hurry.

deadeyedick wrote: