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Free Legal Advice Philippines » FREE LEGAL ADVICE » Penalty on Estate Tax???

Penalty on Estate Tax???

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1Penalty on Estate Tax??? Empty Penalty on Estate Tax??? Thu Aug 05, 2010 3:12 am

shivaker


Arresto Menor

hello.i just need your advices...it's been 12(1998) years since my Father died...i have not yet transferred my Father's property into my name...in Extra Judicial Settlement...i am the sole heir of the property which has a market value of 218,000 based on real property assessment in the year 2003.How much would be my penalties from not paying estate taxes?Am i exempted in paying estate tax?What should i do?

2Penalty on Estate Tax??? Empty Re: Penalty on Estate Tax??? Thu Aug 05, 2010 10:45 pm

attyLLL


moderator

uhh, i don't know what the tax laws were in 1998. if it was the same as now, then any estate less than 1M will not be charged estate tax but the filing of a return is necessary.

but for the 12 years, you will certainly be charged terrible penalties. i don't know how much though. go to a bir office which is not in the same place as your property and inquire. that way they are not immediately alerted to this taxable incident.

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3Penalty on Estate Tax??? Empty Re: Penalty on Estate Tax??? Mon Oct 11, 2010 9:07 pm

calvinshardy09


Arresto Menor

If property tax is not Maryland, on or before the deadline for payment of property tax, the law of Maryland, interest and late fees assessed.

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