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Interesting Tax Question,,
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mid mn
Posted 5/5/2024 23:43 (#10730269 - in reply to #10729674)
Subject: RE: Interesting Tax Question,,


Sounds like he has had very little income, so I bet he owes nothing, probably missed out on a pile of tax credits. Looks like Maines estate/inheritance tax starts at 6.8 million, federal starts at 13.6 million, so owes nothing there. The land and maybe the even the stocks will get a stepped-up basis when his mom dies so he could possibly cash it all in and not owe a thing. If I was him, I wouldn't be worried.
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