Ano Ang Pagkakaiba Ng Estate Tax At Gift Tax
ano ang pagkakaiba ng estate tax at gift tax
Answer:
The federal estate tax applies to the transfer of property at death.
The gift tax applies to transfers made while a person is living.
Inheritance tax is imposed on the transfer of property’s ownership to the successor, making it another form of real estate transaction. Real estate taxes are among the government’s sources of income, making it mandatory for citizens to pay taxes due to whatever form of transaction it may be. Succession involves transferring ownership and property title, making it necessary for the successor to file the tax and pay it. The commissioner may extend the deadline when it puts inheritors in a difficult situation.
Estate taxes are only imposed on an estate that is above PhP 200,000. Estate less than the minimum amount is exempted from the inheritance tax or any form of taxes under the law on succession.
ccto:TPC
Explanation:
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