Welcome to Tigersue's Jungle. Here you may find a Jungle of thoughts and idea's. You may never know what you will find!
Yes, I am a member of the Church of Jesus Christ of Latter-Day Saints! I am a wife, a mother, a sister, and a friend.

Monday, April 11, 2011

There is something sick and wrong.....

For the past 2 weeks I have been trying to figure out how to do the tax returns for the trust and estate for my Aunt. It has been a royal pain in the neck. Everywhere I turn I find different rules and nothing that seems to fit my situation with my Aunt's case. In December, our absolutely lovely, (notice I am not complimentary here) Congress passed new rules for Estate taxes for this past year. Notice not 2011, but 2010, the year past, the year my Aunt died. As of this morning there still is not clarification on figuring the basis for the sale of a house. If the estate is worth over 5,000,000 you have answers you can follow, but less than that nothing is defined. Go figure. The Liberals talk about taking care of the poor but in this case they only took care of the wealthy. Needless to say I am stuck in between the proverbial rock and a hard place? I don't know if I can use the fair market value for the sale of her house (good), or the price she paid for the house (bad), do I file an extension, (I really don't want to, I want this over with, dealing with it for a year now is really wearing on me emotionally), do I take my chances with the fair market value.

Why can't the government get on the ball and get this figured out. IF you cannot have it done by the time tax season is upon the tax payer than the previous years rules should be in effect and the new ones delayed for another year. I have so frustrated and so at the end of my rope. This is the only thing for the trust that could potentially earn income on the trust. Honestly with how small it is we shouldn't have to pay anything. I am frustrated beyond belief and I don't even know where to turn to next. All doors and avenues seem to be shut.

(one thing I learned this morning on the phone, is the personal exemption for a sale of a home does not exist in a trust, so the 250,000 exemption is not applicable here either.)

1 comment:

Michael said...

Thank you for being the trooper you are. I know the process is hard, I'm quite intimidated by it myself. Thank you for being you, and being able to understand things, especially when difficult. Love you, Wolf