Question by tina g: Is inheritance money from the sale of a house taxable?
My mother in law died in 2005. Her house was sold in 2007. My husband received the money. Is this money taxable. We live in Florida.
Best answer:
Answer by Jo Blo
depends
if your husband inherited the house in 2005 and sold it in 2007, and the value of the house went up during the time he owned it, then he would pay tax on the gain in value from the time he inherited the house until the time it was sold.
He could deduct expenses of selling the house and any fix up he did before selling such as paint carpet, etc.
If the value didn’t go up, there would be no gain and no tax to pay.
If your husband was just given the money as an inheritance, if he never owned the house,, there is no tax due.
Know better? Leave your own answer in the comments!
Question by chrissy4568: How much money is required to go through customs when traveling to Canada from the US?
I was wondering how much money is required to go through customs when traveling to Canada from the US? My boyfriend is coming to stay all of July and maybe a week in August this summer, but isn’t going to have alot of money when he comes. Would they deny him entry to Canada if he didn’t have enough, even though I’d be supporting him? Thanks for your answers everyone.
Best answer:
Answer by ibu guru
You need to be able to prove you have sufficient funds for a typical tourist’s every need: hotel, meals, transportation, sightseeing, etc. He’d better be carrying some cash (but not “too much” — not more than @ $ 1000 cash) and a couple good credit cards, passport, driver’s license, decent luggage, proper clothing very neatly packed.
And he had better appear well-dressed, affluent and educated. If he’s young, sloppy, cheap, and not with his parents — ooh-la-la! — you aren’t going to get to see him.
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