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But sorry girls, only for boys  

I don't know the 'fine' (rotten) details, but here's the main bullet points, r45:

 

- person lives, works, earns money and pays due taxes all their life;

- person sadly dies;

- government 'swoops' in and in broad daylight steals large wads of cash from said dead person and their remaining family.

 

Somehow, bewilderingly, society seems to accept this bizarre and outrageous concept.

 

 

This is of course in 'foreign countries'; I'm sure Shinzo-kun wouldn't have any of that scam! ;)

 

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The Tax...!!

 

edit.... the only thing that kinda makes any sense with regards to inheritance tax for the generation that are dying off now is that they DIDN'T pay a whole lot of taxes throughout their lifetimes. Not nearly as much as we are going to be paying. But that is them paying for previous governments lack of any kind of foresight with regards to the stresses our generation are put under dealing with all these old people.

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I don't know the 'fine' (rotten) details, but here's the main bullet points, r45:

 

- person lives, works, earns money and pays due taxes all their life;

- person sadly dies;

- government 'swoops' in and in broad daylight steals large wads of cash from said dead person and their remaining family.

 

Somehow, bewilderingly, society seems to accept this bizarre and outrageous concept.

 

 

This is of course in 'foreign countries'; I'm sure Shinzo-kun wouldn't have any of that scam! ;)

 

 

:lol:

 

Thanks pies.

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Genuinely rich people don't pay inheritance taxes. They only hit kind of well-off people who can't afford the accounting tricks. I heard that there is no inheritance tax on the family home in Australia, and if so, that is a fair system.

 

Most huge landowners in the UK have had the land in their family since the Middle Ages. The current owners won't have it through working and earning.

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There's always of course the super duper rich and the like - but there are plenty of 'normal' fairly well off folk who get slapped with this.

 

Good honest folk who do work hard and earn and pay tax. Make a success of their life.

 

Why should they (or yes indeed anyone really) not be able to pass on what is theirs?

 

I suggest that loopholes be shut down as much as possible to stop people from getting away with annoying avoidance of taxes.

 

And perhaps some domes be built.

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Posed with a serious question from mum back home. Canada and Japan have a tax treaty which states that no capital gains can be taxed twice from country to country. That's clear....but...Canada has no such thing as inheritance tax. Would the Japanese government expect to be rewarded on funds and land I inherit from my relatives in Canada? I would think not but who knows. Especially, if I have no plans for ever bringing those funds (in large quantities) into Japan? If I did....I bet they would.. Any thoughts?

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It would really depend on the system in Japan. Is inheritance tax levied on a primary dwelling? In Canada, there is a capital gains tax (inheritance tax) on secondary dwellings in Canada. I'm in the process of taking ownership of our family cottage and the paperwork involved is over the top. Hopefully, I'll be able to get it all done while I'm home this summer... if not... not sure what will happen.

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Good luck with that Black Mountain.

 

The thing I hate about stuff like that is that the stuff you don't understand overwhelms and beats you down into some sort of submission. Sort of.

 

Thanks. Ganbatte! It's all slightly concerning because another family we are friends with who own a cabin near to ours were forced to sell it because they couldn't afford the capital gains tax on the property when their father, the owner and builder of the property, passed away late last year. We are trying to get ahead of the curve on this one in the very unfortunate event that my lovely mother were to pass away. Now that she is retired we are trying to claim that it is her primary residence, which it is, at which point I'll buy it from her but continue to allow her to live there for the modest fee of paying the property tax and incidentals. Hopefully it turns out alright for everyone in the end.

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The crazy thing is the way the capital gains tax works. Basically, you have to pay tax on the difference between the amount you paid when you bought the property and the amount it's appraised at at market value when you sell. Notice that it's not what you sell the property for but what it's appraised at by a real estate appraiser.

 

Since my grandfather built the cabin in the 60s it's original value was some like $15,000. When it was passed on to my mother it was something like $60,000 but she took ownership before capital gains tax laws were set. Now it is valued at about $220,000 dollars. If she were to pass away today and leave it to me in my name I would have to pay about 43% tax on half of the $160,000. So that's about $35,000 I'd have to pay just to keep ownership. More than double what the property originally cost!

 

In the case of the family I mentioned earlier, their inheritance tax was calculated based on the original 1960s price of $15,000 because the original owner still had possession. Since they couldn't come up with the nearly $50,000 they had to sell... and then they still had to pay the $50,000 because of capital gains. Madness.

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