Good afternoon my name is Ryan fields and I'm a trust in a state's attorney with the Kings prior law firm in Bethlehem Pennsylvania thank you for joining us as King spry and gray friars Institute present don't sell the farm unless you want to inheritance tax exemptions for family farms now before we get started today I just want to address a housekeeping issue please note viewing today's web webinar does not create an attorney-client relationship nor does the content of this webinar constitute legal advice the materials for this webinar were created solely for informational purposes and may not be shared or reproduced without the express written consent from Kings Bry Herman Freund and fall LLC additional information about our practice programs and services can be found on our website at wwlp.com okay so before we get started let's look at what will be discussed during today's presentation to start we will talk about life and planning before the exemptions the inheritance tax exemptions brought on by act 85 to be sure prior to the exemptions there were various creative ways to try and pass on farming and agricultural property to the next generation we'll look at some of those methods and how if at all some of those methods may have changed since the exemptions took hold next we'll look at the actual language of act 85 of 2024 as well as act 84 of 2024 which modified some of the language allowing for the exemption of farmland from inheritance taxes the two sections which were added by act 85 are not lengthy but there is a lot of language to digest we'll also look at the family business exemption which took effect in 2024 and how that interacts with the farmland exemptions finally we'll do some...
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1099-s inherited property Form: What You Should Know
Who is required to file Form 1099-S? — The Executor or Administrator. Form 1099-S, Proceeds from Real Estate Transactions, to report the sale or exchange of real estate. Reportable Real Estate. Generally, you are required to file Form 1099-S, Proceeds from Real Estate Transactions, to report the sale or exchange of real estate. The sales Who is required to receive Form 1099-S? — All heirs. Is the sale of real estate taxable? — Yes. What if the buyer is a corporation? — It is taxable to the recipient of the proceeds, but the company must file its own 1099-K (instead of paying the estate). Question on 1099-S. Corporation Form 1099-S — TurboT ax Ax Support A corporation must file Form 1099-S if all or a portion of the consideration for the disposition includes the consideration for the transaction, regardless of where the consideration is received. The company and any of its affiliates must also report the proceeds to which it is entitled as part of the corporation's income, regardless of where the proceeds are received. Therefore, a corporation that receives a portion of the consideration and the proceeds from its sale of real estate would not include the proceeds in its income. Form 1099-S, Proceeds from a Sales Transaction, to report the proceeds from the sale of real property. Reportable Real Estate. Generally, you are required to file Form 1099-S, Proceeds from Real Estate Transactions, to report the sale or exchange of real property. The sales Who is required to file Form 1099-S? — The Executor or Administrator. Is the sale of real estate taxable? — Yes. What if the buyer is a corporation? — It is taxable to the recipient of the proceeds, but the company must file its own 1099-K (instead of paying the estate). Answer: No. Who is required to receive Form 1099-S? — The Executor or Administrator. Is the sale of real estate taxable? — Yes. What if the buyer is a corporation? — It is taxable to the recipient of the proceeds, but the company must file its own 1099-K (instead of paying the estate). Question on Form 1099-S — Tax-Free Asset Transfer. Transfer of Money. — No. Question on Form 1099-S — Transfer of Money.
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