Question: Does anyone know if an inheritance would be classed as taxable income?
I know someone whose parents died, leaving them a fairly large sum of money (around AU$60 000). Their ex-spouse is trying to claim a portion of it as child maintenance/support, but I was under the impression that it isn't classed as taxabe income as it is a "gift" and Child Support is supposed to be based upon taxable income...?. Does anyone know about this or had it happen to them?
Answer: Not quite sure how it works in AU, but in the US, inheritances and life insurance proceeds are completely non-taxable.
Ernst & Young's Financial Planning Essentials (Ernst and Young's Financial Planning Essentials)
Ernst & Young's Financial Planning Essentials makes it easier than ever to take control of your money and start reaching your financial goals today. Drawing on the incomparable experience of Ernst & Young, it's packed with practical tips and strategies to start you on the road to smart financial planning. This short, handy guide covers all the basics, including: * Understanding your current financ...
Personal Finance For Canadians For Dummies
Take control of your finances!The latest on how to save more, invest wisely, and plan for the future.Do you need help managing your financial priorities? Relax! This friendly guide give you just the information you need to take control of your finances and make the most of your money. Whatever your income level, whatever you financial goals, the updated edition of this national bestseller is the C...
Ernst & Young's Personal Financial Planning Guide (Ernst and Young's Personal Financial Planning Guide)
From the vast experience of Ernst & Young LLP, the renowned leaders in financial and tax planning services, comes the completely updated Ernst & Young?s Personal Financial Planning Guide, Special Tax Edition. With the Economic Growth and Tax Relief Reconciliation Act of 2001 passed, this Special Tax Edition gives you the investment strategies and updated tools necessary to make sound financial dec...
City squeezing its way to a balanced budget
"Bare bones" and "lean" were the words used to describe the 2011 city budget during a Le Mars City Council workshop Tuesday. "We asked all the departments to make a 10 percent cut after we've had cuts the last two years," Assistant City Administrator Bill Cole said. "There is not a lot of cushion."
Considerations for Senior Taxpayers