Common types of Taxes

Income Tax- Can occur when you are compensated for your efforts or sell an asset or in a host of other activities. There can even be “phantom income” lurking in certain situations to catch the unwary.

Gift Tax- Can occur when money or an asset is transferred to another and nothing is received in return. The gift tax is paid by the person who makes the gift.

Estate Tax- Can occur when you die and your estate value is greater than the federal estate tax exemption applicable in the year that you die. The tax is paid by your estate before your estate passes to your beneficiaries.

Inheritance Tax- A state may impose its version of a death tax on the estate of a decedent. Presently, California has no such tax, but some other states do.

Property Tax- The county assessor may impose a property tax on transfers of real property within the county. Thank goodness, there are some exemptions from this tax if you know how to use them.

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