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29 July, 06:28

Tim gave his house in another city to his sister. He had to pay taxes to the government on this transfer. What type of tax did the government levy?

estate tax

excise tax

gift tax

property tax

sales tax

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Answers (2)
  1. 29 July, 07:27
    0
    hiya

    the answer is ...

    a estate tax! yay!

    The federal estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs ... The estate tax has been an important source of federal revenue for a century, yet a number of misconceptions continue to surround it. Examples of assets that would generate income to the decedent's estate include savings accounts, CDs, stocks, bonds, mutual funds and rental property. IRS Form 1041, U. S. Income Tax Return for Estates and Trusts, is required if the estate generates more than $600 in annual gross income.
  2. 29 July, 10:09
    0
    The correct answer is Estate tax

    Explanation:

    Estate tax is the kind or type of tax, which is referred to the property that is transfer after the death of the person or person gifts or gave to someone.

    In short, This tax is levy on the estates whose value exceed the exclusion limit stated by law.

    So, in this case, tim gave the house to his sister and he pays the taxes on this transfer. Therefore, the tax of estate tax will be levied by government on Tim.
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Home » Business » Tim gave his house in another city to his sister. He had to pay taxes to the government on this transfer. What type of tax did the government levy? estate tax excise tax gift tax property tax sales tax
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