sir pwede po ba computation net taxable estate tax due before the effectiveness of train law under the absolute community property and under conjugal partnership of gains
Great tutorial video on estate tax computation of net estate and the estate tax due, the determination of tax due at the time of the death of the decedent, ( 6% which is allowable under our Train Law) , claims against estate, properties previously taxed, and amounts received by heirs, and standard deductions allowable by Philippine Laws based on Train Law, and the estate tax due which must be filed within a year from the death of the decedent. More tutorials videos on taxation to improve my cognizance . Thank you.
Good day sir, namatay po ang nanay, then nag extra judicial settlement ang mga heirs - surviving spouse and 4 children. May apat na properties under the name ng nanay. Sa EJS, ang apat na properties, ay hinati hati ng 4 na anak, property 1 to heir 1, property 2 to heir 2, and so on. Ngayon sabi ng BIR, walang babayaran na estate tax after all the deductions, but may babayaran na donor's tax. Dahil daw, ang lahat ng heirs ay my rights sa bawat property. Meaning, may right ang surviving spouse and 4 na anak sa property 1, since ang property 1 ay papunta sa heir 1, meaning, dinonate ni surviving spouse and 3 heirs ang kanilang parte sa property 1 to heir 1, which is subject to donor's tax. tama po ba? And since ang mangyayari is mg donate sila lahat, property 1 is donated by surviving spouse and the heirs 2,3,4 to heir 1, property 2 is donated by surviving spouse and heirs 1,3,4 to heir 2, and so on. Kung titingna natin, ng palit palit lang ng properties ang apat na anak, nag donate and meron ding nareceive. Question, pwede po ba itong maging deed of exhange in between sa mga anak, instead of donation. Dahil ang deed of exchange ay maaring walang babayran or mas maliit ang babayran kesa donation. Salamat po.
Magandang hapon po Sir, pwede po bang magtanong? Balo na po ako at matanda na... 7 magkakapatid ang anak ng aming Lola Patay na 5 2nd childhood na isa Naka oxygen tank na yung isa d na po makausap Ano po ba yang real estate tax ? Matigas pa sa Diamond 💎 mga nakatira ngayon dun d yun papayag ibenta yan 2016 pa pala d "NILA" binabayaran ang AMILYAR Kaya po ako nagtatanong sa inyo...
Hello. Question: Kung meron annotation sa deed na 10% share to be given to the brother upon the sale of the property. The brother died 3-4 years ago in Canada. His wife and 2 adult kids are all living here in Canada and they all Canadian citizens. The property have a zonal value of 3.5M. What would be the estate tax on this if we sell it now ? Thanks for your quick response.
Gerard, my parents who were both US citizens when they both passed back in (2004 & 2010 ). Intestate .. left us four(4) children multiple farm & residential lands.. worth up to 20 million pesos.. When we finally dispose of all the Properties, will we have to pay Phil's.. estate taxes & or US inheritance taxes?? Please include the tax rates if possible for both cases.. Thanks for any the advice you may provide us.. Looking forward to it.. Thanks
Hi Carlos. If your parents are also required to File US Inheritance Tax outside of the US, you may avail of tax credit in settling the Estate Tax in the Philippines. Unfortunately, I am not keen to US Federal Inheritance Tax. For PH, it would be 6% of the net taxable estate, amnesty is until June 14, 2023. Lastly, considering the value of the gross estate, under PH law it will be required to be certified by a CPA in processing the estate tax.
Hi James. If the decedent has no legal residence in the Philippines such as non-resident alien, formerly a Filipino, RDO 39 would be the only place to file the estate tax return.
@@gerardcarpizo Thanks very much for the info, Sir. Bihira naman talaga local BIR dito sinabi na nga situasyon ng death ng parents ko, pero nag-bigay ng list ng requirements for filing sa local RDO namin.
Good day Sir!, Pwede pong pa-clarify sa deductions for non-resident decedent estate. Sa transfer for public purpose po ba required na yung property is nasa Philippines?
Sir what if po na tungtong sa holiday yung due date automatically my penalty na agad yun sample po due ngayung april 10 kaso hoiday kaya sa 11 na mka bayad?
Ma'am, Ask lang po, yung decedent namatay sa Los Angeles California, (last 2019) RESIDENT NA SIYA SA US. Ano po requirements sa BIR to Process the estate tax. BUYER po ako, yung lote lang din naman na Nabili ko ang nakalagay sa EJS namin. How to process at ano po requirements. Salamat po.
Hello Sir. I have a question. My father died without a will at may naiwan sya sa bank na money. Ngayon ang kulang ko nalang daw is proof of filing nang extrajudicial sa registry of deeds. Kaso may mga requirments pa na proof of payment from 1945 up tp present, transfer tax and etc. Kelangan ko po muna ba yun mabayaran before ako maissuehan nang clearance para sa banko? Hindi pa po ba un ung 6% na iwiwithhold nang bangko?
Good day. I watched your vid on how to compute expanded withholding tax. Ask ko pos sir example sa rent. di po ba net of vat po before applying the 5% tax rate sa rent.? Thank you po
Gooday sir galing po kami last wek ng bir para sa state tax sabi nmn ipasok sa amesty ung lupa nmn pero ng kwenenta nasa kulang 200k ang babayaran nmn kasi meron daw improbment total ng lote 360 sqmtr kompleto po kmi meron napo kmi extrajudicial at tax dec t.y po
Hi Dan. If its not explicitly exempted by a law to exempt the land, it is still subject to estate tax. Tho no estate tax to be paid but needs to be filed to properly transfer (eCAR) to heirs.
Hello! I would like to ask how do I compute the estate tax due if the decedent (married) passed away in 2020 was one of 6 heirs, and the family home is exclusive property of the six heirs? Thank you.
u earn like 0.25 to 0.5 interest p.a. on normal savings accts, but if one dies untimely, the heirs have to pay 6% to get the money, worse if the heirs didnt know that the deceased had existing bank acct/s, is it better to save some of ur money on vaults? or have a co-depositor?
Sir Gerald my father died in 2015 but I failed to file the estate tax because I thought I will pay straight 20%which is more or less 200k. We did'nt have that much money so we just ignore it. When the tax amnesty was approved and have the estate computed I found out that we don't have to pay any estate tax except penalty for late payment. How much should be the penalty if we have zero tax due. They said it is 11k but I have to pay only the 5k. Is it possible to lower the tax due for penalty. Thank you
Hi Emily. If there are real properties, they cannot sell as there is no transfer of title. Estate amnesty is extended until June 2023, you can watch my video to learn more.
Sir Gerald ... Dun po sa 3:10 diba po yung entitled sa mga deductions na yun are residents or citizens (RC, NRC,RA) while dun po sa 3:30 is non-resident alien?
Yes you are correct, thank you for the clarification. I checked the video, please ignore the word citizens in 3:30. Will pin a comment and include a caption on the video on this. 👍
Good day po! Buyer po ako, Mag kahiwalay po yung extra judicial settlement at yung deed of sale namin. Ask lang po, nagbayad na kami ng estate tax pero hindi kinuha ng BIR sa ONETT ang deed of sale. Bakit hindi po kinuha? Di po ba dapat naka attached ang deed of sale sa extra judicial settlement. Sa pagrelease ba ng eCAR (estate tax) nasa name na po ba namin or sa name parin ng heir. Paano po pagdating sa RD, magkaiba po ang name ng eCAR (sa estate tax) at yung isang eCAR nasa name ko po. Paano po ba ang gagawin dito CGT and doc stamp bayad napo (eCAR po nasa name ko na released napo). Please advise po. 🙏Maraming Salamat po
Hi Tito. No, but for real properties the heirs cannot sell it as the title is not transfered to them. Note also that penalties are also running if the estate is unsettled immediately.
Hi Sussy. The heirs can only enjoy the use of the properties left by the decedent (person who died) and cannot sell it as there is no transfer of title (no BIR eCAR).
In addition to not be able to dispose the properties, penalties continue to pile up until it is settled. That's the purpose of estate tax amnesty, which was extended until June 2023, you can watch my video on it for more info.
Hello, my relative died and has children, the children wants to sell the lot to me. Can I pay the estate tax on their behalf? Do I need to do another transfer of title? Or the processing of the estate tax will automatically transfer the title to my name? Thanks!
Hi Elvira. If the deceent is a resident citizen, the gross estate will have an automatic standard deduction of Php5M and another Php10M for family home for the share of the suviving spouse. If the taxable estate is zero, estate tax still needs to be filed in order to properly transfer the properties to the heirs.
Hi Lloyd. If the decendent (person who died) is beginning 2018 onwards the rate is a 6% under TRAIN Law. And to answer further, the rate will not increase but if not settled immediatly is subject to penalties.
Hello Sir Gerard! Just want to ask regarding 5:59. If the filling hasn't been done for over a year already, what will happen to the properties and the heirs? Thank you in advance and God bless you.
@@gerardcarpizo Hi sir. Can I ask why there's no standard deduction on illustrative problem #1. I'm not yet taking this subject but I just want to learn this
Hello sir.. may i ask about our case. May mom died 2004 and my dad was 2013.. and the market value of our property is 227k how to compute for that. I hope you will see this message thank you.
Hi po sir! Tanong lng po....my parents died 2011 po....di papo ako naka pag file ng estate tax since i have no idea po sa mga ganito hanggang me nag tanong po sa akin kung na transfer ko na daw po ba sa pangalan ko yung title...... yung 6% po bah penalty yun every year na hindi ko na process yung estate tax ko po? Thanks po ng marami in advance😊
Hi Milgrace. The 6% is the new estate tax rate bec. of TRAIN Law. For penalties, it would 25%, surcharge, 20% interest of the tax due and compromise penalty.
Hi sir, what if the house and lot is 980k and the person died on 2016, shall we only pay the minimum of 5000 based on the tax amnesty? Thanks a lot for this video. 😊
Hi Pivi. Estate tax is a tax on the departed person's right to transfer his/her property not a tax on the heirs. Tho normally, it is shouldered by the heirs as they are the ones recieving the inheritance. They could apply for estate tax amnesty as it is extended until June 2023.
Hi sir Gerard. Thanks for this video. I wish you also have a video on how to compute for the estate tax prior to train law. I'm not sure how penalties are computed if net property is lower than the standard deduction of 1M
Sir gerard namatay ang parents March 1993. Gusto kona patituluhan ang lupa 31.25sqm from mother title na 250sqm. Can you give me idea/computation magkano kailangan ko bayaran na estate tax from Valenzuela. Thank you
Hi Nilo, unfortunately I'm not familiar with the valuation of property in Valenzula City to give an accurate advise. You can visit the City assessors office and also visit the nearest BIR office for assistance.
Good day po....i just want to ask how many percent is the Assessment level for a 4 floor building used for 7 door apartment and how many percent in the Tax rate to compute the real estate tax? The building FMV is 5.5 M... is it considered residential or commercial by the way the building is in Quezon City. Thank you
Thank you so much for a very informative video. Such a big help! But, can you please tell what will be the basis of valuation of estate if NO zonal and fair market values at the time of death? Hope you could spare time to answer. 🙂
Hi Jedelyn. Upon death dapat ilakad na ang estate tax ng owner ng property. Need kasi maprocesa estate tax para sa eCAR, na gagamiten para matransfer ang property sa heirs.
@@gerardcarpizo salamat po sa idea ,,,,by the way about sa titulo po may tutorial po ba ,, declaration tax lng merun nun ,,,at lagi bnbyran ni papa taon taon
You can visit the registry of deeds in your province for assistance kung wala kayo copy ng titulo. Pasyal na din kayo sa RDO ng BIR para magpa assist at magpacompute ng estate tax due.
Sir ano po yung 6% withhold by the bank dun sa deposit? May naiwan po kasi si father ko na account pero klinose po ng banko kasi namatay na si father ko.
Sir sa losses po, what if po the gross estate has a value of 2M po tpos nagkabagyo po and na reduce ang fmv ng property to 500k after the incident po, the incident happened 1 day before the death of the decedent, What amount should be included po in the gross estate of the decedent and why?
Hi Jonabelle, per tax code the valuation of assets for estate tax purposes is at the time of death whichever is higher between FMV (tax declaration), BIR Zonal Value (BIR website/RDO), Assessed Value (City/Municipal Assessor).
If the 500k is the highest among the three valuation at the time of death. In term of losses, the estate can claim actual losses suffered that is not covered by indemnification.
Sir pano po kung nabayaran na yung estate tax pero over a year na na hindi pa winidraw yung pera ng deceased sa bank account kasi buhay pa naman yung co owner nya sa bank account. May penalty din po ba yon? Magiging dormant po ba? What will happen po. Thanks po
Bank accounts usually become dormant if there are no transaction with said account for around 2 years. If the estate tax is already paid and it is joint/co-owned, visit the bank to update the account.
Ang Marcos Estate Tax ay hindi mababayaran ng mga Marcos. Bakit? Kung napanood mo na yung vid na yan, madali mo ng maintindihan ang point ko. Hindi sila pwede magbayad dahil ang tatay ang may estate. Mamana lang yung estate(ari-arian) ng tatay with his accordance from it. Pero hindi talaga ito mamana ng pamilyang Marcos dahil sa Executive Order No. 2 of 1986 na kung saan, nagsasaad sa pagbabawal ng pamilyang Marcos na hawakan ang kanilang yaman na meron sila. Meaning, naka-freeze ang yaman at tinanggalan sila ni Cory ng kalayaan na angkinin ito dahil sya ang nag-issue nito at sya din ang president nung panahon yun. Mababayaran lang Estate Tax kung mapawalang-bisa ang Executive Order dahil mamanahin ito ng mga kaanak at pamilya ni Marcos Sr. Ibig sabihin, paano nila mabayaran yung estate tax nila kung sila mismo ang walang laya na humawak nito because of an executive order?.
@@itsmeche3257 yes, you are corrext. Amilyar, is the real property (land or building) tax being paid annually in the city/municipality, it could also be called the tax declaration.
Based on the Estate Tax Amnesty, pay only the minimum which is P5,000 (no surcharge and penalties). Deadline for filing the Estate Tax Amnesty Return (ETAR) will be on June 2021. Check out the link for more info. tinyurl.com/ydgkaebc
Based on the Estate Tax Amnesty, pay only the minimum which is P5,000 (no surcharge and penalties). Deadline for filing the Estate Tax Amnesty Return (ETAR) will be on June 2021. Check out the link for more info. tinyurl.com/ydgkaebc
@@gerardcarpizo Sir nice video , ask ko lang if yun ma-yari ng property died 40 years ago, worth more or less 4million ang 8 na lupa nya , mga magkano kaya ang estate tax nya sir, apo nya yun heirs. Salamat sir in advance
Generally, they are the same in the PH. Estate tax pertains to tax imposed on transfer of the estate. Inheritance tax is imposed on the transfer of properies via inheritance tru will or operation of law.
