I hope it isn't true~ / myLot

By lady Di

@lady1993 (27221)

Philippines

March 6, 2021 7:51pm CST

Aunt said i may have to pay 200 thousand pesos / 4000 USD to inherit this small piece of land.

i thought I would just have to pay like 6% of the cost of the land, where am i going to get that huge sum of money?

These taxes are too much, I really hope it isn't final yet.

6 people like this

6 responses

Reine25

@Lucky15 (37391)

• Philippines

7 Mar 21

state tax, huhhuh 5% and 1%

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

7 Mar 21

I doubt the land costs more than a million, i have to see that computation.

1 person likes this

Reine25

@Lucky15 (37391)

• Philippines

7 Mar 21

@lady1993 i will loo for it too, i remember one friend is asking me how much would be the tax of the lot they will buy

Kayla Tsukino

@kaylachan (84701)

• Daytona Beach, Florida

7 Mar 21

I might consider talking to someone in real estate or law in reguards to real estate to make sure you're not over paying for something you don't need to.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

7 Mar 21

We'll definitely do that if the amount doesn't change. I am not paying so much for such a small land and the location isn't the best too.

1 person likes this

Kayla Tsukino

@kaylachan (84701)

• Daytona Beach, Florida

7 Mar 21

@lady1993 You shouldn't have to, and for someone new to real estate it's easy to milk them for more money than they have.

stanley777

@stanley777 (9401)

• Philippines

7 Mar 21

that is a huge amount of money. hopefully it will be smaller.

louievill

@louievill (28846)

• Philippines

7 Mar 21

Inheritance tax is no joke that's why some people sell their properties before their demise to avoid it. Others pretend to to have sold it to their intended heir or heirs and present a deed of sale so it would not fall under inheritance and they would pay the lower sales tax. You need to know the real value of the property, where is it located?

Loretta

@noni1959 (13009)

• United States

7 Mar 21

We get taxed on some inheritances. You can try to finance the land for the amount and pay back in payments if you think the land is worth more and be a good investment to live on or sale later.

Angel

@AngelisaQT (1353)

• United States

7 Mar 21

Wow, that's a lot! I hope everything works out for the best.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

7 Mar 21

I really hope so, I do not want to use up all my savings.

1 person likes this