Not many people know what extraordinary estate management is. Well, no, unless they have experienced losing a family member and distributing their remaining properties.

An out-of-order sorting simply means that a contract has to be made when the property is shared between the heirs as the latter feels fit. The attributes listed in the contract are attributes left by the deceased, which are commonly referred to as "property". Features include property such as land, buildings, or personal property, such as money left in the bank, cars, jewelery, furniture, and even shares in the company.

It should be noted that settlement by way of an out-of-court settlement is only possible if the deceased does not have the will. Even if there is a will, but the will does not include all the deceased's possessions, those that do not apply can be exceptionally divided.

In addition, out-of-court settlement is not possible if the heirs can not agree on shared. In this case, file sharing and normal operation can be uploaded to the partition.

Publication Requirement

Once the settlement has been signed, the heirs have to publish the agreement in a general circulation newspaper to ensure that interested parties, as long as creditors and unknown heirs, receive appropriate notice.

Real Estate Tax

After the disclosure, the title may be transferred. After the transfer of the estate, the property tax has to be paid in accordance with Section 84 of the National Revenue Act of the Philippines.

Property tax is the legitimate heirs and beneficiaries of the right of inheritance for the transfer of immovable property at the time of death and certain transfers that the law will form in the same way as the will. It's a kind of transfer tax, not a real estate tax. More specifically, this privilege is the privilege of transferring inheritance to the heirs

The property tax refund must be submitted within six (6) months of the death of the deceased. The deadline may be extended by the BIR Commissioner, in special cases, for a period not exceeding thirty (30) days.

It is interesting to note that the property includes its own tax identification number (TIN). BIR treats the estate as a legal entity

Property tax refund is filed by the income district office (RDO) under the jurisdiction of the death penalty of the deceased's resident

If the deceased has no official residence in the Philippines, available at:

1. The Office of the Revenue Officer, the 39th District Office of Revenue, South Quezon City; or

2. Embassy or Consulate of the Philippines in the country where the deceased lives.

In the case of property taxes, BIR requires a system of payment systems, which means that you have to pay the property tax at the same time

In cases where a huge property is found where the tax is too high or, when the deceased has left the property that is difficult to liquidate and does not have cash for the payment of taxes, BIR A may extend the payment deadline but the extension may not exceed two (2) years if the estate is specially settled. If the extension is granted, the BIR commissioner is required to apply for such a bond, which does not exceed twice the amount of the tax.

The property tax based on the net asset value is as follows: [19659002] 1. If it does not exceed P200,000, it is exempted

2. If it is above P200,000, but does not exceed P500,000, then the transmitter is 5% of the excess P200,000

3. If above P500,000 but not more than P2,000,000, the P15,000 PLUS 8% of the transmitter exceeds P500,000

4. If more than P2 000 000, but not more than P5,000,000, then P135,000 PLUS of the tax is 11% surplus P2,000,000

5. If more than P5,000,000 but not more than P10,000,000 then 15% of the P465,000 PLUS of the transmitter exceeds P5,000,000

6. If it exceeds P10,000,000, the tax P1,215,000 PLUS is 20% of the excess over P10,000,000

When calculating net property, always take into account the allowable deductions. These deductions include funeral expenses, the surviving spouse's share, medical expenses incurred by the deceased during one (1) year prior to his death, including the normal deduction of P1, 000,000.00 and P1, 000,000.00. It is best if you are looking for a lawyer or a bookkeeper to determine that the heirs will accurately indicate the deductions and exemptions and thus determine the exact net worth of the deceased

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Source by sbobet

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