Illinois Tax Law Questions

1 Answer | Asked in Tax Law for Illinois on Feb 2, 2014

Jennifer Long's answer
You can claim your daughter if she (1) is a US citizen, (2) is your child, (3) has gross income for the year less than $3,900, (4) did not file a joint return and (5) you provided more than half of her support during the tax year. If you claim her, she ...
 
 

1 Answer | Asked in Tax Law for Illinois on Sep 2, 2012

Zaher Fallahi's answer
If you are single and have had the house and lived in it for the past 24 out of 60 months, you can exclude up to $250,000 of the gain. Any excess would be taxed at 15 % for the Fed, plus state rate. Consult a tax lawyer.
 
 

1 Answer | Asked in Tax Law for Illinois on Mar 31, 2013

Zaher Fallahi's answer
If the account is is her sole separate property, which may be in your state, then you will receive it an inheritance if you are the only heir. Her estate will include the account in her estate and file an estate tax return, form 706, and may or may not be ...
 
 

1 Answer | Asked in Tax Law for Illinois on Dec 30, 2011

Christopher M. Larson's answer
Happens all the time. When you are dealing with the IRS, what they are supposed to do and what they do are two different things. This is why I always advise against representing yourself. Even if you can figure out the law, the procedure is where they trip ...
 
 

1 Answer | Asked in Tax Law for Illinois on Dec 25, 2010

Judi Smith's answer
The question of how you choose to split the tax liability among the owners isn't necessarily a legal one. However, under Illinois state law, in general, all owners of a property are jointly and severally liable for the property tax. That means that ...
 
 

1 Answer | Asked in Tax Law for Illinois on Apr 12, 2011

Judi Smith's answer
You may be eligible for the Senior Citizens Real estate Tax Deferral Program. Essentially the state pays the taxes on the home and then requires repayment of the taxes when the home is sold or transferred. However, to qualify for the program, you will need ...