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I received a property through a quit claim deed from my mother in 2023, and she continued to live there until she passed away in early 2024. She originally purchased the house in 1995 for $95,000. The property's value was approximately $350,000 at the time of her passing, and I sold the house... View More 
answered on Feb 16, 2025
Hi there.
Unfortunately, when you inherited the property, you received your mother's original basis, which is $95,000. This amount will be used to calculate any capital gains.
If you had inherited the property after her passing, you would have benefited from a step-up in basis... View More
I am looking to purchase a home with a family member, however we are looking to split the total purchase cost where they are paying their half up front and I am getting a mortgage. We both will be on the title, but I would be the sole holder of the mortgage. From the IRS' perspective, is their... View More
answered on Feb 12, 2025
Based on the details provided, this situation would not be considered a gift. The other family member is paying for their half of the property upfront, and you are using debt to pay for your half. There is no transfer of assets between you and the other family member. Your ongoing mortgage payments... View More
answered on Feb 8, 2025
It’s interesting that you referred to her as your girlfriend and not the child's mother, as this could affect the outcome depending on the circumstances.
If she is the child's mother and she has the child for more nights throughout the year, then she would likely have the right... View More
answered on Feb 3, 2025
You will likely have a gift tax reporting issue, and depending on the size of your estate, you might be subject to tax liabilities as the person giving the gift.
That said, depending on the intent and desired timing, there might be more tax-efficient ways to achieve a similar outcome.... View More
Do both co-owners of a house have to sign the form for a homestead declaration in California?
answered on Feb 3, 2025
Both co-owners do not necessarily have to sign the homestead declaration.
If the co-owner is a spouse, only one spouse needs to sign.
If the co-owner is unrelated, you can protect your interest in the home as long as it is your primary residence.
In this case, you will... View More
He downloaded his earnings from his Russian TikTok account into my United States bank account, via PayPal. It was then transferred back to him via bitcoin I have a 1099 – K from PayPal looking like I earned that money, when I didn’t.
answered on Feb 2, 2025
Hello,
This situation seems to occur more frequently than you might think. You could be violating US sanctions, which could land you in some trouble.
Firstly, this could appear to be money laundering. You've received money, likely because the original recipient can't... View More
During the custody agreement with my sons mother and I, we agreed to let her claim him on his taxes each year. This year she did not earn enough to get the child tax credit. Am I able to claim him without legal repercussion from the state or his mother?
answered on Feb 2, 2025
Hello,
According to the custody agreement, your son's mother has the right to claim the child on her tax return. This agreement doesn't change even if she doesn't qualify for the child tax credit. So, you can't claim the child on your return without her agreement.... View More
What are the tax implications for the giver and the receiver?
answered on Feb 8, 2025
I agree with James's response and would like to add that the current lifetime gift and estate tax exemption is $13,990,000 for individuals and $27,980,000 for married couples in 2025. You will likely want to use a portion of this lifetime exemption to facilitate the property transfer, assuming... View More
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