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My sister and I inherited our mother's condo in CT which was held in a Living Trust. The Trust sold the property and issued a 1099S for the sale. My sister and I each received half of the proceeds. There were no other assets in the Trust, and there was no income generated since the condo... View More 
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answered on Aug 10, 2024
When you inherit property through a living trust, it typically receives a step-up in basis to the fair market value at the time of your mother’s death. This means that any capital gain or loss is based on the difference between the sale price and this stepped-up value. The treatment of losses,... View More
I had an accountant that was in charge of things, who is now in federal prison and has cost me 22,000 over this time and now I’m looking at another 9,300. Can I do anything? I live in this town and am in there to pay ALL of my taxes a couple of times a year. Not once was I ever told about this
answered on Mar 21, 2024
OK, well, either you owe the tax bill because the accountant didn't pay it, or he paid it and the government is wrong. The one thing that is clear is that you cannot rely on "my accountant handled it" to avoid paying a valid tax bill. I think the best course of action is to retain an... View More
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answered on Jan 19, 2024
As a resident of Connecticut inheriting land in Puerto Rico, your tax and legal responsibilities may involve considerations in both jurisdictions. Inheritance tax laws vary, and Puerto Rico, as a U.S. territory, has its own tax regulations. Generally, Puerto Rico does not impose a state or federal... View More
“Cash price” means the total amount in dollars at which the seller and buyer agreed the seller would transfer unqualified title to the goods, if the transaction were a cash sale instead of a sale under a retail installment contract.
answered on Sep 23, 2021
A Connecticut attorney could advise best, but your question remains open for five weeks. There didn't appear to be a question, but possibly an outlining of terms or definitions in a contract. You may have resolved the matter by now, but if not, you could reach out to Connecticut attorneys... View More
My husband is concerned about a tax he says he will have to pay upon his parents death in order to inherit the real estate they are leaving him in their will. I live in North Carolina but have not had any experience with the inheritance of Real Estate and so have no idea what he is referring to and... View More
answered on Mar 2, 2020
If the estate is worth more than 2.6 million dollars then he will need to pay estate taxes.
My ex-husband and I just got a tax bill from 2018, that says we owe money based on discrepancies with what we reported as our joint income. In 2018, I worked only part-time, making less than $10,000 a year. Our divorce was finalized in December 2019. Do I owe half of the owed taxes from 2018, since... View More
answered on Feb 23, 2020
When you file jointly you are both jointly and individually liable. This means the IRS can come after one or both of you for the debt. You may have a good innocent spouse relief (ISR) case but without further details it is impossible to say for sure. Most of us offer a free consultation and can... View More
Can someone probate someone else's property ? The names are similar except the middle name. My husband is alive and well and is the owner of the property. How can this happen and what are the processes to remedy this huge problem ? Thank you.
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answered on Nov 23, 2019
Start by contacting the attorney handling he probate and point out the error. Start with a phone call and follow up with a letter. Have an attorney review the response to ensure it is sufficient and satisfactory.
I never have been involved in business , not aware employee taxes not being paid, nor this would make him liable( us liable)
answered on Sep 20, 2019
Employment taxes are the personal responsibility of any responsible party.
refunded, but CT says it is passed statute of limitations. What can I do to argue this?
answered on Jul 31, 2019
The statute of limitations controlling net operating losses can (and very often is) be very different for the federal government as it is for the several states; look it up.
answered on May 23, 2019
The State of Ct is very difficult to work with when trying to settle a tax debt. You can try working it out on your own by going to court or seeking a collection alternative but it may be very difficult. I recommend calling a tax attorney in Connecticut to discuss your problem in depth. Most of... View More
Is that too long and are there requirements re margins, etc.
answered on May 7, 2019
Go to the Internet and search around for a complaint filed by someone else in Connecticut, and use it as a guide.
My ex quick claimed the house. I had to sell it per our decree and it sold as a short sale. Liens that we’re in both of our names were paid off at time of sale. My attorney said we should split the 80k 1099 my ex claims I’m responsible.
answered on Apr 14, 2019
Look closely at your divorce decree and then call you divorce lawyer--again. If the decree says you get the house, then you get the house and everything that goes with it.
The IRS transcripts say that a fund in my name was sold from a Fidelity account. I have never had an account of any sort with Fidelity or any financial company at all. I was given the name and address of the seller. This action seems like fraud perpetrated as a Trust. How do I get a copy of the... View More
answered on Apr 3, 2019
Since the IRS rarely makes mistakes of this size (trust me), you are advised to consult an experienced lawyer to help you find out what happened and then to advise you what to do about it. In today's world of high-tech communication-- and rampant bank fraud-- you do not need a Connecticut tax... View More
I got a letter from the IRS saying I have to return the earned income credit. My ex wife has “custodial custody” although according to our divorce we share joint physical custody. I have my son 4 days and 4 nights a week, retaining primary physical custody. Isn’t in my right to claim my him... View More
answered on Mar 14, 2019
File an appeal and present your evidence. Just remember the IRS rules and your state custody laws are not the same.
How can I acquire these forms? Thank You
answered on Jan 17, 2019
Go to the Connecticut Judicial Branch website. Under the Public tab you will see forms. Do a search for the forms that you need. If you cannot find the form you need you can try calling the courthouse. Some of the Court Clerks are more helpful than others. Try calling them and see if they can... View More
on the assessor's card as being approx. 400 sq. ft. larger than the actual house size. Based on 12-60 are we entitled to a reimbursement of the past three years?
answered on Jan 15, 2019
Contact the town assessor's office to ask this question of the assessor. The property should be reassessed. If it was incorrect they may answer that question for you.
Hi, I have a question about the authorization to work.
I am in a process to get the permanent residence, because my husband is an american citizen, but I have been waiting for the SSN around three months and I have not received anything yet. So, is there any way to get a temporary SSN... View More
answered on Aug 28, 2018
Once you get the work authorization, you can apply for a social security number. It may take four or five months to get the work authorization.
CT is now threatening an audit
answered on May 11, 2018
If you had income you need to file a return whether or not taxes are due. Frequently it looks to the State on paper that you owe because they do not have access to all of your documents. It is better to file then to be audited and have the State file for you.
This 1 month job is my only income. I do this job in the US as a US citizen, but most of the year I live abroad with no income. I missed the January payment.... What is the correct way to pay taxes for this income?
answered on Mar 11, 2018
The rule for estimated payments is as follows:
If a taxpayer is required to pay estimated payments they will owe a an underwithholding penalty it they do not pay estimated taxes. They can avoid this penalty if they owe less than $1,000 in tax (after any withholdings or credits) or if they... View More
He does owe child support 620 but tries to stay current on his child support payments he skips his visits some time a month then pops up to show up 2 or 3 time a month I support more income for our child and now he is filing for contempt because I didn't proved him our child's social... View More
answered on Mar 8, 2018
You need to look at your agreement. It is usually spelled out in the agreement who gets to claim the child and if he loses the right to claim the child if he is behind on child support payments.
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