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answered on Nov 11, 2024
The only likely scenario where you can continue paying the existing mortgage on your deceased father's home without replacing (refinancing) it, is if you are your father's heir and are receiving the house as part of his estate distribution. In that scenario, the law allows an heir in the... View More 
The land is taxed way above actual value . It was on the market for years. Before the owners died , So it is basically unsaleable. I would like to forfeit the land in exchange for the debt located Mechanicsville Maryland.
answered on Aug 28, 2024
As the trustee of this estate, your primary responsibility is to act in the best interests of the beneficiaries. While forfeiting land for debt might seem like a direct solution, it's generally not a feasible option. Forfeiture typically occurs due to illegal activity, not as a means of debt... View More
answered on Jun 13, 2024
And does "gave me" include recording a deed? The answer to that question will determine what any lawyer can tell you.
If no deed, simply refuse to accept it.
If a deed, consider selling it. Otherwise, you will need the grantor to join in another instrument renouncing or... View More
I received a notice of deficiency regarding the temporary disability I did not report on my taxes. When researching the topic I found that if I pay the premium, then it is not taxable. I'm trying to find out if this is true so I can respond to notice.
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answered on Apr 22, 2024
Based on the information you provided, it seems that you received temporary disability benefits through a plan where you paid the premiums. In this case, the benefits you received are generally not taxable. Here's a more detailed explanation:
1. If you pay the entire cost of a... View More
My grandparents are deceased and their property passed equally to their four siblings. I am one of their daughters. The siblings rented the property before but are now nearing 90 years old and can't do it anymore. They understand that in reality the property needs to be sold but they are... View More
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answered on Apr 11, 2024
In this complex situation, there are a few potential options to consider:
1. Partition action: As a co-owner of the property, you have the right to file a partition action in court. This legal action forces the sale of the property and division of the proceeds among the co-owners. However,... View More
Etrade used the cost basis of xyz stock I bought at $76 even though I held the stock and subsequently added to my shares buying blocks of the xyz shares at much higher prices.
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answered on Feb 22, 2024
If the cost basis of your shares has been reported inaccurately, there are steps you can take to argue and adjust this. The cost basis of a stock is crucial for calculating capital gains or losses for tax purposes, and it should accurately reflect the purchase price of your shares, including any... View More
is 473,300. How much would the estate tax be? I live in Md
answered on Feb 13, 2024
Maryland has several different "death taxes" and it really isn't possible to define the taxes without knowing the full context. If an attorney is assisting with the estate they should be able to discuss these in depth based on the specifics of your situation. However, generally... View More
I am looking into creating an E-commerce site that sells Cannabis Accessories (Grinders, Pipes, Etc). I have no intention on selling any CBD products.
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answered on Jan 28, 2024
Here are the key regulations around selling cannabis accessories online in Maryland:
1. Legal to sell cannabis accessories - Maryland has legalized cannabis accessories, so products like grinders, rolling papers, pipes, bongs, etc are legal to sell to adults over 21.
2. No sale of... View More
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answered on Jan 4, 2024
When applying for Medicaid in Maryland, your child's income may need to be considered, depending on their age and the specific circumstances. For children under the age of 21, their income is typically not counted towards the household income for Medicaid eligibility purposes. This is based on... View More
Hello, I made a stupid decision. I opened an m&t checking and savings account last month on the 18th. A few days ago, I downloaded bet mgm (an online gambling site) and placed a few bets. I had just gotten paid 1,000 from my current job.. So I bet with that money and ended up with $1500. So... View More
answered on Nov 3, 2023
You should stop posting information online since you have admitted to a crime. You could be charged with fraud and theft. I would not speak further with anyone about this case. You should retain counsel if you are charged.
I’m a 100% disabled veteran in Maryland and currently exempt from paying property taxes. I’m selling my current home and buying another and wanted to know if I will be reimbursed from the county (Prince George) the transfer, recapture and recordation taxes.
answered on Oct 20, 2023
Transfer and recordation taxes are not “property taxes” and are not encompassed within the property tax exemption for disabled veterans. Contact the Maryland Department of Veterans Affairs at 410-260-3838 to inquire about what exemptions are available.
The licensed provider did not require a contract however just the required forms to be completed for state regulation. However there are emails and text messages showing the business relationship for an 8 month period.
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answered on Sep 14, 2023
If the daycare provider is refusing to provide a receipt, you can take the following steps:
1. Communicate Clearly: Send a polite and formal written request, preferably via email or text message, asking for the receipt. Mention any relevant details like the dates of service and payment... View More
Two corps. owned by same family members in same percentages.
LLC would be owned by corps., not the exact same people, but those same people own same respective percentage of shares.
Does partnership have to consolidate or dissolve?
What exceptions to transfer and recordation... View More
answered on Jun 16, 2023
Most real estate lawyers should be able to assist with such a transfer and the applicable deed affidavits and forms.
The transfer you describe (from a general partnership to 2 corporations owned by different owners than the general partnership) sounds like it would be subject to... View More
we have got 2 tickets there code
TG.13.1014.b
BR 16.5-218
answered on Jun 11, 2023
The Tax-General code citation is a criminal misdemeanor that carries up to 90 days in jail and a $500 fine, and the Business Regulation code citation is a criminal misdemeanor that carries up to 30 days in jail and a $1,000 fine. Both are "must appear" charges, meaning you can't... View More
Can the all the sales proceeds be just allocated to the LlC and just zero proceeds to the Individuals so no 1099 will be issued ?
answered on May 8, 2023
The individual owners should have deeded their interest to the LLC before the sale, if they wanted the proceeds all deemed income to the LLC. While the individual owners may be able to direct payment to the LLC, or deposit their checks into the LLC bank account, I believe at this point that will... View More
I have done my taxes both jointly and separately-
Jointly the total refund = $3063, Separately: Spouse #1: $1100 refund and Spouse #2/Debtor: $950 refund
I see in the Chapter 13 Plan- that if I "file jointly Debtor may retain $1500"- is that of the total $3063 or do... View More
What is it called when someone abandons their LLC business, which is deeply in debt and owes back taxes, to then have someone else open a new LLC for them and that new LLC offer the very same services? Is it legal? It is essentially a one person business and without that person the new business... View More
answered on Mar 23, 2023
More facts would be needed, but it is possible to pierce the corporate veil of the new company and go after the owner personally, or unwind the transfers of assets to the new company, under the theory of fraudulent conveyance, as well as violation of the Limited Liability Company Act that requires... View More
My wife and her son bought an additional rental property with the deed in their names. What are the tax considerations of leaving that property separate from the trust vs transferring the deed to the trust. Her son is the executor of the revocable trust.
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answered on Mar 4, 2023
The tax considerations of leaving the rental property in your wife and her son's names versus transferring the deed to the revocable trust will depend on several factors, including the ownership percentage, rental income, and capital gains implications. Here are some general tax... View More
I think I understand the "death" taxes in Maryland, but I am not positive on the calculations.
Are all taxes based on the value of the gross estate, or are some calculated based on the value after other taxes have been deducted?
For example:
Gross value of estate... View More
answered on Feb 26, 2023
Taxes are imposed on the gross estate. There are exemptions, credits and deductions that are/may be applicable. You absolutely need to pay a CPA to do these taxes for this size of an estate, as well as have estate counsel for the estate administration (or trust distribution). There are too many... View More
answered on Sep 14, 2022
It is likely that you will have to pay transfer tax on the money paid to obtain the tax sale. A tax sale deed is obtained from the Director of Finance or some similar official at the county where you purchased the tax sale. You will need a title company to record the deed and pay the appropriate... View More
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