Get free answers to your Tax Law legal questions from lawyers in your area.
2 parcels of land are assets of the Trust with 5 beneficiaries. Two of those are purchasing the 2 parcels. The other 3 are selling their interest shares to the 2 buyers. The non-buyers' distribution of Trust interest in both farms will be in a single closing of distribution and §1031... View More 
answered on Nov 18, 2024
Generally speaking, inheritances are not taxable. Thus, a 1031 exchange would not apply to your inheritance under the trust.
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answered on Sep 12, 2024
Yes, you can gift land to your son. Transferring property to a family member is a common process and can usually be done through a gift deed. The gift deed must be drafted, signed, and registered to be legally valid.
When gifting land, it's important to be aware of any tax... View More
County collector issued a collectors deed to a purchaser illegally. It was a 3rd offering sale but staff at cty. office lied and said it was A post 3rd year sale denying me my 90 day redemption period. Also it allowed that purchaser to sale the deed to a third party whose now served me with an... View More
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answered on Jun 17, 2024
I'm sorry to hear about the difficult situation you're facing with your home. Based on what you've described, it seems there may have been serious legal errors and improprieties in the tax sale process that resulted in your home being wrongfully deeded to another party. Here are a... View More
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answered on Jun 13, 2024
In Missouri, the process for tax lien sales and auctions is strictly governed by state law. A county collector must adhere to specific timelines and procedures established by the Missouri statutes. Changing a third offering auction into a post-third year auction just four days past the original... View More
Can a collector take you off as the payee of your real estate tax and apply it to different person's account?
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answered on Jun 13, 2024
The actions you describe may raise serious legal concerns. Typically, a county collector should not have the authority to change the terms of a tax certificate sale after the auction has concluded. If the rules of the auction were altered post-sale, this might violate established procedures and... View More
If the property tax accessor fails to do a physical inspection and your taxes increase by over 15% does this mean you win the appeal to the state?
Missouri Statutes 138.060, 137.115
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answered on May 29, 2024
If the property tax assessor fails to conduct a physical inspection and your taxes increase by over 15%, this alone does not guarantee you will win your appeal to the state. According to Missouri Statutes 138.060 and 137.115, the success of your appeal will depend on the evidence you present and... View More
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answered on Mar 3, 2024
In Harrisonville, MO, located within Cass County, the imposition of taxes on hotel bills can be subject to local ordinances and state law. Municipalities and counties often have the authority to levy taxes on accommodations, which can include a variety of specific purposes such as tourism... View More
This property is residential and personal use only, does not "conduct business". There may be a long term profit on the sale of the property if it is sold. Otherwise its just asset protection and personal use. I want to be sure I dont have to register as a foreign entity as this is a... View More
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answered on Feb 22, 2024
When an LLC formed in one state owns property in another state, the need to register as a foreign entity in the state where the property is located can depend on various factors, including how the state defines "conducting business." In your case, owning a residential property in Missouri... View More
This school is a charter for the St. Louis Public Schools. While there I was harassed by my “team leader” and when the administrators would not help me, I had to quit because it was causing me severe mental distress.
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answered on Jan 26, 2024
Here are a few options you can pursue regarding the incorrect W-2 from your former employer:
1. Contact your former employer's payroll or HR department and request a corrected W-2 that accurately reflects the federal taxes withheld from your paychecks throughout the year. All employers... View More
I never made any payments and tried to cancel 48 hours after signing. Have fought with them repeatedly
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answered on Jan 18, 2024
Receiving a 1099-C form generally indicates that a debt you owed was canceled or forgiven, and the IRS considers this canceled debt as taxable income. However, if you believe that the vacation club's claim is not valid, especially since you didn't receive any goods or services, it's... View More
Still not final. Please help my tags are expired. I live in Arkansas
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answered on Jan 13, 2024
To renew your vehicle tags and pay only the taxes on your vehicle while your divorce is still pending, you should follow these steps:
1. Contact your local DMV: Reach out to the Arkansas Department of Motor Vehicles or the relevant local agency responsible for vehicle registration to... View More
I paid $18,000 for my house and 2011 then I pulled a building permit in 2011 the same day I interned started working on my house I'm still working on my house my understanding is the building permit stops the value from increasing until an inspection is called for when I am done with... View More
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answered on Dec 30, 2023
In your situation, dealing with property valuation and taxation in Jackson County, Missouri, there are several key points to consider.
Firstly, the link between a building permit and property valuation can vary. Typically, a building permit itself doesn't freeze the value of a property... View More
Will she have any tax liability if she sells on the same day she takes possession
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answered on Oct 2, 2023
If your daughter sells the silver bullion certificate on the same day she takes possession, she generally would owe capital gains tax only on any increase in value from the time she takes possession to the time of sale. However, the specifics can vary, so it would be wise to consult a tax advisor.
Do anything with it, doesn't live on it, doesn't pay taxes on it, I've offered to buy him out and will pay the amount he requested but he is avoiding me, is there anything legally I can do to make the process happen?
After a tax sale does purchaser have to pay all recorded liens? And can, the entity who placed the lien continue to add charges to the lien?
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answered on May 7, 2023
Once a lien is placed on a piece of property, the amount cannot be changed by the company who placed the lien unless there is a legal basis for doing so, such as an error in the lien amount. After a tax sale, the purchaser may have to pay all recorded liens on the property, depending on the... View More
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answered on Apr 10, 2023
First, you must determine whether you can qualify as a trader for federal tax purposes. This determination is based on pertinent facts and circumstances. Special rules apply if you're a trader in securities, in the business of buying and selling securities for your own account. The law... View More
2nd year filing taxes with chapter 13, but 1year married. Jointly my tax return will be $3063. My plan states that if I file jointly debtor may retain $1500- is that from the total $3063 or do they take in account some of the refund is my husband's? I have seen it separately and my husband’s... View More
I have been a payroll specialist for several years but just started working for a new employer. It has come to my attention that the previous payroll manager was making tax withholding changes based on phone conversations only, no W4 or any documentation whatsoever. I’ve never heard of this... View More
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answered on Mar 4, 2023
Employers are generally required to follow the employee's W-4 form for tax withholding purposes. The IRS Publication 15-T provides guidance for employers on how to determine the amount of federal income tax to withhold from employee wages based on their W-4 form. Employers may make changes to... View More
answered on Feb 6, 2022
It might benefit you to create an LLC for limiting personal liability.
For the answer to your specific tax question, I suggest you query "LLC" and "pass-through" or contact a CPA or tax attorney if you still have questions.
Parents are still alive, Mom was placed in a nursing home, dad, I think signed papers medicaid papers which turns over assets. I am the only child but live out of state. Could we deed or put into a trust? Options?
I have verified no Liens on the property other than a bank note.
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answered on Aug 10, 2021
Hire a competent MO attorney for advice. This is a public forum. There are many different ways to protect assets, but none are perfect.
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