Get free answers to your Tax Law legal questions from lawyers in your area.
answered on Nov 16, 2013
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.
answered on Nov 16, 2013
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 subject to any taxes. This year the... View More 
answered on Jan 10, 2012
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 you up. I have seen the Chief Counsel... View More
My uncle is one joint owner and my ex wife is the other joint owner, and I, the other joint owner, live in the house. Do we all split the yearly property taxes?
answered on May 5, 2011
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 the governmental entity can seek to collect... View More
Are there any programs that will provide financial assistance with the delinquent taxes so we do not become homeless?
answered on May 5, 2011
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 to find a way to bring your property taxes... View More
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