So my parents paid cash for a house for me. Instead of doing a traditional loan, if they were to deed the house to me and I cash out refinance to give them the money they wanted for the house and I can use the rest of the cash for improvements or paying off debts.
would they pay gift tax... View More 
answered on Sep 1, 2017
If your parents transfer the house to you, you take out a loan and pay to them a part of the fair market value of the property, the difference between the fair market value and your payment is a "gift." Your parents' gift does not create a taxable event for you. Your parents may have... View More
answered on Aug 11, 2017
The initial sale of the house is to the county for the back taxes. There is a period of time in which the owner of the property may redeem the property. You should contact an attorney immediately to determine (a) when the sale took place; (b) the exact period of redemption you have; (c) the... View More
I started working in may at arbys. my manager whom has now left didnt fill out my w4 . i had no dependents claimed and no federal tax withheld. i was depending on my refund is there anything i can do?
answered on Jan 30, 2014
Did you confirm that federal taxes were not being withheld. Normally, unless otherwise specified, the default for a W4 is Single 0. So, first check your paystub just to be certain that taxes were not being withheld.
If no taxes were withheld, you may not receive a refund. And worst case... View More
answered on Oct 20, 2013
Under Federal law should be entitled to a step up in basis. That means that you will be deemed receiving the house valued at the date of death not at the date when your mother purchased the home. Thus, you will only be responsible for tax on the increased value since the date of death.
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