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
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
If this is the primary asset and all estate assets are being distributed to a spouse or lineal heirs (children, grandchildren, siblings, parents) there are no inheritance taxes, and no estate tax for estates having a value below $5,000,000. For calculating estate value for estate tax purposes,...View More
When dealing with the sale of a property from an estate, such as your mother's house with a reverse mortgage, the primary concern for taxes would typically involve capital gains tax, estate tax, or inheritance tax, depending on various factors including the total value of the estate and the...View More
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
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.
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
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
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
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
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.
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
Maryland inheritance tax is based on the relationship of the giver to the recipient, and is not tied to other death taxes, so on a $20M estate this could be $2M, $0 or nearly anything in between. (And if the tax is paid "outside" of the gift, Maryland will "tax the tax" and...View More
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
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
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.
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.
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
I am executor and beneficiary to a rental house. I want to sell it to the current tenant. I want to avoid capital gains liability. If I sell the house through the estate now as executor versus waiting for it to be transfered into my name and then sell it, will the estate then be liable for the... View More
The estate has a stepped up basis and can sell it and avoid capital gains assuming the net sale proceeds are equal to or less than the date of death value. If instead the estate distributes the house to you and then you sell it, the result is the same. You will get that same stepped up basis....View More
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.