Most tax advantages can be obtained with or without a trust, as the primary benefit of a trust is to adress other management and estate plannng purposes (such as avoiding the probate process, but in Maryland that is not always that significant of a reason). There are two types of trusts: revocable...Read more »
However, he was not put on the deed then or ever. Only myself and girlfriend were on the deed. I was hesitant in buying the house this was as I didn't feel like I was buying the house and didn't have the pride in buying my first home myself. Plus, I did not qualify for the first time home... Read more »
Every envelope on the outside in bold all caps red letters read the following, "DELINQUENT NOTICE, PAY IMMEDIATELY OR FACE POTENTIAL UTILITY TURN OFF". One month I finally opened one and there was a substantial amount due because she had not been paying the bill. This similar thing... Read more »
To recap, you need to review the real documents with a real lawyer. And, the next time you "signed a document her Father wrote that stated my signature signified I was off the deed" without reviewing it with a lawyer, you'll get exactly what the document might or might not say. What...Read more »
In 1998 my parents helped me buy a condo. The deed has my name and my father's name on it. I was told at the time that when he died I would automatically inherit his share of the condo, with no taxes owed. He died in 2011 and I have not tried to change the deed and I'm worried about any... Read more »
So this is clear under federal income tax law: inheritances are not income. States that have an income tax *generally* piggy back the federal law. So, generally, the only income tax implications that may be tangentially applicable is the "step-up" in income tax basis for the eventual...Read more »
A vending machine license is not required if the following items are offered for sale:
Cigarettes - (Special laws govern the sales of cigarettes through a vending machine. For more information, contact the State License Bureau or the Clerk of the Circuit Court in the county in which the...Read more »
Moved to NC in 2018 and received some letters from MD regarding audit and back taxes. My new NC address is on file with them, but I haven't received any letters in over a year. Currently taking care of my federal back taxes from that time period. Should I reach out to MD Comptroller,... Read more »
Treasury Decision 9884 contains the final regulations on this issue, and include a special rule allowing the estate to figure its estate tax credit using the higher of the basic exclusion amount (BEA) applicable to gifts made during life or the BEA applicable on the date of death. So, if you give...Read more »
First, understand what is taxed and what portion of a taxable gain may be exempt from taxation: You can sell your primary residence exempt of capital gains taxes on the first $250,000 if you are single, and $500,000 if married and the property is jointly owed. This exemption is only allowable once...Read more »
Maryland does not tax inheritance of lineal heirs, parents or spouses. A lineal heir is the the direct descendant of the decedent (son, daughter, granddaughter, etc.). Maryland also does not tax a named beneficiary's receipt of funds from a financial account or life insurance policy under a...Read more »
13 year old daughter lives with me in Maryland 10 months a year full time. Michigan denied me taking child tax credit for 3 years because I tool ex's 2019 year for filing. Judge "said" this in court hearing in October 2020 but there's no written order or judge's signature.... Read more »
You risk being held in contempt of court, fined, paying your ex wife’s attorneys fees, reimbursing her for the credit, incurring your own legal fees and costs traveling back for court, and jail. But if the principle is worth that much to you, feel free to thumb your nose at the judge. I cannot...Read more »
I inherited a house in Maryland. The estate is in probate and I'm the executor and sole heir (I will be filling for modified administration). As I understand it, the house can be sold either by the estate or deeded to me first before the sale. For both options, when exactly in the probate... Read more »
You can amend the inventory value based either on the tax assessed value or an appraisal by a certified real estate appraiser (not just a real estate agent doing a valuation—must be a certified appraisal). The tax basis in the Property is fixed as of the date of death regardless of whether the...Read more »
House was legally auctioned off at tax sale and the plaintiff is in the process of foreclosing the right to redemption. Current owner (defendant) of the house has no mortgage; the deed is in their name alone. This house/owner has a child support lien on it by the State of Maryland for over $30,000... Read more »
Property tax liens tend to have super priority, meaning they stand first in line before most other kinds of liens. This means that in most cases, if proper notice is given, a tax sale foreclosure case wipes out the other liens and transfers the property free and clear of lesser liens....Read more »
my fiancee and i live in baltimore and we are planning to marry and buy a house in georgia. He owes taxes of $51, 000 and he pays each month. If we marry, buy a house and he dies am i responsible for his debt and If i file taxes for a refund will they take that away.
No, you will not personally owe your husband's tax debt, but you may want to consult a CPA before filing joint tax returns as a married couple, as opposed to married filing separately. When you purchase your house, title it under your name alone, as the IRS can attach any property in which...Read more »
A gift tax return should be filed by Person B for the gift of their interest in the property to person A, but at person B's option, no estimated gift tax need be paid at this time, since the amount will be added back into Person B's gross estate when Person B dies for purposes of...Read more »
To get an ITIN one needs to fill out IRS Form w-7. The form can be found at the IRS website (irs.gov) An attorney may not be needed since this is mostly a matter of gathering your key documents (e.g., passport, birth certificate) and bringing or sending them to the IRS.
I have been living in the US for just a year now. I entered with a b1 visa and overstayed it. I am aware that it is illegal but as an African, I didn't have any real chances of obtaining a residency in the US.
That said, I work hard every day hoping my American... Read more »
Yes. Maryland repealed the requirement to prove legal status in the US in order to obtain a driver’s license; however, a license obtained by an illegal immigrant is not the same as a license obtained by someone with legal status. They look similar, but it is not a legal form of identification for...Read more »
The definitions indicate that "property" is basically anything owned. I'm understanding that to include one's home. Additional reading indicates that the transfer of ownership can be handle by including the beneficiary's name and POD, TOD, etc., allowing ownership control... Read more »
Real property deeds do not have TOD beneficiary designations, but there are possible ways to re-deed the property to accomplish similar results (life estate deeds, or adding the name to the deed as joint tenant with right of survivorship, for example), but these methods grant an interest in the...Read more »
So in January my mom got a letter from her financial advisor which was from the IRS telling her that she had to fill out a W-9 because the social security she had in her account was wrong. My mom immediately took action and we went to our financial advisor office to correct the social security... Read more »
The IRS has 10 years to collect on any tax due from the date of the last assessment. For instance, if you filed in 2007 and they audited the return in 2009, making changes to the return and assessing a new balance, they would have until 2019 to collect the taxes because that is the new assessment...Read 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.