Generally there is no transfer tax on a gift. There will be recording fees. For gift tax it will depend on the value of the property. If the value exceeds $15,000 ($30,000 if both parents are gifting) then a gift tax return is required to be filed. However, no tax will be due if you have enough of...Read more »
Assuming the other requirements of the personal residence exclusion are met. You exclude the first $250,000 ($500,000 if you are married) in gain on the sale. If you bought the property for $100,000 and you sell it for $350,000 you would have $250,000 in gain and that would be excluded from tax and...Read more »
There is no legal requirement for all owners named in the deed to pay all or any portion of the real estate taxes. On the other hand, there is no reason why all owners should not share in the tax burden either.
No, it is not. It is not defined as income because it is compensation for a loss. Sometimes a jury verdict will separate out lost income (past or future) that a party has suffered as a component of damages, and when that is done, that portion is subject to income tax. Otherwise, in a lump sum...Read more »
My employer used to provide my health insurance and it did not show up on my pay check. When I got married it was a cheaper and a better health plan for me to switch to my husbands insurance; so my boss requested I get on my husbands plan and he pay me a monthly premium to make up for what is being... Read more »
This question should be addressed to the lawyer who handled your divorce because there may be other information not available to lawyers who have not been involved, and who have never seen the underlying divorce papers.
While an attorney cannot analyze a purported lien without looking at it, property tax liens for failing to pay annual property taxes usually fall under the tax PROPERTY article, title 14 (not the tax GENERAL article).
The code section you cited in the general tax article usually...Read more »
No. So long as the house is in the name of the estate, not the names of the heirs, then the estate sells the house and distributes the proceeds to each individual heir entitled to receive a share. If, however, the PR of the estate decides to issue a deed transferring the house to all the children...Read more »
The recording office of the county where you file will know and allow you to fill in the cited section that applies. They are the authority who has to approve whether you have a tax exempt transfer. However, the list of exempt transactions generally appears in the Maryland Tax-Property Article,...Read more »
My son lives with me and goes to his fathers house every other weekend(Friday night and returns home Sundays) he has threaten to claim him as a dependent he also pays child support and we split child care expenses
He can claim him, but he will not be doing so legally. Your son does not live with him the requisite number of overnights per year to claim him; only you have the right. If you both claim him, the IRS will inquire as to these facts. Parties can, by agreement, split or alternate, by year,...Read more »
In Maryland, your driving privilege can be suspended for multiple reasons unrelated to traffic violations, among which are unpaid state taxes, unpaid child support, civil judgments from an automobile accident for which you did not have the required auto insurance required by law, etc. When the...Read more »
I am in the process of assuming my mortgage and will have the deed updated as well. Myself, my ex-husband and brother are on the deed. The deed will be transferred to only myself. I just want to make sure I'm reading the exemptions to the transfer tax correctly, stating that the tax doesn't apply... Read more »
Unfortunately the answer is very locale and fact specific.
There are 3 different taxes that come into play with a deed. Transfers to/from a spouse, where property is encumbered by a mortgage, are exempt from both state & county transfer/recordation tax. Transfers to/from a sibling...Read more »
He intentionally avoids child support by not working, his mom lets him live Scott free in her house and buys him everything. He only works maybe Christmas time and summertime, maybe. His mom claims him on her taxes. Can I sue her? How can I get support from a man who is hardly ever employed but... Read more »
All of the support provided to him by his mother can be considered income. Also if he is physically capable of working but does not, the court can impute income to him. You will need an attorney to help you pursue him for child support.
As a real estate investor, I target tax delinquent properties. those who are behind on their property taxes. From what I know there is a default time where the home owner goes behind on the property taxes and then I believe it goes to auction and you have to bid for them? I want to pursue the... Read more »
You essentially ask about tax sales. Each county has different dates and specific process for the sales/bidding, but in Maryland if the taxes are ~6 months or so past due, the county holds an auction. The county will advertise the auction in advance. The property owner can pay up the taxes, in...Read more »
Apparently, the IRS is not equipped to answer "tax law" questions outside of the January 1 - April 18, 2018 window. Maybe someone here can help me. I recently sold several long-held shares in stocks and mutual funds, realizing a large capital gain. To avoid any penalties, do I HAVE to pay taxes on... Read more »
You don't have to pay estimated taxes on the large capital gains you incurred in 2018. It is a good idea to pay estimated taxes or have them withhold some of the gains to pay taxes, but it is not a requirement. If you did not owe taxes the prior year, then you are likely not required to make...Read more »
i was finally able to locate the lien and called comptroller collection to find out it was from 2007 individual tax return unpaid. we moved from maryland in 6/08 leaving a forwarding address. never received any notification from them. i had to research several days to locate this. can they place a... Read more »
If Maryland (I am not licensed in Maryland) is like every other state I am familiar with then they are only required to send you a notice at your last know address. This means the last address known to them so either the address on your last return or on the change of address form if you filled...Read more »
Generally, if you purchase the entire business, the business remains liable for its obligations incurred under prior ownership. I would have an attorney review the sale documents. There may be representations and warranties in the purchase agreement that the business taxes were paid. If so, you...Read more »
However, Maryland law enumerates about 26 or so different situations exempt from transfer/recordation tax, some of which may potentially apply when an LLC is involved. Each one is heavily fact dependent. You can find these in the Annotated...Read more »
I moved out of the US and file my own taxes and just realized I've been filing my taxes incorrectly the past couple of years and fear that if the IRS finds out, I'll be charged with a felony. I thought I had to file based on where I practice business (I still work remotely for US clients) and not... Read more »
Criminal or civil fraud requires knowledge of the fraud and intentional conduct to perpetrate the fraud, so honest mistake is a complete defense. Stop worrying. Hire a CPA to review your past returns and file any corrected or amended returns for the affected years, as necessary. Any penalties or...Read more »
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