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

File separately.

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

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answered on Mar 4, 2023

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

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

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

You are completely confused about the concept of adverse possession, and your confusion is very likely to deprive you of your property. Get a lawyer!

Adverse possession is a defense. Think: Statute of Limitations. If you've let someone possess your property openly and adversely... View More

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answered on Apr 6, 2022

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

Generally speaking anyone can pay anyone else's property taxes... the state will not reimburse someone for paying taxes on property they do not own.

However, the question prompts another - how was there confusion on the ownership of the property? Tax bills show the name of the... View More

An appraisal is required for most tangible personal property that the decedent dies owning. Under Maryland law a Personal Representative can only value certain kinds of personal property (e.g., automobiles with a blue book value). Unfortunately furniture is not in the list of items a Personal... View More

Yes, it is possible to assign your interest, but it will be treated as a gift from you to the other person. You should be careful not to "disclaim" your inheritance, as that would prevent your ability to direct the inheritance to anyone (the disclaimed inheritance would go to the next... View More

A gift is a gift, unconditional and complete upon transfer to the recipient. There are no "take-backs." If the giver now claims it was a loan, then it's a dispute of fact. Your word versus theirs, plus any evidence that supports your claim that it was a gift and not a loan. You... View More

Yes. Make a lower offer. If refused, when the house is put up for sale, bid on on it like anyone else. You may end up being the higher bidder, but don’t bid more than you think it’s worth.

Your sister, as Personal Representative of your mother's estate, has the legal obligations that go along with that office. One of those obligations is to file your mother's and the estate's tax returns, including any past years returns not filed. She can use the house proceeds... View More

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... View More

Didn’t I answer this yesterday. When you sign papers, they matter. Let a lawyer review what you sighed… ya’know… like the grown ups. You will likely pay for the review.

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... View 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... View 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... View More

Maryland has 20 years to collect back income taxes, and they past due balance earns more than 13% annual interest, so the amount you owe is growing. They accept payment plans.