Get free answers to your Tax Law legal questions from lawyers in your area.
My objective, is to NOT have her go into a nursing home if it comes to that point, but to have a day nurse come into my home.
answered on Nov 1, 2017
Capital gain is calculated and paid when a home is sold for profit, not when it is transferred without consideration. To figure out your potential capital gains liability you would need to talk to an accountant or tax professional and know the basis in the property and the anticipated future sale... View More 
For several months lawyer didn't give me back my retainer until after lawyer filed taxes.
answered on Sep 28, 2017
Monies in escrow should have absolutely no bearing on an attorney's tax liability. A retainer should be held in a lawyer's escrow account and not be withdrawn until earned. Once money is earned, it becomes income subject to tax. Any unearned portion should be refunded when the... View More
answered on Sep 28, 2017
First, businesses should be very sure that any independent contractors are truly independent. This is an area where the IRS seeks verification that the independent contractors are not mis-classified employees. If they are correctly classified, then they would receive a 1099 at the end of the tax... View More
My mother passed away last week. There is a bank account with about $150,000 that is in my mothers name and my name. Can I write checks to my 2 siblings for 1/3 of that amount and will they/we have to pay any tax?
answered on Sep 28, 2017
Generally speaking, how a bank account will be disbursed will depend on how the account was titled. If, for instance, an account is titled as tenants in common, then a portion (typically 1/2) will need to go through an estate while the remaining portion would not. On the other hand, bank accounts... View More
as one of the grandkids what can i do if i want to pay off debt? more importantly would the city leave the house in my grandfathers name even knowing hes deceased. i dont want to put so much money into the property and it not be mine or for my uncle to than make an issue or try to claim it
answered on Sep 18, 2017
The city (or county) does not change title, so unless the family opened up an estate the title would remain in the deceased person's name.
Anybody can redeem the property before the tax sale foreclosure case awards judgment to the tax sale purchaser. As you point out, however,... View More
I read on the Internet that you do not have to claim the money if you live in the house for at least two years and that you don't have to pay capital gains taxes on as much as $250,000 for a single sale or up to $500,000 for a couple as long as the home was your primary residence and you lived... View More
answered on Sep 18, 2017
Your question asks about capital gains. Generally speaking, under IRS rules, if you live in a home as your principal residence for 2 of the 5 years before you sold it, the first $250,000 of gain may be excluded from income. The IRS' website has a detailed publication on the topic of capital... View More
She also has a MD state tax debt as well.
answered on Sep 6, 2017
Potentially yes, but this can be complex as there are more factors involved than what you included. You should see an experienced bankruptcy attorney in your area. You may need to obtain the tax transcripts for any years that taxes are owed for your attorney to analyze it.
answered on Aug 7, 2017
It usually refers to additional owners other than the first named owner. For example, if a property was owned jointly by Abe, Bill, and Charles, the bill may say Abe, et al.
answered on Apr 7, 2017
Get a second opinion. You also might contact a tax resolution law firm. Especially if the amounts are large.
We are married; both my wife and I work, we have three children both from different relationships. I have two daughters, 21 and 19, she has a son who resides in our household, age 14. The girls live in two different states. We are not wealthy. We have a mortgage and we both have vehicles.... View More
answered on Mar 2, 2017
Reputation matters as do experience and expertise. Get suggestions from friends that can describe a good experience with their lawyer. It is also a good idea to talk to several and get a feel for what they would want to do for you and a ballpark for fees and costs. You don't need an elaborate... View More
answered on Sep 29, 2016
You don't really provide enough information for a lawyer to answer this. When were the IRS lien and judgment entered compared to the date the bankruptcy petition was filed? I assume the lien and judgment were pre-bankruptcy? What is the lien on? Real estate, tangible personal property? When I... View More
answered on Jan 24, 2011
You really should talk with an attorney and review the sales tax statutes, rules, and administrative interpretations pertinent to items that become fixtures to real property.
Normally state sales tax is collected at the retail level. Consequently, once a sale is made to the end consumer by... View More
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