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the 7 years since my mother passed? Or am I only responsible from the date the property is legally transferred to me? The house is in Puerto Rico! Thank you!
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answered on Mar 4, 2023
The tax implications of inheriting property in Puerto Rico can be complex and may depend on several factors, including the value of the property, the length of time it has been held, and any applicable tax exemptions or exclusions. Here are some general guidelines that may be helpful:... View More 
Spent $5k on septic repair when wastewater flooded the yard from the leach field. I wasn't given a certificate. Is one always needed to claim the credit? This wasn't a simple drain clog and the entire leech field was dug up, cleaned up, and soil replaced. I have a detailed invoice and... View More
answered on Feb 23, 2023
I don't think you need a new Title V cert. unless you are selling the house. The system has to have 'failed' in order for you to claim the credit. https://www.mass.gov/service-details/view-residential-property-tax-credits. I would contact the DEP or ask your accountant when you file... View More
files its taxes as a non profit. Recently we learned the town asseses the amenity as comercially zoned eventhough its a comunity garden. is this correct?
answered on Feb 8, 2023
Your organization needs to have counsel review this issue which does not appear to be a general question suitable for a forum.
My ex and i were married, in massachusetts, for five years. 2022 we decided to file our taxes "married filing separate." With the divorce final on 3/28/2023, would i still have to give my ex half my tax return? Does the divorce mean i should consult a tax specialist to file my taxes for me?
answered on Jan 23, 2023
The method of filing and the disposition of refunds or monies owed to tax authorities is usually dealt with in the body of the Separation Agreement. You should review the document preferably with the attorney who represented you on this issue.
I bought a home that's 1/2 in 1 town and 1/2 in another - the dwelling is > 80% in Town A. Original mortgagee escrowed & paid property tax only to Town A. The mortgage has been transferred twice & modified once, & still the error wasn't discovered. Now, over 10 years in, I... View More
answered on Aug 19, 2022
I think Town B probably has a right to foreclose on its lien but my guess is it has not done so because of the issues you raised. Whether Town B does or does not foreclose, I do not see any alternative but your #1. I do not see the value of ignoring Town B. You already have no equity in the... View More
The total real state taxes with fees and penalties is around 30000, can a payment plan be in placed so I don’t loose my home and also be on time with my current tax bill
answered on Jan 7, 2022
Contact the tax collector, explain your situation, and see if you can arrive at a payment plan.
I was having a rough couple years domestic violence, health ,unfortunately , I owe real state taxes for the city of Methuen they want to foreclose on my property can I make a payment plan is there anything I can do , my situation has change and I’m able to pay the taxes moving forward and setting... View More
answered on Jan 7, 2022
Contact the tax collector, explain theyour situation, and see if you can arrive at a payment plan.
I was wondering if the properties in Mass have to be reregistered at some point or is there anything about the trust setup thats common I have never done this before. Any help is greatly appreciated.
answered on May 18, 2021
If the plan is for the irrevocable trust to own the properties, and the properties are real property, you need to convey the properties by deed from whoever owns them to the trust.
My sister-in law owes taxes from 2019. She is currently on MassHealth (since 2020) and in a nursing home where all her income goes too. She is also dying of stage 4 cancer and is only expected to last another month or two. She has no income to pay the taxes. She has no assets, husband, or children.... View More
answered on Feb 24, 2021
If your sister does not have any assets then there is nothing for the IRS to get. She should be eligible to be marked currently not collectible. Contact your local taxpayer advocate and ask for help. Here is the link to find your local taxpayer advocate... View More
The money is from half the equity from the sale of our house. My spouse was required to sell within 5 years. I let her live there until she retired, but it has been 15 years since the divorce. I also signed the deed over to her a few years ago. She died last year, and our children now own the... View More
answered on Feb 17, 2021
This is really a taxation question. Waiting and not filing a Modification Agreement to change the sale date may be problematic for enforcement purposes as well. The creditor claim period is one year from the date of death also.
She is paying high alimony & child support now due to high income from W2 + K1( from business income reported on her tax return). Is it legal for her to change her S corp to C-corp so her future income from C corp will be far lower that is based on W2 only? Her company is growing and needs to... View More
answered on Feb 9, 2021
It depends upon the terms of the Separation Agreement/Divorce Judgment and the Judge's perspective on the level of income available for alimony and child support.
answered on Feb 2, 2021
Congratulations! There really isn't an easy way to answer this question. A lot depends on what kind of business you are starting and what form of business is right for you. You would need to make sure the name is available. As to the form of business, an LLC might be perfect for one person... View More
My spouse refuses to tell me anything and has also told her lawyer to tell her siblings tell me nothing about what is going on. My question what rights do I have to be included in the outcome of the estate distribution among my wife and her siblings ?
answered on Dec 29, 2020
Your question: "My question what rights do I have to be included in the outcome of the estate distribution among my wife and her siblings ?"
Based only on what you write, none.
answered on Nov 17, 2020
You will have a taxable gain based on the sales proceeds less your basis in the property. If the property was subject to depreciation, then you would have "recapture" income. This recapture income would be taxed as ordinary income and not as capital gain income. Any amount of gain in... View More
My son receives SSI and I receive SSDI, does this affect the timing of his deposit or should it have been deposited at the same time if I was going to receive it? I filled out the form online prior to the SSDI deadline to include my dependants.
answered on Apr 30, 2020
You'll need to update your information via the Get My Payment website before May 5.
I have a business that is set up as a C Corporation. Last year, I took a personal loan from the company of $10,000. Can the corporation forgive that loan as long as I show it as income on my personal return? It seems it might be looked at as a way to circumvent Social Security taxes. Is it better... View More
answered on Apr 2, 2020
It creates a dividend when forgiven. You also add interest at a minimum of the applicable federal rate for the period.
Dividends are not subject to employment taxes, but they are taxed twice. Once at the corporate level and once a dividend. If you're trying to minimize taxes an... View More
One lawyer says that due to the nisi period, we have to file married or married/separately. The other and my ex's tax guy says we file single. Which is correct?
answered on Feb 1, 2020
Your marital Status is determined as of year end. If you're divorce was finalized by the issuance of a decree on 11.30.19 you would file Single for the year assuming no dependents and you did not remarry prior to the end of the year (yes, I've seen it).
Don't take tax advice... View More
I am a remainderman on my mom's life estate. She sold the house to my brother and I 17 years ago for $1 and kept a life estate. I have lived here for 5 years as her caregiver until she went into a nursing home. We have to sell the house prior to her passing because we can't keep it.... View More
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answered on Sep 24, 2019
Yes, the Section 121 capital gains exclusion applies to remainder interests. Here is an excerpt from that statute:
(8) Sales of remainder interests For purposes of this section—
(A) In general
At the election of the taxpayer, this section shall not fail to apply to... View More
I am disabled and collecting SSDI in Massachusetts. My spouse has offered an out of court divorce settlement of a TIAA in with four accounts totaling $110,000 (Qualified Retirement Plan, Tax sheltered annuity plan, Tax-deferred annuity Plan, Define Contribution retirement plan).
I would... View More
answered on Aug 26, 2019
Federal would be ~24% depending on other income and deductions and 5.05% for Mass.
Because the transfer is pursuant to a divorce your spouse doesn't have any tax ramifications for withdrawing the funds and you only have to pay tax on taxable withdrawals, no early withdrawal penalty.... View More
I don't work, have a CORI, no assets i.e. real estate, 401K or pension. Have an Autistic son and a wife. We live with our parents so they support us. My Net Worth is at ( -36,000 plus I'm on the hook for another $70K that company is suing me for equipment I bought and the machines all... View More
answered on Jul 21, 2019
An Offer in Compromise is not submitted via a letter. You have to fill out a financial statement and submit supporting documentation for your expenses, as well as Form 656. Without more details we cannot tell you if you are eligible or not. You can try submitting an Offer on your own, hire an... View More
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