Signed away all rights to house in divorce, but spouse hasn’t and won’t refinance to take my name off mortgage. She plans on selling and I will get no money in the sale, would I get hit with a capital gains tax?
Inherited rental commercial property sold in 2019. Its 2019 Rent income received prior to sale. Past due taxes in total, inclusive of 2019 taxes, were paid at closing. When filing 2019 Estate tax returns for 2019, which is also Final Return, should these real estate taxes be claimed as deductible... Read more »
Estate earned rental income in 2018, which was claimed as rental income on its 2018 tax returns. Such monies in 2018 were not distributed at that time to beneficiary. In 2019, same money was now distributed to beneficiary. Does beneficiary now need to claim such monies as distributable taxable... Read more »
You should have thought to ask yourself this same question way back when you deposited new money into a retirement account that prohibits early withdrawals unless the known penalty is paid. The reason the IRS is seeking to tax the funds as regular income is because you violated the terms and...Read more »
We (the church- 501c3) have been renting to a daycare for 30 years. It is a for-profit. The church has been renting for 1/2 market-value. There is no lease and they are paying via a "donation". It is my understanding that the IRS still considers that "rent". Is that... Read more »
My experience with 501(c) exempt organizations is limited. But I can provide this:
The church should be concerned about what is called "Unrelated Business Income". The Internal Revenue Service defines the income generated from unrelated business activities as income from a trade...Read more »
He also gaslights me, takes/hides my belongings, tracks my cell phone history (account is under his father’s. I have no access), has told me several times (during/post cancer) he wishes I would die, and is constantly creating financial hardship by spending large amounts of money on various... Read more »
Based upon what you have said, you would have grounds on the basis of fault. However, there is no need to go that route anymore. New York enacted "No Fault" divorce several years ago. All that is necessary to be alleged is that there is an irretrievable breakdown of the marriage for 6...Read more »
I'm the executor of Mother's estate + not in good shape to tackle this or pay to have it done. She died on Nov 4, 2018. I would say it's very unlikely she'd owed taxes, considering expenses from her long illness from Mar 2018 till her Nov 2018 death; all her MDW's were made... Read more »
My W-8BEN forum was rejected because it was incomplete (no non-U.S. foreign Tax Identification Number was provided on line 6, I was requested to fill a W-9 form in order to comply with US regulatory tax withholding and information reporting requirements.
The amount of money involved ($9 per month) is way too small to be of interest to most lawyers--especially those of us here on Justia giving away their valuable time helping people solve real problems. (FYI, the law is not designed to solve every little problem that comes your way during this...Read more »
In my mother's name a grandparent had left money for me to purchase a home or use for college once I was of age . My mother had withdrawn the money once we found our small home and my father had convinced me to put his name on the home in case of any accidents or lawsuits . 3 years later the... Read more »
This happened during the shutdown so I assume they hadn’t processed anything. I insisted that it had been settled. She just responded with “we will deduct it from the following 6 pay periods, if you want to speak to them go ahead”
Im currently receiving refund checks, but it’s... Read more »
Yes. Not only was what your employer did legal--it was the most prudent thing that she could have done under the circumstances. Whether or not your employer "believed" you is not the point here. Why? Because your employer MUST obey the IRS lien or face stiff penalties. Be happy you are no...Read more »
In Supreme Court, unprobated real estate of my father's sold by private sale in court partition action. Myself and my brother's estate are beneficiaries/Heirs At Law. Funds are ready to be distributed. The court and its transactional attorney for the sale (Referee died 1-week ago) have... Read more »
Most personal items are not seized when a home is auctioned by the IRS. I strongly recommend that your father contact a tax attorney to see if there is any way to save his home. Just stay away from the places you see advertised on tv.
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