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I want to transfer the property from my name to a LLC of which my wife and I are members. I do not know which conveyance fee exemption to use when filing with the county auditor.
answered on Sep 20, 2018
Choice 5(m), and you must provide an affidavit with all the details. Talk to your county auditor for details.
I have live in it for 8 yrs. Land contract was done in my name 3 yrs ago.
answered on Jun 22, 2018
Whether there is a capital gain, and whether she pays tax on it, depends on all the facts and her financial circumstances. She should consult a tax professional who can review the facts and advise her.
I am 70 and my wife is 72 and we file jointly.
answered on Jun 14, 2018
If you distribute from your IRA to pay medical bills, the distribution would be considered taxable income and be subject to income taxes at your normal income tax rate. You don't have to pay a 10% penalty for the early withdrawal once you have reached the age of 59 1/2. However, even if you... View More 
answered on Jun 9, 2018
You cannot deduct child support payments. You can only deduct alimony, which is in turn taxable to the person receiving the alimony. I have seen some divorce agreements set up as unallocated alimony and child support. That means that you may be able to deduct almost all of the payments as... View More
a deduction now, and smaller deductions over time. Is this the best option?
answered on Jun 6, 2018
I am not sure what deductions you would be allowed with an inherited IRA. However, you can roll the 401K into an inherited 401K that will allow you to stretch the distributions from the plan based on your life expectancy. Sometimes, the inherited 401k requires that the whole amount is distributed... View More
an employee of my LLC and pay her as a site manager since it is a 4 bedroom unit and i will have at least 2 others paying rent?
answered on Jun 5, 2018
It seems that if you paid her (a deduction) so that she could pay you rent (income), there would be some sort of wash there with the income offsetting the deductions. The way this might benefit you, is this could then be treated as a rental and you would be able to depreciate the property.... View More
I got audit this year on the EIC and sent all the information they needed. I had to have it sent in by March 12, 2018 which I did. On March 26 I got another letter that says they are auditing my 2017 form 1040 and proposed changes to it. I either have to agree to it and sign the page and send it... View More
answered on Apr 23, 2018
You should respond to the March 26th letter and provide the information again. Even though the inquiries are being handled by the same department at the IRS, it is quite likely that they have not associated the two years in their system and if you do not respond to the March 26th letter, they will... View More
to company B's bank account #2 as a loan. is that legal? what would be a reason? I asked the president of the company and he said for me to just do what I am told. I don't feel comfortable with this.
answered on Mar 20, 2018
Who is telling you to do that? If it is the company's attorney or accountant advising you to do this, get a second opinion if you are uncomfortable. As president, you have certain fiduciary duties under Ohio law, and so the company should have both an attorney and a tax adviser to provide... View More
I did file 2016 Federal and State taxes. However I took early retirement at 62 in April 2017, and also held several parttime jobs in 2017.
How can I resolve these issues and pay my just due?
Thank you kindly!
answered on Mar 2, 2018
If you owe taxes you will be assessed penalties including failure to file, late payment, and possibly underwithholding as well as the interest due. File the returns and then request a penalty abatement. The IRS usually will grant an abatement request for the first year or if you have a compelling... View More
My husband and I have agreed to a divorce and to file our taxes separately this year. He has obtained a lawyer(because he can afford one) and "per his lawyer, we have to file joint taxes otherwise he will sue me." According to his lawyer, because we have filed joint for the 2yrs of our... View More
answered on Mar 1, 2018
What does it mean that you "agreed to a divorce." That sounds like there is no divorce filed, and your spouse is bullying you. If you have not yet filed for divorce, then use the Find a Lawyer tab and retain and attorney to proceed with filing for the divorce ASAP. The divorce process... View More
15% of my social security check for back taxes will they also take 15% out for va hospital or combine both bills for total of only 15%
answered on Feb 24, 2018
Your social security cannot be garnished more than 15% in total. With the exception of the IRS (who can always take 15% regardless of the amount you receive) a levy on your social security to repay a federal debt can not leave you with less than $750 a month.
If you owe taxes to the IRS... View More
I recently filed for my taxes for the first time . On the other hand I HAD to file as a dependent or I would have been 'rejected' due to my mom using me as a dependent. But, I haven't lived with or haven't been under my mom's care since before I was 18. I worked on my own,... View More
answered on Feb 16, 2018
You need to talk to a tax advisor. Tax issues are complicated, and depend on your specific situation that your advisor will have to analyze to be able to give you any answers at all. The IRS has very specific criteria for claiming a dependent.
and graduated. The court sent me a document sating the termination of our child support and divorce. my ex says she still has rights to claim her. even though the irs says its the amount of time with the parent. Can I claim her?
answered on Feb 7, 2018
That is a tax question. Ask your tax accountant about rules for claiming a dependent. If both you and ex claim her, then the IRS could get involved, and they will determine who is the proper claimant.
Both parents have alternating tax years in shared parenting. Father is behind almost $2000 in child support.
answered on Feb 5, 2018
Two different questions. If he has not paid child support, file for contempt with the court. If the parenting agreement says he claims them as dependents, and he does, but he has not provided sufficient support per IRS, then that's for the IRS to deal with. Talk to your attorney and your... View More
Can my childs father claim our child on his taxes?
answered on Jan 24, 2018
If you were not married to the father, or there is no court order regarding custody, and a court has not ordered father to pay child support, then the father has no legal relationship to the child, and the mother is the sole custodian of the child and claims the child. If father provides some... View More
We went to court the 2nd Time and had shared parenting he has them one week I have the next and so on but he was residential for school he got to claim 1 kid one year and I claimed 2 that year and vise versa ..i.e me one him 2 the following year and back and forth. we went back to court he got full... View More
answered on Jan 23, 2018
He can file for 3 but will have to answer to the IRS if you have an order showing he's only supposed to file for 2. If you file your return correctly (according to the court's order) and he doesn't, he may be liable to the IRS for fees and penalties. You can also file an enforcement... View More
Is my resident city required by law to give me credit for the tax paid in my employment city? An if so how can I make this happen ? They are very adamant about not doing so an said they will not .
answered on Jan 3, 2018
Most cities don't give credit. It is a matter of local law. Read the tax ordinances. They don't have to credit you unless the law says so.
My wife and I have been separated from over a year now, we are not divorced yet, but working on it. Given that we are still legally married, should we file taxes separately or jointly? We have three children together, I pay child support, but our lives are very separate.
answered on Jan 2, 2018
You can file jointly or separately. Talk to your tax preparer about claiming dependents, and filing method.
answered on Dec 22, 2017
The IRS can impute interest to a loan, even if no interest is charged or paid to the lender, and tax might be owned on that amount of imputed interest. Ask a tax advisor.
Her will gives $15,000 to each of the 4 grandchildren and $15,000 to each of the 3 charities with any remaining to go to me (her daughter). I was named on all accounts except one of about $40,000. Going through probate to get the $40,000. Is it possible to use that $40,000 to pay the... View More
answered on Oct 9, 2017
Talk to the attorney who is handling her probate case. If there is no attorney, consider talking to an attorney, so that the probate is handled properly. Use the Find a Lawyer tab.
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