Doak Willis' answer The fair market value is determined by an appraisal or by relying upon a Realtor you can trust to set the price to ask when selling the house. When the proceeds of the property are split between the heirs, they will each pay tax on their amount they received. Since there was no probate no estate taxes would be due and unless the estate was huge, no estate taxes would be due anyway. If the property was quit claimed prior to death, it would not be an inheritance.
Reece B. Morrel Jr's answer According to the IRS, you can claim someone as a dependent if you provide for more than half of their support. But, this rule can be modified if there is a divorce decree or some other governing document.
Assuming that you meet the requirements, I should warn you that it gets more complicated the 2018 tax year. We no longer keep track of how many personal exemptions we get for each person (i.e. the taxpayer, spouse, and dependents). This got changed in December 2017.
Reece B. Morrel Jr's answer Congratulations, you have landed on a real "hot-button" topic - especially when Oklahoma is suffering from a budget crisis.
To be honest, I really need more facts to be able to advise you properly.
But let me give you something to consider. The statute-of-limitations starts to run when the tax return is filed. If a return is never filed, the statute-of-limitations never starts. So, if no return has been filed then the state of Oklahoma can assess tax, interest, penalties...
Reece B. Morrel Jr's answer I have worked on several of these cases in the past. Usually, the Judges do a fairly good job of making their instructions clear. If not, the Judge gets to see the case again. Not something they are anxious to do.
If it is not clear, I would have your wife's lawyer contact the ex-husband's lawyer to 1.) clarify or 2.) agree to a schedule. If the ex-husband fails to cooperate and insists on claiming the son every year, then it may be worthwhile to have a conversation with your wife's...
Part of the problem is that you have several agencies - both federal and state - with overlapping jurisdiction.
In Oklahoma, you have the IRS, the OTC and the OESC just to name a few.
Not only that, but a decision by the IRS is not binding on the OTC and OESC, and vice versa. In other words, there is not a central agency that gets to make the decision, and make the decision binding on everyone else....
Richard Winblad's answer Be very careful. I have lots of folks who walk in with an online power of attorney. I estimate that about 20% have serious errors. These may be drafting, witnessing, signing, and creating unworkable situations. Most attorneys will provide service on a flat fee basis or may provide you with the documents and instructions.
What about advanced healthcare directives?
Things can be done to avoid probate even without a will or a trust.
Eric Steven Day's answer Qualified medical expenses that are part of the deduction will remain the same under the new law. For 2018, you will be able to deduct expenses exceeding 7.5% of your AGI. Therefore, if your AGI is $100,000 you will be able to deduct all medical expenses that exceed $7,500. Anything under that amount will be non deductible. In 2019, that number will increase to 10%.
First of all, it is common to have taxes "withheld" in a variety of transactions. These can include withdrawals from retirement accounts, winnings from slot machines, etc. And as an example, it is common for retirement withdrawals to include Federal withholding of approximately 30% and State withholding to be around 10% - which is less than the 50% you described.
Gary Johnston Dean's answer Sorry, but adultery is still a felony in Oklahoma, punishable by up to a $500 fine and/or 5 years. See 21 OK Statutes § 871. Most District Attorneys are not interested in prosecuting these cases however. They're already overloaded with more serious crimes.
You should see your lawyer about the taxes. Was the refund addressed in your decree? You can also contact IRS about not signing the check, or the bank where deposited if you know what account it went into. I think that you're...
Title 47. Motor Vehicles Chapter 62A - Used Motor Vehicle and Parts Dealers
Section 581 - Definitions
19. a. "Used motor vehicle dealer" means any person who, for a commission or with intent to make a profit or gain of money or other thing of value, sells, brokers, exchanges, rents with option to purchase, or offers or attempts to negotiate a sale or exchange of an interest in used motor vehicles, or who is engaged wholly or in...
Michelle D. Wynn's answer It depends on why you are saying the lien is non-collectible. If it is past the statute of limitations for collection, the lien will usually have expired and it will remain on your credit report as a historical bad debt item until it ages off. If you are referring to the more likely reason, that you have had your tax debt placed into "Currently Not Collectible" status, then the lien is still a valid federal tax lien (you still owe the money) and will remain on your credit report as a debt even...
Richard Winblad's answer That depends. You might have a claim for adverse possession if you have occupied it for 15 years. Paying taxes, in itself, does not bestow title upon you. I'm guessing that the property belonged to a family member. You may need to file probate to clear the title.
Howard Berkson's answer You can always check the IRS website at http://www.irs.gov However, it can be difficult to navigate the complex rules or find the right document without guidance. You should consult with a certified public accountant (CPA) or an attorney who practices tax law.
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