Your current state is Virginia
answered on Oct 4, 2022
You would use up part of your lifetime estate tax exemption, but the total amount is currently nearly $13,000,000, so unless you are very wealthy, you should not have to worry about it.
And I'm 70 percent DV
answered on Oct 3, 2022
In answer to your question, no, however, if you have purchased a vehicle and seek to get it registered into your name, then generally you will have to pay tax on the purchase price of the vehicle which is approximately 10 percent (tax rate depends on which zip code you are residing and the tax rate... Read more »
From an auction bidder's perspective, do each of these types of real estate tax foreclosure types (for example EOS, EXE, Sale, resale, PLURIES) have the same redemption period?
I'm referring to the auctions from the Tax Code from Chapter 34. TAX SALES AND REDEMPTION, from the... Read more »
answered on Oct 2, 2022
If your question is looking for a "redemption" period after a f/c sale. There is none! Once it is sold at foreclosure, it is the property of the buyer, 100% in fee simple. While there may be some other legal issues of the property you buy at a f/c sale, it is a different legal process,... Read more »
My mother just died and my father wants to add me to his bank account incase something happens to him so I'll be able to pay the bills and have access to his money once he dies. I owe the Cal FTB 25K and they have levied my bank account earlier this year and took around 1200 from previous... Read more »
answered on Oct 1, 2022
Yes they can. And while you might be able to get it back, it’s not worth it.
Simply get a power of attorney form from the bank and have your dad add you as a POD beneficiary on the account.
My ex husband and I have been divorced a few years. We share 4 children. In our decree we each claim 2 of our children on our taxes. I have primary custody and he has visitations. This year our oldest son has stopped his visitations with my ex husband. He has solely lived with me since the first... Read more »
answered on Sep 30, 2022
Generally speaking the parent who has primary custody claims the children on taxes UNLESS it has either been agreed or Ordered otherwise in the Decree.
If your Decree states that the father is to claim 2 of the kids then its best to follow the Decree to avoid being in contempt.
If... Read more »
I currently have a Georgia LLC doing video editing and will be moving to Michigan in a couple of months. Since I will be doing the work in Michigan I assume I would register there, but do I have to register as a foreign entity in Georgia? Will I end up paying tax to both states? How does that work?... Read more »
answered on Sep 30, 2022
If you begin conducting business in Michigan and don't do do anything else with the company, you will need to register in Michigan as a foreign entity since it is a Georgia entity (regardless of where you reside). Assuming you will not be moving back to Georgia soon, it makes sense to just... Read more »
answered on Sep 29, 2022
Executing a Deed to her takes effect now, even if it is a vested Remainder taking possession at your death. Wills must be Probated for the Will to have any effect, which also attracts other relatives and creditors.
At the time of the auction the owner had died and her heirs wasn't aware of the sale but is willing to sale to me but can't because the tax sale has 100% but hasn't quiet the title.I have offered him cash and still won't sale he doesn't live in state and the property is now... Read more »
answered on Sep 27, 2022
If this property is in Louisiana and you are not in Louisiana and this property is going up for a tax sale, then I strongly recommend that you contact and hire a Louisiana real estate attorney practicing in the local jurisdiction where the tax sale is being held so that you can make sure that all... Read more »
answered on Sep 20, 2022
Speak with an estate planning and tax lawyer about the tax consequences of placing property in trust. [I litigate cases. Anything posted here must not be construed as legal advice, nor as grounds for forming an attorney-client relationship. You should seek an attorney for formal legal advice and... Read more »
I am Ukrainian citizen living in the USA as a student waiting for my F-1 visa and TPS and I want to open an online business.
I want to open drop shipping business I have an Ukrainian card and I have a card in PNC bank that I just opened, but because I am minor it was opened on my host mom... Read more »
answered on Sep 20, 2022
In my experience, business owners generally hire an accountant to help them navigate the taxes.
I really like Peters CPA, LLC https://www.lpeterscpa.net/ or (972)863-9640.
The lot was own by the hoa, not the developer who was out of the picture. Since it was the hoa that lost the property I feel they have no claims to my property that I purchased in good faith. They claim I have to be in their hoa which I want no part of.
answered on Sep 19, 2022
If the lot is included in the HOA and the HOA properly recorded that fact and the HOA still exists, you're likely 'out of luck'. If you didn't want to be part of a HOA you shouldn't have bought the property. Now, as a MEMBER of the HOA you can probably take steps to... Read more »
Since his name was on it he said it doesn't have to go through probate so you wrote me a check for over $50,000. Should I cash this check or make him give me multiple checks so the banks don't tell the IRS even though it's inheritance. He wrote inheritance on the check but everything... Read more »
answered on Sep 19, 2022
I am sorry for your loss on the passing of your mother, please accept my condolences. Be glad that you go the check at all and that your brother did what your mom wanted (cash it or deposit it asap), legally your brother had zero obligation to give you even a penny of that money if his name was on... Read more »
answered on Sep 18, 2022
I would recommend a qualified tax professional if you want to have a lot of itemized deductions; else, TurboTax is a good option.
answered on Sep 14, 2022
Tax laws and ERISA Qualification laws come to mind. Banking Statutes also cover Trust Regulation. Securities Law may often be indirectly determinative. There are probably many others. Obviously Anti-Trust Statutes. State Laws control most disputes, but Trusts often involve several possible... Read more »
answered on Sep 14, 2022
Oh my, yes, there are a TON of federal statutes that impact trust planning, too many to list. You will find a great deal in the Internal Revenue Code and also Title 42. That is not necessarily a complete list, but it is where a great many exist, and it is a good start.
answered on Sep 14, 2022
It is likely that you will have to pay transfer tax on the money paid to obtain the tax sale. A tax sale deed is obtained from the Director of Finance or some similar official at the county where you purchased the tax sale. You will need a title company to record the deed and pay the appropriate... Read more »
answered on Sep 13, 2022
You are completely confused about the concept of adverse possession, and your confusion is very likely to deprive you of your property. Get a lawyer!
Adverse possession is a defense. Think: Statute of Limitations. If you've let someone possess your property openly and adversely... Read more »
I purchased a home in 2021 that came with 10 year warranty for the foundation. Recently, interior of home started having foundation issues on one side of the home. Company came out to take a look but refuse to fix the issue because warranty apparently has been voided for two reasons. 1. Warranty... Read more »
answered on Sep 10, 2022
This is a classic move by a home builder company. Unfortunately, it is time to sue.
You need to visit with an experienced lawyer who handles real estate contracts and litigation.
Your rights are in the agreement you entered into with the seller and/or builder. The details will... Read more »
In a divorce we as ordered 7yrs ago for my house to be sold and property be sold , divi50/50 . Now court is trying to make my home go to sherrifs sale. Nothing is owed on my home
answered on Sep 10, 2022
Could be for property taxes. Those are yearly regardless of a mortgage or not.
Does my husband have the right to claim the kids every other year on his taxes if I'm the custodial parent?
answered on Sep 9, 2022
It depends on what your decree says. This is an aspect generally covered in a parenting plan. If not, Colorado statute says that the exemptions are taken in proportion to income so if you each make the same amount of income, then you would alternate every year.
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