My parents gifted us the house in 2020, how to we claim this? We're not going to sell it, rather we will sell our current house and use the equity and remodel the gifted house. We have lived in our current house for over 9yrs and it will be less than $500k, so capital gains tax shouldn't... Read more »
Your parents (the giftor) should file a gift tax return because the amount of the gift exceeds the exemption. The exemption is set at $15,000 per person. If your parents (two giftors) choose to gift split, and the gift is given to you and your wife, this allows for a $60,000 exemption ($15,000...Read more »
Father-in-law giving $250,000 to help purchase a property that is $500,000. This Texas property is 30 acres plus home. Will he be taxed on that "gift" or does it fall under the Lifetime Credit Tax Exemption? Additionally, it's not really a gift as we are leasing him 25 of the... Read more »
Short answer is yes he must file a gift tax return. However, there is a lifetime exemption amount of $11,700,000 per person. That means that your father can gift up to $11,700,000 tax free during and after his life via gifts and his estate. The lease does not matter. It is still a gift if you are...Read more »
Sorry, I'm sure this is not an original question, but here it is.
My name is listed as one of two on the deed of a property. There are no banks nor outside liens against the property. Party Two physically lives on the property, while Party One (me) would like to live there. However,... Read more »
You can file a court action for "partition". The court will order the sale of the property (assuming physical division is not appropriate). Often, once such an action is filed (sometimes just after getting an attorney letter that filing is imminent) parties will work out a settlement...Read more »
I am receiving Social Security retirement benefits. I have a rental property that nets about $4000.00 per year. If I put this property into an LLC (North Carolina), will I have to pay FICA? Will it affect the benefit I currently receive?
In a Chapter 13 bankruptcy, while all of your assets, including any expected tax refund, must be disclosed in the Bankruptcy Schedules that must be filed in the case, a debtor retains all his property, unless he chooses to surrender it to a secured creditor, or sell it, as part of the proposed...Read more »
If you are unsatisfied with how the administrator is handling the estate, you need to speak to the clerk's office. The clerk's office would probably like to close this estate and will be willing to lean on the administrator some to assist you.
I don’t have a business and will be using money gained from crowdfunding, to pay a friend to help me develop an animated feature. Will there be any differences if I were to make this animated feature available to the public free of charge or selling the feature when it is done? What legal... Read more »
Very likely the money received via crowdfunding will be taxable income to you. If you don't have an entity, then you would report it as a sole proprietorship income on a Schedule C. Keep in mind that you can claim ordinary and necessary business expenses to offset the income. For example,...Read more »
I am filing an LLC in Pennsylvania to provide general accounting service and preparing tax as a CPA, are the services to be provided considered restricted professional services? The LLC will be a single member LLC. The member is a licensed CPA. No public accounting (typically Auditing or advisory)... Read more »
You should do an internet search of attorneys in the Madison county area that handle your particular type of legal situation. In addition, you can contact the local bar association and ask for a list of criminal practitioners. Finally, the local assigned counsel panel may provide a list of...Read more »
My chapter 13 In Michigan tax refund portion is silent. Will I get a refund? If so how much am I an entitled to keep if this is silent. I really wouldn’t mind them keeping it if it paid my case off faster but this pandemic has put me out of work and I need all of my refund or pretty close to it.... Read more »
You are not going to jail, nor likely to face consequences. If the order is silent, then you have as much right to claim as the other parent. I would get the order amended by consent if you can agree or the court can do it for you.
The father claims our 1 child the past few years due to my disability and no taxes to file. I've never signed an 8332 tax form for him to claim the child. We never married either. We do not have any agreement through court for who claims our child on taxes. I read that the custodial parent is... Read more »
You will likely need to file a motion in court to get any money back. Here's the thing: the IRS doesn't know what the custody status is of any particular child. They do match social security numbers, and that's how they catch people fraudulently claiming dependents: two people claim...Read more »
House was legally auctioned off at tax sale and the plaintiff is in the process of foreclosing the right to redemption. Current owner (defendant) of the house has no mortgage; the deed is in their name alone. This house/owner has a child support lien on it by the State of Maryland for over $30,000... Read more »
Property tax liens tend to have super priority, meaning they stand first in line before most other kinds of liens. This means that in most cases, if proper notice is given, a tax sale foreclosure case wipes out the other liens and transfers the property free and clear of lesser liens....Read more »
My elderly neighbor's husband just passed, and she finds herself overwhelmed by paperwork, by legal matters, and so forth. She is getting quite on in years and has no living family. She offered to will me her home if I would become power of attorney on her behalf and helped manage her affairs.... Read more »
I owe some back taxes to the IRS from 2009-2012. I haven’t filed taxes since then because I’m 100% service-connected disabled with the VA so my income is tax free. I married my wife in 2016 so she was unaware of my back taxes. — We have been taking care of her taxes by filing ‘injured... Read more »
Your question is too specific for a general posting board like this. The IRS has some of the most powerful tools of all creditors to collect back taxes. That being said, there are certain exemptions that they cannot garnish from. Even if your income is exempt, your assets may not be or may only...Read more »
My ex-wife passed away last week. She was rushed to the hospital and had no medical insurance. Our daughter is a full time college student, and has just turned 21. Is my daughter responsible for her mother's medical bills? Or any other bills? Such as back taxes her mother owed?
I'm very sorry for your family's loss. If you wanted to try reposting and adding Probate and Estate Planning as categories, you could have better chances of a response. There's no guarantee all posts are picked up, but it sounds like something where an attorney could give more...Read more »
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