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Tax Law Questions & Answers
1 Answer | Asked in Real Estate Law and Tax Law for Texas on
Q: My parents gifted my wife and I, a house, would I need a form 709, real estate attorney and/or CPA, or all of them?

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 »

Kacie Marie Czapla
Kacie Marie Czapla answered on Jan 19, 2021

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 »

1 Answer | Asked in Real Estate Law and Tax Law for Texas on
Q: Father is providing $250K cash to help purchase land. Will this fall under Lifetime Credit Tax Exp or will he be taxed?

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 »

Kacie Marie Czapla
Kacie Marie Czapla answered on Jan 19, 2021

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 »

1 Answer | Asked in Child Support, Real Estate Law and Tax Law for California on
Q: Sale of Property - Title parties disagree

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 »

Gerald Barry Dorfman
Gerald Barry Dorfman answered on Jan 17, 2021

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 »

1 Answer | Asked in Social Security, Tax Law and Real Estate Law for North Carolina on
Q: How would LLC income affect my Social Security benefit?

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?

Susan Michele Schaefer
Susan Michele Schaefer answered on Jan 17, 2021

Once you reach full retirement age, there is no limit on how much you can earn and still receive your Social Security retirement benefits without any reduction.

If you began receiving Social Security retirement benefits before your full retirement age, Social Security will deduct $1 in...
Read more »

1 Answer | Asked in Bankruptcy and Tax Law for Louisiana on
Q: I filed Chapter 7 in Louisiana..I was told that the trustee can't take my EIC or Child Tax Credit this correct?

I filed Chapter 7 in Louisiana..I was told that the trustee can't take my EIC or Child Tax Credit this correct?

Eric M. Wilson
Eric M. Wilson answered on Jan 14, 2021

In the Northern District of Alabama Western Division - the Trustee does not take your EIC or Child Tax Credit

1 Answer | Asked in Bankruptcy and Tax Law for Alabama on
Q: Currently in chapter 13 bankruptcy in the middle district of Alabama, I know we have to report our taxes yearly, but do

They take our tax refund entirely? Or do we get to keep it?

W. J. Winterstein Jr.
W. J. Winterstein Jr. answered on Jan 13, 2021

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 »

1 Answer | Asked in Estate Planning and Tax Law for North Carolina on
Q: Executor will not release fed and state tax returns from estate to heirs. Deceased died august 2016 and estate 5

heirs all related to deceased and estate no settled estate and trust raleigh nc

Ben Corcoran
Ben Corcoran answered on Jan 13, 2021

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.

1 Answer | Asked in Tax Law for California on
Q: What legal consequences will I be facing, come tax season, for using crowdfunded money to pay a friend for work?

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 »

Alexander Kugelman
Alexander Kugelman answered on Jan 12, 2021

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 »

1 Answer | Asked in Tax Law, Business Formation and Business Law for Pennsylvania on
Q: Filing a single member LLC in PA as a CPA, are tax preparation services considered restricted professional services?

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 »

Michael Cherewka
Michael Cherewka answered on Jan 11, 2021

The term "public accounting" as defined in TItle 15 (Section 8996(d) is broader than auditing and advisory services. In fact it specifically lists preparation of tax returns in your capacity as a CPA.

1 Answer | Asked in Criminal Law and Tax Law for New York on
Q: I was charged with having untaxed ciggarets i need help in Madison county but don't want an appointed one
Luigi Vigliotti
Luigi Vigliotti answered on Jan 9, 2021

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 »

2 Answers | Asked in Bankruptcy and Tax Law for Michigan on
Q: I’m in a chapter 13 in Michigan. The tax refund portion of my case is silent. Will I get a refund if so how much?

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 »

W. J. Winterstein Jr.
W. J. Winterstein Jr. answered on Jan 9, 2021

Your Plan (whether before confirmation or thereafter) can be modified.

Your Plan commonly identifies the source of your funds, current and in the future, that will be used to make payments to the Plan, and routinely, that source is your current and future earnings.

It is at least...
Read more »

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1 Answer | Asked in Tax Law, Family Law, Child Custody and Child Support for Alabama on
Q: Custody/divorce paper does not include taxes. Now being threatened with jail for claiming 1 of 3 children. Best option?

I pay child support on time and am a full time college student.

Paul Ylvisaker
Paul Ylvisaker answered on Jan 8, 2021

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.

1 Answer | Asked in Tax Law, Workers' Compensation, Business Formation and Business Law for Colorado on
Q: Do I need Workers Comp for a Single Member LLC when it's just me?

I formed an LLC for Photography and it's only me, am I required to get Workers Comp or can I save that?

D. Mathew Blackburn
D. Mathew Blackburn answered on Jan 8, 2021

No, not required.

1 Answer | Asked in Tax Law, Child Custody, Child Support and Gov & Administrative Law for Michigan on
Q: I'm on disability and do not have taxes to file. How do I get the child stimulus money if the dad received it already?

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 »

Brent T. Geers
Brent T. Geers answered on Jan 7, 2021

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 »

2 Answers | Asked in Tax Law, Family Law, Real Estate Law and Child Support for Maryland on
Q: If a house is sold in a tax auction in Maryland, what happens to the liens on the house?

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 »

Cedulie Renee Laumann
Cedulie Renee Laumann answered on Jan 5, 2021

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 »

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4 Answers | Asked in Estate Planning, Real Estate Law, Tax Law and Elder Law for California on
Q: An elderly neighbor offered to will me her home if I managed her care for the next few years. What are the issues here?

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 »

Jeffrey Louis Gaffney
Jeffrey Louis Gaffney answered on Jan 5, 2021

The main issue is that it is not enforceable. Also, you are trying to take payment for something without calling it income.

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1 Answer | Asked in Tax Law and Traffic Tickets for Mississippi on
Q: Is there a statute that requires boat trailers to be registered in Mississippi? That is registered, not titled.
Randall R. Saxton
Randall R. Saxton answered on Jan 5, 2021

Yes, you must have a tag on it the same as a vehicle.

1 Answer | Asked in Tax Law for Nebraska on
Q: Can the IRS put a lien our house if my wife is considered an injured spouse and we aren’t in a community property state

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 »

Julie Fowler
Julie Fowler answered on Jan 4, 2021

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 »

1 Answer | Asked in Immigration Law and Tax Law on
Q: Hello i am asking about green card holder’s tax filing while being a different country’s citizen and working online

Living in the country of citizenship i just have the green card i work for a UK website

Agnes Jury
Agnes Jury answered on Dec 31, 2020

You should contact a Certified Public Accountant to find out if you need to report your income from the UK while residing in the US. Best wishes!

1 Answer | Asked in Divorce, Tax Law, Estate Planning and Probate for New Jersey on
Q: My ex wife has recently passed away. Am I or my daughter responsible for any or all of her bills?

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?

Am I... Read more »

Tim Akpinar
Tim Akpinar answered on Dec 30, 2020

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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