I am selling a property in a foreign country, Peru. I am a citizen of peru but have been living in the US since 2000, became legal resident alien on 2019. Property has never been rented. How much tax will i have to pay on a 95k capital gain, approximate percentage?
20%
So my father is on his fathers Will an will receive about $40,000. his father is medically unable to change the will at this time. My father is on Social security disability, has medicare an medicaid which are very important because he needs them to pay for dialysis. I heard that if he gets this... Read more »
You can disclaim an inheritance but it won't necessarily go to his kids. There are also exemptions on medicaid/care for lump sums.
I would suggest hiring an attorney to advise him on this. If you don't do it correctly it'll be bad.
I now wish to dissolve this partnership. we have an outstanding property tax bill since we paid cash. the 80% owner now wants me to pay 50% instead of my vested 20%. she also wants me to pay 50% of the cost associated with the sell of the property, again instead of my fully vested 20%. we have no... Read more »
A deed doesn't create a partnership; it creates a tenancy-in-common. If you cannot agree on how to split the proceeds or the expenses, you probably need to sue for "partition".
Well that depends. Did you and other owner(s) have an agreement when you bought the place and it was determined that your percentage was 20% of the ownership interest as to how to divide other expenses or attributes of ownership of the property. Partnerships can be someone complicated and even... Read more »
Yes.
No, it doesn't. Look it up in the tax tables. Did you fail to file a tax return?
I purchased a small townhouse in 2012 and made it my homestead. I later purchased a home but I kept the townhouse and rented it. I sold the home and purchased another and then another. Each time I moved into the home and lived there from 1 to 4 years. The mistake I made was never canceling and... Read more »
Unfortunately, ignorance is not an excuse to the law. You were rightfully tagged for your mistake. I have been through this before with clients and, indeed the ignorance argument is always used and always loses. You have no choice but to pay up and file homestead (hopefully with portability) on... Read more »
I have not filed income tax for about 4 years as advised by VITA/TCE tax prep site in Lee Co, FL.
If it's passive you'd have to check the minimum filing requirements for income. If it's active then you would have to file since it's subject to Self-employed tax.
It's likely a passive activity. You should keep records of income and expenses. After the year ends you'll need to run the... Read more »
I want to make sure that my step-father, who is legally married to my Mom inherits nothing.
This is definitely a tricky planning area. The starting point for this type of question typically is whether the money would pass through a will, trust, IRA, joint bank account, etc. A trust may be best to handle this situation depending on the state law where you are domiciled at death. You... Read more »
My mother had he boyfriend find a place to live before she moved from ny. He found a owner that would do a loan for his own property now my mother paid for everything down payment, taxs,insurance then her boyfriend passed away and she noticed everything was in his name only. It's been almost two... Read more »
Unfortunately there is no easy or inexpensive way to solve this problem. The easiest way to do this is to open a probate with the assistance of his children, since without a will and not be married to your mother the property passes to the children, who can then transfer their interest to your... Read more »
Hi, I am trying to start a touring company in Jamaica with my brother. He will be responsible for hiring and securing proper licensing and management of drivers in Jamaica, (already hired one) and I will be in Florida, running the business, banking and marketing end. What would be the best way to... Read more »
Free practical advice offered for the last 41 years to people starting or operating small businesses:
The main difference between successful small businesses and those that fail within a relatively short period of time is good legal advice. The owners of most successful small businesses... Read more »
Now 3 years later the IRS is demanding taxes on the "payout". The money was actually rolled over into a different account but unfortunately UBS did not do what we requested and it was sent as a payout (we paid taxes on it) and coded as a payout instead of a rollover. We have re-sent the original... Read more »
It is very difficult to analyze your situation and give you guidance without seeing all the underlying documents--including every statement from UBS received by you--both BEFORE the "mistake" and ever since--plus every other document with facts and numbers related to this SNAFU. Moreover, no... Read more »
I can email the deed on a private message
A real estate attorney or an estate planning attorney who prepared these types of deeds would have to review your deed to answer this question for you. There is specific language which must be included for it to be a "ladybird deed" or "enhanced life estate deed."
You are welcome to call... Read more »
I boarded dogs at a kennel. After 5 months of payments the owner offered me a part-time job. It progressed from a 3-4 hour morning/evening to 24 hours (10 hrs in the kennel & 14 hrs in their home taking care of their 8 pets) over 3, 5, 7, or 10 day periods. On lunch, I was required to answer phones... Read more »
None of these historical facts matter because your former employer still has your dogs. After you have recovered your dogs you can think about suing these people for overtime wages and other things.
Apparently for a debt write off over $10,000, the lender reports SS# of both the borrower and cosigner. The IRS is trying to modify my 2016 tax return to include the 1099 income from the debt write off. I had no part in the settlement, and we weren't married at the time the loan was settled. The... Read more »
The IRS will continue trying to collect on both of you until the taxes are paid. The only way for you to avoid paying the tax on the loan amount discharged is for your ex wife to pay it herself.
My grandmother bought a house last year and I signed as 0% on the deed. House is paid for. I just found out that she did not pay the property taxes this year. She is currently being accessed to see if she needs to be placed in assisted living due to her health. Can I be held responsible for... Read more »
What document did you sign "as 0%"? A grantee (person acquiring the property) doesn't usually sign a deed, and owning 0% doesn't make any sense (It's like saying that you own no interest in the property; so why name you at all?). In any event, if taxes are not paid, the local government's option... Read more »
Our mortgage payment went up by 37.5 $600 more this month a year and three months after we closed. Our mortgage was also and neither lender informed us. What recourse do have if any?
Generally, Realtors are not required to inform buyers that they may have some gift or benefit coming in the future; they are only required to tell buyers about negative aspects of the house or property, like the roof leaks or the property is in a flood zone, or where sink holes open up frequently.... Read more »
TO PROVIDE FOR ANOTHER RENTAL . I WANT TO PAY THE TAXES AT A LATER DATE FOR THE PROPERTY NOW THAT I KNOW IT'S IN FORECLOSURE, BUT CAN THAT BE MADE LEGAL . I HAVE A FAMILY AND I NEED TO TURN A BAD SITUATION INTO A GOOD ONE . I BEEN IN THE HOUSE FOR 2 MONTHS . PAID THE GUY 5,000 TO MOVE IN . I WAS... Read more »
I assume it's a tax foreclosure rather than a mortgage foreclosure. In any event, it depends upon the terms of your lease if you have one. If you still have, pursuant to the terms of the lease (or at-will tenancy), the right to occupy the premises when the foreclosure is complete and the landlord... Read more »
Is small such as I mentioned will the IRS always work with me (extra time to pay or a payment plan?) or does this depend on how they view my financial situation? Also if I just don’t file on April 15 and don’t pay since I am a “small fish” I owed nothing last year and don’t expect to owe... Read more »
You are always entitles to an extension regardless of the amount you owe. However interest and failure to pay penalties begin on April 26th.
Also, if you fail to report om your 4868 that you owe the IRS can retract the extension.
When you would get a letter for failure to file... Read more »
If you live there, sure. The lien has nothing to do with it.
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