Does the capital gain and recapture taxes transfer to the new owner?
No, you pay taxes on your capital gain when you dispose of it, even if you give it away. The new owner's basis would be zero, assuming that by "quitclaim … to a friend", you mean that the friend gets it for free.
After finding his out I wAnt to go to probate court Too see if I can contest the will how can one do that if I can’t see the will . Please advise
If your mother is still alive what her will says is not relevant since it is only effective once she passes away and between now and then she can change it as often as she likes. You cannot contest her will while she is still alive. Your mother can express her final wishes in her will without... Read more »
You do not need to ask this question; you need to ask how to find a small business lawyer-before your small business flames out.
that expire soon. The total holding time will be about 6 months. For discussion sake, i say I bought the options for 1 penny a share and are now worth $100/sh) . If I exercise the options I will make $1000. If I donate 1 unexercised option to a DAF I have set up they will accept a call option) and... Read more »
You need to see a stock broker not a lawyer.
Or, do I still get to only pay capital gains on the sell price above what the house was worth at the time of my father's death?
I am concerned that, because buying her out constitutes a sale, I will lose the inheritance exemption.
You would have to pay capital gain tax on the difference between what you pay her for her undivided half interest, and the amount you receive when you sell the half interest you buy from her. But no, you don't loose the exemption on your half interest in the property which half interest you... Read more »
Can the lien just follow him to the new house .
Once the IRS attaches someone's Social Security Account for non-payment of back taxes, the lien will remain attached to the SS Account until the amount of back taxes owed--plus all assessed late penalties and interest owed--is repaid in full. Moving will not change anything.
I believe that, should you get the house in the divorce, the decree should provide that he pay off the lien.
This makes no sense but let's say someone is 64 and trying to help their future social security. They have a failing business and process payroll for themselves every week. They pay all taxes like they are earning income, but they never cash their pay checks. They are process payroll... Read more »
You are correct: It makes no sense.
Individuals cannot increase the amount of their annual or monthly Social Security benefits by creating imaginary payroll checks and not cashing them--unless they pay the payroll taxes associated with each bogus check. The Social Security Administration... Read more »
on his personal account which looks like laundering money thing. What is the international law that forbids me to proceed in the repayment of the french corporation into the owner's personal account? Thanks in advance for your prompt answer.
I can think of no "international law" that prohibits you from refunding as directed; however, state and federal statutes against money laundering might well be triggered if this is this person's "modus operandi". Has he requested this method more than once? A pattern is... Read more »
That's how I read it.
I live in FL
Account is in another state
The law of that other state, not the law of Florida, would apply. But if the law there is anything like the law here, they might garnish the account and then the owner would have to prove the source of the funds and that such funds were exempt from execution.
I claimed my mother on my taxes by accident what should I do
Amend your tax return.
Dear Professionals,
I registered my LLC with the state of Florida last October, but I have not been able to start running my business properly.
My company status is showing Active and I would like to prevent the status from changing into Inactive.
Given that I have not... Read more »
In order to maintain an "active status" with the Florida Department of State, an annual report must be filed each year for your business entity. More info is available on Sunbiz.org.
Live in South Florida, fell ill in March with a sore throat, low grade fever, etc.... but didn't meet the criteria to be tested. You had to be hospitalized or 65 or older at that time. I am 55. I self quarantined like the task forced asked us to do. I had just started to work for Instacart... Read more »
For starters, I can tell you that if you and your deceased husband filed a joint income tax return for calendar year 2018 or 2019 you each are entitled to receive $1,200. And since your husband was alive when the stimulus legislation was enacted (mid-January), you can keep the $1,200 earmarked for... Read more »
I live in Land O Lakes, FL. My mother passed away in November. We have lived in the same house together since the house was built in 1998. We have a quitclaim deed written as joint tenants with full rights of survivorship.
I have continued to pay the mortgage, on time, but recently... Read more »
No, the mortgage does not transfer.
I have a Florida registered LLC and plan to begin a YouTube channel under the business name. The channel would be a "how-to" cooking channel. The principle location of the business is in Maryland. Can I deduct the cost of the food and kitchenware I use for the cooking videos?
This is not a legal question. It is an accounting question that you should ask of your CPA.
My child receives SSI , I the mother represent her. The father claimed my child on his taxes. IRS is sending stimulus $ to all social security but will my child still get $1200 even though she was claimed as a dependent?
No, Father will receive an additional $500.
CARES Act says I may defer my 2020 RMD until 2021
My 2019 RMD will appear in 2020
Can I apply my 2019 RMD to 2020 and defer my 2020 RMD to 2021?
In deferring my 2020 RMD to 2021, do I have to take my 2020 RMD and 2021 RMD in 2021 or is there a full year moritorium on my 2020... Read more »
For this level of specificity you're going to need to retain counsel.
My wife recently died making me her Personal Representative. Her son inherited a business from his father which included a mortgage owed to his mother. I would like to forgive or gift the mortgage to my step son. However, his accountant says that if I do my stepson will owe taxes on the amount.... Read more »
There may be a way to avoid causing your step-son to owe income tax on the house. You need to contact an experienced banking lawyer who has helped many others probate small estates that involve tax questions; there are not a lot of us in Florida; but you can use the Find a Lawyer to locate a few... Read more »
The mortgage/note was between my late wife and her son's company. It was originally between her ex-husband's company and her as part of a divorce settlement. Her son inherited the company upon his father's death. Can I bequeath the balance without her son incurring any tax... Read more »
You seem to be confused about a few things. If you are named as a personal representative in her will, it doesn't mean a thing until you file a probate petition with the court. Thus, if you thought you would avoid probate by executing wills, you were mistaken.
If your late wife... Read more »
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