Jennifer Long's answer You can claim your daughter if she (1) is a US citizen, (2) is your child, (3) has gross income for the year less than $3,900, (4) did not file a joint return and (5) you provided more than half of her support during the tax year.
If you claim her, she cannot claim herself on her personal tax return that she files.
Zaher Fallahi's answer If you are single and have had the house and lived in it for the past 24 out of 60 months, you can exclude up to $250,000 of the gain. Any excess would be taxed at 15 % for the Fed, plus state rate. Consult a tax lawyer.
Zaher Fallahi's answer If the account is is her sole separate property, which may be in your state, then you will receive it an inheritance if you are the only heir. Her estate will include the account in her estate and file an estate tax return, form 706, and may or may not be subject to any taxes. This year the threshold is $5,250,000. Anything in excess would be taxed at 40%. Generally, the heir doesn't pay inheritance taxes. Consult a probate or tax attorney. Good luck.
Christopher M. Larson's answer Happens all the time. When you are dealing with the IRS, what they are supposed to do and what they do are two different things. This is why I always advise against representing yourself. Even if you can figure out the law, the procedure is where they trip you up. I have seen the Chief Counsel lawyer deliver the paperwork the day of trial for a pro se taxpayer. They will take advantage of inexperience.
At this point, you want to contact an attorney. It will likely cost you more if you...
Judi Smith's answer The question of how you choose to split the tax liability among the owners isn't necessarily a legal one. However, under Illinois state law, in general, all owners of a property are jointly and severally liable for the property tax. That means that the governmental entity can seek to collect the full amount of any unpaid property taxes from any one or more of the owners of the property.
*This is not legal advice and does not create an attorney client relationship*
Judi Smith's answer You may be eligible for the Senior Citizens Real estate Tax Deferral Program. Essentially the state pays the taxes on the home and then requires repayment of the taxes when the home is sold or transferred. However, to qualify for the program, you will need to find a way to bring your property taxes current before you can apply to the program. Once you are in the program, the state will pay your taxes using the equity in your home as a guarantee. You can find out more about it here:...
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