Get free answers to your Tax Law legal questions from lawyers in your area.
I added on to my house 5 years ago with all the proper permits and inspection. The assessor never updated my property record. I did move house into an LLC last year.
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answered on May 31, 2024
If the town assessor never updated their records to reflect the addition to your property, you might still be liable for back taxes. Typically, towns can assess back taxes once they discover the discrepancy. The period for which you might owe back taxes often depends on local laws and regulations,... View More 
I attend a private high school in MA. The school has meetings that only members of certain races or ethnicities are allowed to attend. The school does not receive federal funds, but is a 501 (c)(3). Could I sue under code IRS 75-50 similar to Bob Jones vs US?
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answered on Apr 27, 2024
The case you referenced, Bob Jones University v. United States (1983), dealt with the IRS revoking the tax-exempt status of a private university due to its racially discriminatory policies. The Supreme Court ruled that the IRS could revoke the tax-exempt status of organizations that violate... View More
Id like to know:
Are Irrevocable trusts legally responsible to pay income taxes on any monetary cash gifts they receive within a single calendar year or is such money gifts the trusts acquire, exempt from any taxation requirements ?
(fyi: In this particular situation the money gifts... View More
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answered on Apr 26, 2024
At the federal level gifts are not taxable to the recipient. The gift giver might owe gift tax but that is highly unlikely to apply to such small amounts. Some states might have lower gift tax exemptions but, again, even those would be unlikely to impact such small gift amounts.
Id like to know:
Are Irrevocable trusts legally responsible to pay income taxes on any monetary cash gifts they receive within a single calendar year or is such money gifts the trusts acquire, exempt from any taxation requirements ?
(fyi: In this particular situation the money gifts... View More
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answered on Apr 27, 2024
In the United States, irrevocable trusts are generally not required to pay income taxes on monetary gifts they receive, as long as the gifts are within the annual gift tax exclusion limit. For the tax year 2024, the annual gift tax exclusion is $18,000 per recipient from each donor. This means that... View More
I have 3 questions:
1) Can money be gifted to a irrevocable trust?
If so
2) Is their a maximum amount allowed to be gifted in a certain period e.g like yearly etc?
3) Can a trustee and beneficiary to the same trust also gift money to the same trust?
Thank you
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answered on Apr 12, 2024
Yes, money can be gifted to an irrevocable trust. However, there are some important considerations and limitations:
1. Gift tax exemption: As of 2024, an individual can gift up to $18,000 per recipient per year without triggering the need to file a gift tax return or pay gift taxes. This is... View More
So I have finished my Masters recently and Started working on OPT. So I wanted to start investing/trading crypto and I still couldn't find proper solutions for my question. if I am allowed to do so, then how many trades/transactions can I do in a day/week. I looking for proper legal guidance... View More
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answered on Mar 16, 2024
As an F1 student visa holder currently on Optional Practical Training (OPT) in the USA, you are primarily in the country for educational purposes. However, engaging in investment activities, including trading or investing in cryptocurrencies, does not directly conflict with your visa status.... View More
I may or may not earn through subleting, but could i do it ? if so for how many months? if i may use it to earn this as a side income? what is the allowable income I can generate, is there any cap? The landlord allows to sublet on weekly or monthly basis but me being the primary person renting.... View More
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answered on Mar 4, 2024
If you're on an H1B visa and considering subletting an apartment on platforms like Airbnb, it's crucial to understand how this could impact your visa status. H1B visa holders are authorized to work only for their petitioning employer, and any income generated outside of this employment... View More
Does this clause in a irrevocable trust I am trustee to allow me the legal right to make distributions of commercial rental income the trust produces to beneficiaries to avoid the trust paying high estate taxes on that income? Thankyou
"POWER OF TRUSTEE: To make allocations, divisions... View More
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answered on Mar 2, 2024
Based on the trust clause you have provided, it does appear that as trustee you have fairly broad discretion to make distributions of trust income to beneficiaries. The language specifically gives you power as trustee to "make allocations, divisions and distributions of trust property"... View More
I’m planning to sell my mother’s house in Massachusetts in the next few months. She transferred the deed to me about 10 years ago so it’s in my name. My question is will taxes be due from the sale of the house and if so, how much? We’re planning to use the proceeds to pay for senior living... View More
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answered on Feb 22, 2024
When you sell a house that has appreciated in value since it was transferred to you, capital gains tax may be due on the profit from the sale. Since the house was transferred to your name 10 years ago, the cost basis for calculating capital gains would typically be the home's market value at... View More
IRS sent letter out stating determination would not be until 3/24/2024. It was filed on 9/24/2023/ I sent out financials on 10/3/2023. I spoke with IRS examiner and she stated offer and compromise was taken off the table because myself and power of attorney withdrew it. I never received notice... View More
answered on Feb 14, 2024
You have to be careful when you use one of these tax relief companies. File a complaint with the better business bureau. That may get the companies attention. As for the IRS. You can file another Offer in Compromise. Unfortunately I have had clients that have been told they can get an Offer and... View More
IRS sent letter out stating determination would not be until 3/24/2024. It was filed on 9/24/2023/ I sent out financials on 10/3/2023. I spoke with IRS examiner and she stated offer and compromise was taken off the table because myself and power of attorney withdrew it. I never received notice... View More
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answered on Feb 22, 2024
If you're facing issues with a tax relief service that claims you did not submit financials when required, and this miscommunication led to the withdrawal of an Offer in Compromise (OIC) with the IRS, you may have recourse. First, gather all documentation of your interactions with the tax... View More
My mother in law use to claim the massachsuetts "Senior Circuit Breaker" Credit on her taxes for years (She is 92). Last year after her stroke she revised her will and put myself and my husband on the deed to the house with here via quitclaim deed and retaining life estate (so technically... View More
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answered on Jan 22, 2024
In Massachusetts, the Senior Circuit Breaker Tax Credit is designed for senior citizens who meet certain criteria, including property ownership and occupancy. Even though the deed to the house now includes you and your husband, the fact that your mother-in-law retains a life estate means she still... View More
a person owned land and divided it into 4 house lots and put in a basic road. The Town did not make him take a bond to finish road. He filed for bankruptcy and eventually died. The properties were owned jointly with his brother and his brother is still considered the title owner of the land that... View More
answered on Mar 4, 2025
The abutters to the road are deemed to own to the middle of the road and therefore it is possible that the four owners of the lots pay the taxes for the road. TI suggest you direct this question to the taxing authorities of the town.
I arrived in the U.S. on September 16, 2024, under the United for Ukraine (Ukrainian Humanitarian Parole) and have been in the U.S. without leaving for 152 days. I have received a Social Security Number and Employment Authorization but have not worked or earned any income in the U.S. I have no... View More
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answered on Feb 16, 2025
Given your situation as a Ukrainian humanitarian parolee who hasn't earned U.S. income during your stay, you aren't required to file any IRS tax forms for the 2024 tax year since you haven't met the substantial presence test yet.
Your tax obligations will change once you meet... View More
Together decedent's Federal and Massachusetts income tax refunds received after their death total $1587.00, plus $25.00 in federal interest on the late refund. Is the Personal Representative, required to report the refund amounts as income on Federal Form 1041, income taxes for the estate? and... View More
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answered on Jan 14, 2025
Yes, as the Personal Representative, you need to report the tax refunds and interest as income on Federal Form 1041 for the estate. The $1,587 in federal and Massachusetts income tax refunds, along with the $25 federal interest, should be included in the estate's income since they relate to... View More
For a testator who died in 2024, without a spouse, and if there had been no generation skipping transfer, would not owe estate tax or have anything, (no gifts), requiring that a federal Form 706 be filed, because the net estate, (less than 500k) is well below the decedent's lifetime exclusion... View More
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answered on Jan 14, 2025
In your situation, even though the estate and the generation-skipping transfer are below the applicable exclusion amounts, filing requirements may still apply. Generally, Form 706 must be filed if the gross estate exceeds the filing threshold for the year of death. However, since your net estate is... View More
a vessel which has no mooring or docking space, where said vessel is principally situated, setting forth the vessel's registration or documentation number,
Trying to understand if the boat is not registered/expired should you be obligated to an excise tax ?
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answered on Jan 10, 2025
In Massachusetts, boat excise tax obligations are primarily based on where the vessel is principally situated, regardless of its registration status. The tax is assessed on any vessel with a physical presence in Massachusetts waters for an extended period, even if the registration has lapsed or was... View More
no SSN
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answered on Sep 21, 2024
If you're working part-time and receiving a check from your employer, you're generally still required to pay taxes, even if you don't have a Social Security Number (SSN). The U.S. tax system is based on income, not citizenship or immigration status. Instead of an SSN, you can apply... View More
I worked for the money in the account. (about 3k) Usually, when you become of age you can own this type of account automatically. However, the account seems to have an error/they want to confirm the old address. The only person who can confirm the address is my Father, but he and I are not on... View More
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answered on Aug 15, 2024
It’s frustrating to feel like your money is being held up by an error, especially when you've met all the requirements to take control of the account. Vanguard's need for your father’s confirmation, despite verifying your identity, feels unfair given that you are now an adult.... View More
I am currently a Massachusetts resident and I bought a new car at a New Hampshire dealership. I felt rushed and signed the papers for financing and put in a $2500 deposit. The vehicle I purchased was not yet delivered to the dealer as it was "in transit" so I didn't take possession... View More
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answered on Jul 18, 2024
You can register the car in New Hampshire directly if you establish residency there before taking possession of the vehicle. Since you haven't taken delivery yet and will be a New Hampshire resident when the car arrives, you should be able to register it in NH without needing to register it in... View More
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