Or do these fall under the step up basis? Like real estate.
answered on Mar 29, 2023
Good question. Whether you must pay income tax on your inheritance of US Savings Bonds depends on your individual tax situation, and can't be answered in this forum or given the limited information here. You should consult a CPA or tax attorney for more information. You can also find some... View More 
Their mother had put their names on the title many years ago. She controlled the house, paid all the expenses, taxes, insurance, etc. She would never have been forced out of the house by her children. When she died, the house was left to her son and daughter, and it was sold two months later.... View More
answered on Mar 17, 2023
That depends on HOW 'their names were on it'. Did your mother in law have a lady-bird deed prepared or did she do a simple quit claim deed to 'avoid probate'? (SO many bad decisions are made to 'avoid probate'!)
Take all the documents to a local real estate... View More
I have two kids 17, and 18. I am divorced, my ex and I have 50/50 custody. My house is the kids primary residence. My kids are both in school and live at home. We have an agreement that we each claim one child when filing out taxes. She claimed both this year. She claims it's her right,... View More
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answered on Mar 4, 2023
If you and your ex-spouse have a written agreement regarding claiming your children as dependents for tax purposes, and your ex-spouse violated that agreement by claiming both children, you may be able to resolve the issue by taking the following steps:
Talk to your ex-spouse: Start by... View More
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answered on Feb 24, 2023
Under U.S. immigration law, international students who are studying in the United States on an F-1 visa are generally allowed to invest in stocks and cryptocurrency. However, they may be subject to certain restrictions and regulations.
According to the U.S. Securities and Exchange... View More
We would like to do this tax-free. He is married as am I. Is there a way to do this?
answered on Dec 4, 2022
There are several ways to do this and MANY wrong ways.
A Quit claim deed is one but you need to appropriately record transfer affidavits and report the gift properly. There probably won’t be tax due but depending on how you structure things a return may be due. The rules are complicated... View More
The lot was own by the hoa, not the developer who was out of the picture. Since it was the hoa that lost the property I feel they have no claims to my property that I purchased in good faith. They claim I have to be in their hoa which I want no part of.
answered on Sep 19, 2022
If the lot is included in the HOA and the HOA properly recorded that fact and the HOA still exists, you're likely 'out of luck'. If you didn't want to be part of a HOA you shouldn't have bought the property. Now, as a MEMBER of the HOA you can probably take steps to... View More
Will I need to file income tax on his SS and pension earnings or will this be taken care of in Probate? Thank you.
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answered on Jul 8, 2022
Most probate attorneys do not include tax compliance as part of the engagement, but some do. The bottom line is you should discuss this with your probate attorney so that you have clarity regarding who is going to take care of that.
Will I need to file income tax on his SS and pension earnings or will this be taken care of in Probate? Thank you.
answered on Jul 8, 2022
If he made enough money to need to file taxes in those first few months, OR if you anticipate there will be a refund of withheld taxes then the personal representative is responsible for filing whatever tax returns are necessary to finish his affairs.
If neither of those applies, then... View More
I want to claim leftover proceeds from 2017 tax auction. I owed $1,500 selling price was $29,000
answered on May 16, 2022
I'm not sure you have a claim after so much time has passed, or if it would be financially worth it for you to pursue. Generally, when houses are foreclosed and auctioned, the taxes get paid and the bank or mortgage company get what they get. Sometimes they win big; sometimes not.
I'm planning to move across country coast to coast, and plan to drive. It's going to be a few days of driving. Assuming I:
Move between 05-09/August
Started a lease on an apartment in new location, 01/August
Ended my lease in old location, end of August
For... View More
answered on May 11, 2022
You should consult an immigration lawyer for specifics on any nuances you may be subject to - particularly whether you need to declare a new location before moving. But generally, residency is prospective and intentional, determined by the place you intend to reside going forward. You have a lease,... View More
answered on Nov 1, 2022
Hi! This isn't really a question, you may want to reword your post.
You should read over your engagement letter for the accounting firm to see their fees and if they have a clause stating that they could charge more for complex returns or if, like my firm, they do part upfront and... View More
This year my brother wants to be spiteful and claim her on HIS taxes after I’ve already filed and received my return just so he can use the money for his own purposes, my sister doesn’t even live with him she lives with me and my girlfriend
answered on Apr 6, 2022
First thing you should probably do is get guardianship over your sister. That would resolve the legal issue of who is financially responsible for her. As to the IRS, it's often the case of "first to file". You can support your claim by showing you provide more than 50% of her... View More
I am divorced, cars are titled in my name only and fully paid for, no liens. I reside in Michigan. Michigan SOS (DMV) advised heir will have to pay sales tax - seems strange. Is this correct? My house will transfer without fees on my death.
answered on Mar 23, 2022
The Secretary of State is correct in this case. Only transfers of title between immediate family members are exempt from the 6% tax. If your friend is to receive the vehicles, he or she will need to pay that 6% tax.
Is there anyone that could give me free legal advice for free if so who?
answered on Mar 12, 2022
MOST attorneys offer limited consultations at no charge.
You need to contact an attorney in your geographic area who handles the type of issue you have (domestic, real estate, estate planning, criminal law, civil litigation, etc.) directly and ask to set up a time for a free consultation.... View More
They had no will and we just sold it ( a few years after they passed after getting permission from courts).
There are 7 children splitting the money whom each get about $8,000 each.
They had no other assets or estate to speak of
answered on Mar 7, 2022
Did you already pay the inventory fee to the probate court? Other than that, there shouldn't be.
I started an LLC for software-as-a-service in Michigan and I am getting clients from Ohio and Illinois, I wanted to know that do I need to file an LLC in all states from where I get clients or I can do business from my Michigan LLC only, and where do I pay income tax?
answered on Feb 24, 2022
The filing of Articles of Organization in the other states in which you are doing business is not appropriate. Doing so would create separate entities that would have to be treated accordingly.
The registration of your company in those states in which you are doing business is, however,... View More
I am in the process of going through a divorce. I found out that my wife has been skimming $2500 a year off of our tax returns for several years. We each have our own children from previous marriages. When confronted she claimed that she was entitled to do this because of her daughter's $2500... View More
answered on Feb 14, 2022
Through your divorce, possibly. But as to the IRS, the money is as much hers as it is yours.
I was asked by a former employer to create a website store for his small business. I worked on it, hours everyday for months and spent 500$ to perfect it, which I was told would be covered. After finishing the website I was suddenly let go from the business. I've been an employee of the... View More
answered on Feb 1, 2022
If you were an employee, maybe this is a wage and labor issue?
Like in app game such as blackout bingo or cash carnival real money slots and spin to win? Also are game like these legal.
answered on Jan 17, 2022
The IRS considers winnings income that you must report. Most legit places will issue a 1099 along with your winnings, which is how the IRS will know to look for your accurate reporting come tax time.
Both houses are in the same city in Michigan. We own them as joint tenant in common with right of survivorship.
answered on Dec 7, 2021
Your question has a 'fatal flaw'.
There is no such thing as 'joint tenant in common with right of survivorship'. You EITHER own as 'tenants in common' OR you have 'rights of survivorship', It can't be both. Tenants in common implies there is no... View More
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