We were looking to do a deed transfer, but I had questions of triggering a capital gains tax, or gift tax. I was advised the recipient will inherit the gift giver's tax basis, thus losing the step up in basis at death that would otherwise have occurred, thus creating in most cases a capital... Read more »
Example: father purchased the property for $50,000 in the 80s. His orignial "tax basis" is $50,000. So that if he sells it for $50,001 he has a gain of $1. Now its 2021 and It is now worth $200,000. The built in gain is $150,000.
If he holds onto the property, either as a... Read more »
family home. I plan to put between $60k-$100k towards a down payment but i want it in my two young adult children name. In other words, I will be a tenant to them... They will be the ones to benefit tax write offs... which is okey with me, also if something has to happen to me, that eliminates... Read more »
I am only licensed to practice in Oregon so I can't speak to Florida law but in general it is better for your children to inherit your property because they receive a stepped-up basis. This means when they inherit your house after your death their new basis in the property is your... Read more »
We are going to sell the property, the partners share of the proceeds will not cover the liens. Can the IRS take the rest out of the others portion or are they limited to the partners share with the liens
Each Tenant In Common owns an undivided interest in the property. The IRS is the priority lien holder on the whole property. The Tax Lien does need to be examined for enforceability (SOL, Taxpayer's Name, Tax Debt Due, possible Tax Court Case, etc.). You all might try an Offer In... Read more »
I am still trying to get this straightened out. I paid H&R Block to handle back tax filings. They never file my 2018 return. Don't these people have a fiduciary responsibility? I suffered a significant financial loss due to their inaction. Do I have a case to sue them?
First off H&R block are not accountants, they're return preparers regardless of their other certifications.
Second, they do have a responsibility but you're going to have file a lawsuit to get them to do much of anything once they've been paid. They do this all the time... Read more »
So general information:
My boyfriend is 18, and I am 19. We are both still enrolled in highschool.
My boyfriend gets child support payments from is adoptive/legal father, not his biological father. The child support payments are I believe, $300? But basically my boyfriend's... Read more »
Child support payments are for CHILD SUPPORT. That means they are paid to the person responsible for supporting the child, which is certainly not the child. In some cases the court allows the mother (or the father, sometimes) to continue receiving the child support for some period of time after... Read more »
He waited till he got all the money in his bank and moved in with his new girlfriend. Has not provided anything for me or house or children.
Not sure I understand everything that is going on and you will probably have to have a one on one with a lawyer at some point to sort this out. Courts are pretty much close right now so you won't get a hearing any time soon to order him to pay support but the child support offices are... Read more »
If you mean that the garnishment caused you to bounce checks you have already written, you are responsible. The IRS gives you time to get the levy released. If the bank has not already sent the money to the IRS you still have time to reach a collection alternative with them. Most of us offer a... Read more »
We lived in the same apartment in Los Angeles for ten years. The landlord let the building degrade over that time refusing to fix basic things like the roof leaking into the bedroom every winter from the start of the lease, not fixing broken security gates & doors, leaving the front gate of the... Read more »
It’s hard to say without seeing the lease and buyout agreements. In some cases, taxpayers can argue that a payment like that is actually a reduction in the monthly lease payments based on not receiving the value that you initially bargained for. In other words, an adjustment to the purchase... Read more »
Who said you can't question the IRS. That's really bad news for my career if it's true. Which it's not. Hire a professional if you have an issue with a government agency and challenge their position. It's literally what lawyers are for.
The owner is deceased and his probate is a limited judgment the PR can't sell or transfer the titles without court approval. There are co-owners on one title that can't sell their interest due to this limited judgment on one probate co-owner. The probate refuses to dismiss the co-owners... Read more »
Sounds like you should hire someone to help you with that.
If you operate a a WA company from OR WA still taxes you on any income since you're a resident. The only way to avoid that would be to operate the company as a corporation and don't take any salary or dividends.
A little more detail ... Grandmother passed away, grandfather years back. My parents are deceased. My 2 cousins and I are receiving the proceeds of the sales of all properties and accounts split 3 equal ways in accordance with Swiss law. My portion is estimated at roughly $1,085,000.... Read more »
Federally no tax will be owed since you're receiving the funds and the estate was outside the US.
Oregon taxes estates not inheritance, just like federal.
Because your Grandmother was not a resident of Oregon (or the US) the state (and IRS) can't tax her estate. As the... Read more »
Hi, my husband just passed away and without will because he got a stroke is die very fast. Last Oct 2018, his daughter introduce a lawyer for him so we designed to made a trust. On the first meeting my husband said l can using all the rent income for ten years until our daughter Graduates but the... Read more »
Please accept my condolences on the death of your spouse. From your post, it appears you are or may be a beneficiary of a revocable living trust. Your spouse was one of the trustors of the trust, and you may be a trustor also. A trustor is a person who creates a trust. I recommend that you... Read more »
Seems like taxation without representation to this layperson.
It certainly can feel that way, the problem is that there is no right to representation before being taxed. That was a revolutionary slogan. If you drive through a random city and get gas you're paying gas tax without representation or sales tax or excise tax, etc... Washington DC has been... Read more »
Oregon Elks Lodge, contacted by telecom company, offer is 300k lump sum, Elks concerned about paying taxes on this income as it would be other business income "or whatever the term is." We are a non profit, not sure how a one time payment would implicate taxes due. If the income is... Read more »
If you're receiving $300,000 you can afford a professional tax advisor. Hire one yesterday.
Because it is not illegal?
How much will it cost him for a lawyer
If it is an Oregon state tax issue, the best thing to do is call a few tax attorneys in Oregon and get some price quotes. You can expect some to quote a flat fee and some to quote hourly. You can also ask attorneys you know to refer you to a trusted colleague.
She has another job ckeaning Les Schwabs. She gets paid a certain amount by check, to report taxes but another thousand under the table. So basically, there are a few grand a month she doesn't report. She reports enough to get Oregon insurance. What are the penalties if she gets found out?
Since you felt a need to ask this question twice--this time disclosing more than enough information to allow Oregon law enforcement authorities to start looking for your wife--I will answer it again:
Surely your wife must know by now--after all the national news stories about "illegal... Read more »
She works another job but she gets paid by cash and reports that. She doesn't report the under the table money because she doesn't want to lose Oregon health insurance.
I am not sure what you mean about your wife losing her Oregon health insurance if she reports all her income; but you should know that lawyers do not advise people on how to do anything illegal--for reasons too obvious to mention here.
That said, here is my answer: Surely your wife must... Read more »
I read about doing 2 state returns when income is split. But in 2018 had no income in Washington or Oregon. I am hoping to only file the capital gains on my Federal return. But wondering if Federal return or 1099s will trigger something for Oregon revenue.
Hire an experienced Oregon lawyer who practices tax law there.
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