They were married at her death and he was her beneficiary of life insurance in SC.
Any account or life insurance that has a beneficiary goes directly to beneficiary outside of a probate. You didn't mention if she owned Florida real estate or if she had a will. Different rules would apply for intestate or homestead property.
I prefer to continue paying my fed income tax as usual but I've heard that I may not be given a choice, that my employer may just stop paying our fed taxes without the employees request or consent.
This is a question for a tax attorney.
I Live in SC and want to buy a car in Ohio. My current vehicle's tags expire in June. If I buy the new care in May, Can I use the temp tags duration (30 days) and the states grace period (45 days) as a way to avoid paying property taxes on the new vehicle? SC only charges property taxes when... Read more »
They'll make an adjustment when you transfer from the old to the new and charge you the difference.
Good initiative but you're not the first to think of this and every state has setup procedures to stop it.
I live in SC and 10 years ago I had helped my son to buy an inexpensive condo near me.
Our family have used this condo occasionally when they had visited me. The condo is on my son's name, but I had managed it and paid all dues (there is no mortgage on it).
However, 2 years ago... Read more »
It sounds like you rented the property, received the income, and received the 1099. You would report that income less expenses and depreciation on a Sch E.
Ownership is irrelevant; you're the one running the rental business and using the condo as a business asset. Your right to use... Read more »
She would like to disperse the money to the six children when she gets the settlement, but is concerned we will have to pay taxes.
Typically, if the amount your mother received was for bodily injuries, it is not subject to income tax. Any portion for loss of income typically is subject to income tax. Depending on the amount of the award, if your mother gifts it to her children, there is no gift tax. It depends on the amount... Read more »
My father inherited land, which he sold in 2017 but did not pay the tax at the time of sale. The IRS charged these taxes in 2018, which my parents were paying at $200/month. There is still over $3,000 owing. My father died in April 2019. Is my mother still responsible for paying this tax?
It's going to depend based on filing status,potential innocent spouse defense, and possibly other factors.
Short answer is it depends. You should retain counsel to review the matter and deal with the IRS directly to challenge the tax assessed or work out a plan to resolve the amounts owed.
The alimony rules changed for 2019. Generally, alimony is not deductible by the payor not includible in income for the recipient for the 2019 tax year. The prior rule required the recipient to include alimony in income.
the majority of the mortgage each month. She doesn't have to file taxes (retired). How does this work? Can my name be added to the financing documents to show co ownership even though it's her credit that is being approved for the loan?
You will need to speak to the attorney that is doing the closing to see how the deed is being drafted. That attorney will be in the best position to advise you and your mother on that situation.
I make 200 gross after tax its 185.61 HR at my telework job says one thing. SC dept. of Revenue says different I thought I was paying since Aug of this year.
You may have paid off the amount owed. You'll need to call in and see what's going on with your account, or hire a professional to do it for you.
Is the Company going to pay income tax from the products manufactured in SC, or merely for sale in SC (Sales and Use Tax) ?
Yes.
Raised the taxable value to $220,000 on 1/1/18, just 7 weeks after I purchased it. Now, one year later, they are increasing it again to $237,000. That's a 50% increase in taxable value in two years, from 1/1/17 to 1/1/19. I had the home appraised in January, 2019, and was told the market... Read more »
Go to the county tax assessor's / recorder's website. Look for something about appealing or challenging the assessment of property tax. Follow the instructions. Or hire a professional.
Best of luck.
Tax audit - 2 years item being reviewed (high deductible medical and pharmacy). don't have all the receipts. i do have the bills (30K plus) to substantiate and can account for atleast some ( approx half or so) of the deductible in year 1..and maybe 1/3 in year 2 of the returns being audited.... Read more »
I recommend that you hire a tax attorney to represent you. They may be able to help you reconstruct your records.
I previously worked for Bloomin’ brands and had a five-year contract in which I had to put $25,000 in and then received 10% of the bottom line every month. At the end of my contract, I was bought out of my 10 percent share, which ended up being about $72,000. This occurred back in 2012 and now my... Read more »
Income on receipt reduced by capital contribution of $25k taxed by federal and state.
Tax code that pertains to retailers given senior citizens 85 years and older a 1% sales exclusion from purchasing tangible personal sales for his own personal use. Code 12 - 36 - 2646 pertains to retailers responsibilities. A store like Walmart in West Columbia 2401 Augusta Rd 29169 Phone... Read more »
Nice work. Sounds like you may be getting Walmart's attention soon.
Regarding you lamentation about the difficulty of enforcement, you are correct: Unless the elderly are informed about this benefit they cannot avail themselves of it. One way to inform them is by class action... Read more »
Contact a California lawyer experienced in condo law--before you make a big mistake.
I work in the accounting departing. My duties include payroll, accounts payable, paying taxes. The corporation I work for is not in any tax debt right now. Due to some changes with the bank I may need to be added as an authorized signer to move money around the company accounts, Payroll, payable... Read more »
Although it is impossible to predict what your future has in store for you, it is safe to say that merely being the bookkeeper and having signing authority on the company account--in and of itself--is not enough to tag you for some possible taxes due in the future. However, it is just as safe to... Read more »
My husband is incarcerated and was tje sole provider for tax yr 2018. He filed head of household and claimed our 4 children but dodnt put me on the taxes at all so he could keep the money..what do i do
There probably are many good reasons for you to consider filing for divorce--but doing it just to try to get 50% of his tax refund is not one of them.
My children's father has forged my name on 3 years of tax returns and for the last 2 years, he has filed our children, without my permission. I have asked him repeatedly not to do this. So my question is, can the non custodial parent be penalized for not having a signed form 8332 from the... Read more »
If your husband forged your name that is illegal. Unfortunately many non-custodial parents do not fill out the 8332 when they file. If you are entitled to claim the children you will likely have to paper file since the children's social security numbers have been used and you will not be able... Read more »
We've been separated since 2015. Separate maintenance was put in place. He moved out abandoning our children and I. He filled a fraudulent tax return in 2016. His attorney has filed a motion against me to force me to file joint taxes with him in 2017. Is this legal? What are my rights?... Read more »
Considering you are divorcing and you do not have faith in the ability of your soon to be ex to file an accurate return, you can file married filing separately. You could file head of household if you are separated, lived in separate households for the last 6 months (or more) of the year and... Read more »
I recieved notification of being audited for 2 seperate years, and need more time to put together the information.
I am not licensed in South Carolina but most tax authorities will grant a reasonable extension. Just explain why you need it and it is likley it will be granted.
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