We asked the county clerks office if my son needed a tax license and they told us he was under 18 so to go enjoy his business and learn as there was no need to file anything at his age. He was not able to legally open an account. Later he set up at an event in city limits. I was sent an email... View More
The legality of a city opening a hospitality tax account for a minor's business depends on local laws and regulations, which can vary widely. While minors generally have limited legal capacity to enter into contracts or be held responsible for tax obligations, local jurisdictions may have...View More
The sentence for tax fraud in the United States can vary widely depending on the severity of the fraud, the amount of money involved, and the specific details of the case. Generally, tax fraud is considered a serious offense, with potential penalties including fines, restitution (repayment of the...View More
Discovering that a worker does not have a Social Security Number (SSN) or Employer Identification Number (EIN) and is not authorized to work in the United States puts you in a challenging position. Under U.S. employment law, employers are required to ensure their employees are eligible to work in...View More
Receiving a 1099-C for a debt that was forgiven or canceled, especially one from over a decade ago, can be distressing, particularly when on a fixed income. The IRS considers forgiven debt as income, which can indeed lead to a significant tax liability. However, there are steps you can take to...View More
Paying all unpaid property taxes on a property does not automatically grant you ownership or the current deed to the property. While paying the property taxes is an important step in maintaining the property and preventing it from being sold at a tax auction, it does not necessarily transfer...View More
In your situation, working in Tennessee for a company headquartered in Kentucky, with paychecks issued from Virginia, can create some tax complexities. Tennessee is known for having no state income tax on wages, while Kentucky and Virginia both have their own state income tax rules....View More
I use about 6 different sportsbooks and win quite frequently. Are winnings throughout the year totaled up and taxed totally? Or does each bet have to be over a certain amount? Also, are you able to deduct losses from taxable winnings?
In Tennessee, as in other states, gambling winnings are generally considered taxable income. This includes winnings from sports betting. The IRS requires all gambling winnings to be reported on your tax return.
The taxation of your winnings depends on the total amount you win over the year,...View More
A school sponsored, parent funded, non-profit school support organization has been asked to pay an amount that is not correct and accounting is wrong. The school sponsor is the only person allowed to handle the budget and pay vendors. The sponsor informed parents the charge was less than what it... View More
If a school official intentionally provided false information about finances to defraud parents, this could potentially be considered criminal behavior. In your situation, if the school sponsor misled parents about the actual costs and required additional payments under false pretenses, it may...View More
My uncle's house was listed in the will, but I thought the quit claim deed signed just before he died 4 months ago would keep us out of probate. I'm going through probate anyway since my name wasn't on some accounts (I am the sole inheritor). I'm trying to sell the house but I... View More
That is quite unfortunate. If your uncle deeded the house to you during his lifetime, as a lifetime gift, then your basis is the same as whatever his basis was (the amount he paid for it plus capital improvements). This is called carryover basis. If the house has appreciated in value since he...View More
If the common areas are part of a condominium, then those homeowners are responsible for the taxes. If they are roads, then dedicated to the County and no taxes. Reconstitute the HOA, and probably need to pay taxes. Developer and the old HOA could possibly be sued, but doubtful. HOA might...View More
If the HOA has been administratively dissolved and there is no active board or entity responsible for maintaining the common spaces, it may be difficult to determine who is responsible for paying the city and county land taxes on those spaces.
In general, if the land deeds are in the name...View More
200 acre farm . Friendly divorce. Both parents reside on farm in separate homes. Plan to survey 20 acres for each parent for sole ownership. Want the children to have the remainder of the land so no future partners can claim ownership. Parents plan to continue to pay taxes on land until children... View More
Absolutely hire a competent TN attorney to draft that future interests deed which might include a class gift remainder. Apparently you will need three enforceable deeds. Do not even think of a title co. Lawyer will need to draft three new legal descriptions from the survey plat, and not...View More
Does a retired person who is drawing life insurance and social security have to claim any profit on their taxes, i.e. if they are renting a piece of property or a house and only want to receive cash for rent.
Generally, rental income is considered taxable income and should be reported on the individual's tax return. This includes rental income received by a retired person who is also receiving social security and life insurance benefits. However, there may be deductions and credits available to...View More
Life Insurance is exempt from TN taxes and creditors. But the US will sometime tax them although rarely. FL property sale income is a capital gain usually subject to US taxes. TN does not have an income tax.
She might be, yes, but there are facts missing from your description that could make a difference. Plus, it is not automatic. She would have to go to court to prove her claim. She should schedule a consultation with a real estate litigation attorney.
My mother passed recently and was put in nursing home in June 2020. Signed up for personal choice with State and also had Medicare. However nursing home bills are paid but State saying I’m responsible for my mother debt they paid while in nursing home. I am unaware of this debt? Now they want... View More
Each County Trustee gets the County Attorney to do tax sales at different delinquency periods. If you want to set aside a sale, hire an attorney now. Redemption period may not have run yet, but then you have to have the money to redeem.
And structure measurements to be certain the county had the correct information .I only agreed because he claimed to be the tax assessor. I became suspicious and called the county assessor and was informed that he had not been here since 2021.i later discovered he was hired by my neighbor posing as... View More
Specialization will not help. Hire a competent TN attorney to examine your Redemption Rights, and possibly exercise them. It will not be cheap and probably difficult. But if you want your home back, get in gear. Time is of the essence.
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