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My grandmother was recently named my grandfathers heir for a quitclaim and will be receiving a disbursement check. She is on programs that are income based (housing/caregiver) and cannot have a lump sum of money in her bank or attached to her name. I am to sign paperwork on her behalf and to... View More 
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answered on May 18, 2024
As your grandmother's Power of Attorney (POA), you have a fiduciary duty to act in her best interests. Given her situation with income-based programs, it's essential to handle the inheritance money carefully to avoid jeopardizing her benefits. Here are a few options to consider:... View More
I was put on 100% disability, and during this time I was unable to make the payments on my 401k so without my request or permission they cashed me out and sent me my one stock certificate they valued at 54000. I now owe taxes on 54,000 added to my social security of 34000 a year. I need to ask if... View More
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answered on Mar 4, 2024
When faced with unexpected tax liabilities due to an involuntary 401(k) distribution, it's crucial to explore all available options to minimize the financial impact. Beyond the 10% penalty waiver for early withdrawal, which you're already considering, there are a few strategies that might... View More
About to loose property and the other two people names on property haven't helped
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answered on Feb 22, 2024
When property in West Virginia is co-owned and facing potential loss due to unpaid taxes, it's crucial for all parties involved to understand their rights and obligations. If the other co-owners are not contributing to the payment of property taxes, the responsibility still falls on all owners... View More
I was 14-18 when I was working for my family business I am 27 years old now and I just want to see if this is ok or acceptable
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answered on Jul 18, 2024
It's understandable that you're concerned about your past work experience in the family business. Generally, child labor laws and tax regulations are designed to protect young workers. In West Virginia, minors working in a family business are often exempt from some labor laws, but certain... View More
Will the proceeds get taxed capital gain if I take my time 1 to 2 years not buying another house. Proceeds of the home sales is less than $100K
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answered on Mar 23, 2023
If you meet certain conditions, you may exclude the first $250,000 of gain from the sale of your home from your income and avoid paying taxes on it. The exclusion is increased to $500,000 for a married couple filing jointly.
1) Your home sale must not have been property you acquired in a... View More
She used plugged in my info from 2 years ago. When I found out and confronted her she started blaming the party that prepared her taxes. When I talked to them they said she came in with court papers and then they hung up on me. I’d like to know what my options are at this point. I’ve already... View More
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answered on Mar 19, 2023
If your ex-wife filed a joint tax return using your information without your knowledge or consent, this could potentially constitute identity theft and tax fraud. It is good that you have already taken steps to report the fraud to the Identity Fraud Department and the IRS.
You may also want... View More
I have a traditional federal govt retirment account and a Roth IRA which I started in 2022. Im also over age 60 in 2022. I made contributions not knowing that my household income would exceed the IRA limit. I have not filed my tax return for 2022. I requested a Roth IRA withdrawal for the exact... View More
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answered on Mar 4, 2023
If you have made a contribution to a Roth IRA for tax year 2022 and your modified adjusted gross income (MAGI) exceeds certain limits, you may be subject to an excess contribution penalty tax. For tax year 2022, the phase-out range for Roth IRA contributions for individuals filing as single or head... View More
I’ve tried to get my dogs back but the police say there’s nothing they can do since these people pay taxes on them. I raised both of these dogs from birth. Is there anything I can do to get my dogs back, please help!
answered on Apr 26, 2020
If the domestic orders reference the animals you can bring a contempt action. Otherwise you can't prove the animals were not subject to your ex-husband's control to sell. If the animals were listed as property belonging to you or to be transferred to you as part of the property settlement... View More
My parent passed away 2012. We Auctioned everything expect for almost 100 acres of land and 1 house with land. My sister has been on drugs, in and out of jail. The house and land are still in the estate with the sheriff office in Randolph county WV. Because there was no will an we could not figure... View More
answered on Mar 5, 2020
You may be able to gain title by adverse possession, but you really need an opinion from a WV lawyer. All property law is state law. All best wishes.
My son used his brothers ssn# to obtain employment with a driving company. Should he contact the company for a new w-2, or the IRS to have the # changed in order to properly and legally file taxes?
I believe i was told by the court house that if couldnt finish paying tickets by tax time then it would come out of tax return Im just wondering if they take care of it when you file or when the money comes
answered on Feb 13, 2020
The state can't intercept your federal refund. West Virginia will offset your state refund if you have unpaid fines. They have to send you a letter and then wait 90 days. They're supposed to anyway. They take out an extra $25 for their troubles. If this is a concern I would file an... View More
A friend and I plan to purchase a property from an individual who owes taxes on it and cannot pay them. We would purchase it for $15,000 and plan to invest $30,000 to renovate it. I have read about short term gains and taxes owed when owning it for less than a year, 1 year or no taxes if it was... View More
answered on Dec 20, 2019
You've successfully confused all the tax rules at one time. I'm a little impressed.
1. Personal residence exclusion is not an option unless you want to move into it and live there as your primary residence for at least 2 years.
2. A house is a capital asset so if you own... View More
She has no income what so ever isn't disabled nothing like that just defaulted student lons
answered on Feb 15, 2017
Your refund will not be intercepted for the student loan debts of a dependant. If you file as married the return will be intercepted and you would have to file for injured spouse relief (not the same as innocent spouse relief).
Me an my baby Without legal guardian ship in wv
answered on Dec 15, 2016
You parents may list you, and/or your baby, and/or your boyfriend on their return as dependents if any of you are dependents according to the IRS. The test is presented in publication 501 and can be found here: https://www.irs.gov/publications/p501/ar02.html.
For relatives the test is:... View More
answered on Nov 4, 2015
There might be gift tax liability.
Also, there are federal money-laundering statutes which however I believe apply to transferors, not transferees such as you. You might want to consult with an attorney or financial professional to be sure.
answered on Nov 19, 2013
Regardless of the child's age, if the gift is greater than $14,000 per person per year, the donor must file a gift tax return, form 709. If husband and wife want to split the gift they must state show in the form 709.
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