William T. Harmon Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Feb 13, 2025

Any documents you provide to tax preparers, you are entitled to have back. You can also refer this person to the office of professional responsibility, which could result in some disciplinary action. If the individual is a CPA from GA, you can contact the board of accountancy there to file a... View More

The good news is that since the house was held in a Medicaid Asset Protection Trust (MAPT) that was a grantor trust for income tax purposes and included in your father’s estate for estate tax purposes, it should qualify for a step-up in basis upon his death. This means that the basis of the house... View More

Nina Whitehurst Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Feb 12, 2025

It is common for the grantor of a Medicaid Asset Protection Trust (MAPT) to retain just enough controls to trigger estate inclusion at the death of the grantor and, therefore, to cause the assets in the MAPT to obtain a step up in basis at the death of the grantor.

If a residence is owned... View More

Based on the details provided, this situation would not be considered a gift. The other family member is paying for their half of the property upfront, and you are using debt to pay for your half. There is no transfer of assets between you and the other family member. Your ongoing mortgage payments... View More

Hi!

Few things, if you requested access to the case file and had authorization, being your parents’ issue not yours, then an attorney must provide access.

When it comes to submitting POAs to the IRS I would confirm whether the issue was on the attorney’s end or the IRS’.... View More

Anwar Elias Hadeed Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Feb 11, 2025

An Enhanced Life Estate Deed (Lady Bird Deed) or a Revocable Trust can help your mother transfer the home efficiently while avoiding probate and minimizing tax consequences.

Lady Bird Deed

This allows your mother to:

Retain full control of the home during her lifetime.... View More

Generally, it is better to inherit a home via estate planning and or a proper deed (enhanced life estate deed, ladybird deed) as you will get a stepped-up basis for the value of the home at or near the date of death. If the asset is gifted then a gift tax form will need to be completed and sent to... View More

Thank you for the question, the law states you only have to file for the last 6 years. In addition, you can seek penalty abatement for reasonable cause. Lastly, for your state returns, you can file missing returns through the Voluntary Disclosure program. Voluntary Disclosure program, if approved... View More

If you possess a filing requirement then you will need to file your back taxes. This will depend on income earned and filing status (single, married filing joint, etc). If you are unsure of the income earned for your missing tax periods you can request a wage and income transcript from the irs.... View More

If you open a foreign LLC to do business in Virginia by owning and renting property in the state, you will need to register the foreign corporation or LLC in Virginia. You will not be exempt from Virginia sales or other taxes on the Virginia income. So, you will pay corporate franchise tax in both... View More

If you don't already have an LLC to work with and you are only interested in buying and renting or flipping property in Virginia, a Virginia limited liability company should be all that you need to protect yourself. If you formed an LLC in another state for whatever reason, you would still... View More

Mr. Sternberg is correct - you have three choices: 1) own it in your own name; 2) own it in your Wyoming LLC AND register that LLC in Virginia (for about the same cost as forming one) or 3) form a Virginia LLC and own it with that.

Some gratuitous advice: many years ago a real estate... View More

An Attorney can bill for their hold time if it is considered a part of their working time.

Within my firm, we often call the IRS and experience very long hold times even when using the particular practitioner line. We bill for the hold time unless we are disconnected during that hold and... View More

It’s interesting that you referred to her as your girlfriend and not the child's mother, as this could affect the outcome depending on the circumstances.

If she is the child's mother and she has the child for more nights throughout the year, then she would likely have the right... View More

A revocable trust's assets are still your tax responsiblity, e.g. property taxes, because it is revocable. The form you are filing suggests you are getting income from the property and that is taxable. If you have no confidence in your atorney, you should obtain another one. Do so or take... View More

Under IRS rules, a parent or guardian can claim you as a dependent under the following conditions:

Residency Requirement: The child must have lived with the parent for more than half of the tax year.

Support Requirement: The parent must have provided more than half of the child’s... View More

According to Publication 525 (2024), Taxable and Nontaxable Income, property one receives as a gift isn't included in his income. However, if property you receive this way later produces income such as interest, dividends, or rents, that income is taxable to you. The obligation to the donor... View More

You will likely have a gift tax reporting issue, and depending on the size of your estate, you might be subject to tax liabilities as the person giving the gift.

That said, depending on the intent and desired timing, there might be more tax-efficient ways to achieve a similar outcome.... View More

Hello,

This situation seems to occur more frequently than you might think. You could be violating US sanctions, which could land you in some trouble.

Firstly, this could appear to be money laundering. You've received money, likely because the original recipient can't... View More

Hello,

According to the custody agreement, your son's mother has the right to claim the child on her tax return. This agreement doesn't change even if she doesn't qualify for the child tax credit. So, you can't claim the child on your return without her agreement.... View More