Tennessee Tax Law Questions & Answers

Q: What happen in 2026 to large gifts made in 2019?

1 Answer | Asked in Estate Planning and Tax Law for Tennessee on
Answered on Apr 16, 2019
Bruce Alexander Minnick's answer
No one on this planet could possibly answer this question. You are seeking a definitive answer to a question about death taxes, which are subject to legislative change day by day--at the whim of those in power in Washington. Why worry about things that may or may not happen between now and the year 2026--when you have plenty to worry about today.

Q: Does property in an irrevocable trust get a step up in value when the creator dies?

2 Answers | Asked in Tax Law for Tennessee on
Answered on Apr 4, 2019
Bruce Alexander Minnick's answer
Consult a tax lawyer in your local community.

Q: Cash "distribution" to beneficiary while grantor of living trust is still alive

1 Answer | Asked in Tax Law for Tennessee on
Answered on Feb 21, 2019
D. Mathew Blackburn's answer
Assuming it's revocable the gift occurs as if there was no trust. Reduced by $15k for annual exemption and then reduces lifetime exemption of grantor.

If it's irrevocable I'd need more information.

Q: 2010 earned income credit and child tax credit

1 Answer | Asked in Tax Law for Tennessee on
Answered on Feb 12, 2019
D. Mathew Blackburn's answer
Refunds are limited to three years from the return filed date or two years from the date paid.

Q: Can a leasee in a rent to own agreement be made to pay property taxes?

2 Answers | Asked in Contracts, Tax Law and Landlord - Tenant for Tennessee on
Answered on Feb 7, 2019
D. Mathew Blackburn's answer
What does the contract say?

Q: over ten years ago I filed my friend and her daughter on my taxes.She was on disability and her daughter was 13.

3 Answers | Asked in Bankruptcy and Tax Law for Tennessee on
Answered on Jan 24, 2019
John Martin Hilla's answer
You need to speak privately with a bankruptcy attorney in your area. The discharge of tax debt in bankruptcy is highly complicated and very fact-specific. Yes, it is possible to discharge them, but there are many, many exceptions and the answer for you could differ from tax-year to tax-year. It is also possible to repay non-dischargeable tax debt off in a Chapter 13 bankruptcy.

But contact a lawyer in your area to schedule a full conversation on the subject. You will not get an answer...

Q: Need help filing Taxes for past 3 years, and best way to get help???

1 Answer | Asked in Tax Law for Tennessee on
Answered on Aug 27, 2018
Eric Steven Day's answer
We can help you get your taxes filed and deal with some of the penalties depending on your filing history. Just give us a call.

Q: Starting a business and not sure how to set my taxes. 2 mem LLC. Taxes as partnership or corporation better in Tennesse?

1 Answer | Asked in Tax Law for Tennessee on
Answered on May 4, 2018
Bennett James Wills' answer
Depends on how you want to structure your business. Depends on the type of business. There are pros and cons to each. If your projected income is that high for the first year, spend some money up front and hire an attorney to do the business and tax planning for you. That will save you money and time in the long run. Consult local counsel.

Q: What can I do if my past employer refuses to send the irs my w2 form?

1 Answer | Asked in Tax Law for Tennessee on
Answered on Apr 26, 2018
Linda Simmons Campbell's answer
If you have your final paystub and believe that the information is accurate on your paystub, you can use that to file your return. You will need to send a copy of the last paystub to the IRS along with a letter explaining why you are using this to file your return. The IRS will then investigate. It will likely take longer to receive any refund if any is due to you.

Q: bought a piece of property said it was 16 acres. After closing we got the survey. It was just less than 14 acres?

1 Answer | Asked in Land Use & Zoning, Real Estate Law and Tax Law for Tennessee on
Answered on Mar 23, 2018
Bennett James Wills' answer
Consult with a local attorney. Your purchase and sale agreement will control the rights and obligations of the parties. You may need to file a lawsuit to correct a deed or pursue some other type of relief.

Q: I live in Tennessee but work in Kentucky. Can I claim mortgage interest and taxes paid on my Tennessee home on ky taxes

1 Answer | Asked in Tax Law for Tennessee on
Answered on Jan 31, 2018
Marjorie A Bristol's answer
You should post the question in KY so that someone who is familiar with the state tax law there can answer.

Q: My step mom will not let me see the will or give any info. It has not been probated. Do I have a right to see the will?

1 Answer | Asked in Probate and Tax Law for Tennessee on
Answered on Dec 11, 2017
Leonard Robert Grefseng's answer
This is not a tax question and you don't clearly specify your relationship to the deceased. However, if you are a relative of the deceased, you have a right to be notified of any probate proceedings. If a will is submitted for probate, it becomes a public record amd you can get a copy from the probate court clerk.

Q: Who can claim 1 year old child on income taxes, who has legal custody, and what rights does the custody parent have?

1 Answer | Asked in Child Custody, Family Law and Tax Law for Tennessee on
Answered on Oct 25, 2017
Leonard Robert Grefseng's answer
This is a tax question that only the IRS can answer. If there is no child support being paid currently ( you say it is "being processed"?) it seems to me that is would be hard for the father to claim the child as I think you have to be able to demonstrate to the IRS that you are providing 51% ( more than half) of the support for the child. Even so, many people cheat on their tax return. If there was a custody order ( parenting plan) under Tennessee law the "primary residential parent" gets the...

Q: Is my ex entitled to the child tax credit if he doesn't file taxes? He asks me to pay him and I have in the past.

1 Answer | Asked in Family Law, Tax Law and Child Support for Tennessee on
Answered on Apr 28, 2017
Leonard Robert Grefseng's answer
The parenting plan forms refer to the deduction for dependents ( not a tax credit). If the signed divorce papers say he gets to claim the deduction in alternate years, then that is what he gets: the dependency deduction (only).

If the papers do not mention a tax credit, then you will need to check with the IRS to determine who is eligible to claim the credit. It occurs to me that if he does not file an income tax return, he should NEVER need the tax credit.

How can you get a...

Q: Due to some financial difficulties, I increased my W-4 allowances to 7 (from 2) to have some extra money to get by.

2 Answers | Asked in Tax Law for Tennessee on
Answered on Dec 3, 2016
Bennett James Wills' answer
You're not going to go to jail for an unpaid tax bill.

Q: My Brother had filed a lawsuit against several nursing homes he was in for elder abuse, damages against a person. He

1 Answer | Asked in Elder Law, Nursing Home Abuse, Personal Injury and Tax Law for Tennessee on
Answered on Aug 21, 2016
Peter N. Munsing's answer
your lawyer should be able to answer that. The law of the state where the estate is governs. Also note generally the claims of injury cases are not subject to state or federal taxes, and hopefully your lawyer worked the wongful death/survival claims in a way that gives the best bounce. But you really need to start with the attorney that handled the litigation.

Q: I received a settlement for injuries sustained in a accident.Must I pay taxes on it if I paid for the occ/acc policy?

1 Answer | Asked in Tax Law for Tennessee on
Answered on Dec 6, 2010
Eric M Wiechert's answer
For federal income tax purposes - generally compensation for physical injury (noneconomic damages)to a person is not taxable. However, economic damage awards and punitive awards are subject to federal tax. www.wisconsinbankruptcy.mobi

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