Linda Simmons Campbell's answer Any good tax attorney should be able to advise you as to the best way to resolve your liability. You have a few options available to you. Stay away from the places you see advertised on tv. Because this is a federal tax issue you can contact a tax attorney anywhere in the country for help. Most of us offer a free consultation.
Eric Steven Day's answer If your wife takes over the account at your death, there will be no tax consequences other than the annual tax consequences of the trading activity within the account. You can pass your estate to your wife tax free.
Richard Sternberg's answer You'll have an uphill battle as to using the sales price for the re-appraisal. Many jurisdictions do exactly that, and the fact that you paid $735,000 is going to make it fairly difficult to argue that it isn't worth $735,000. You might have a better shot reversing the $762,800, but you need to review the details with an attorney familiar with this area of law, and you would probably do better with a lawyer in Northampton County who knows the local process.
Michelle D. Wynn's answer You should dispute this item on your credit report with Equifax, TransUnion, and Experian. The Federal Trade Commission has a web page with instructions on Disputing Errors on Credit Reports that can provide you with information on how to dispute this item on your credit report. You can find the page here: https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports
A servicemember shall neither lose nor acquire a residence or domicile for purposes of taxation with respect to the person, personal property, or income of the servicemember by reason of being absent or present in any tax jurisdiction of the United States solely in compliance with military orders.
Matthew Lane Kreitzer's answer Unless it is in a court order, it is hard to enforce such provisions. If the judge forgot to put it in a court order, this can typically be corrected with the proper motion. To file such motion, hire a lawyer.
Richard Sternberg's answer You really need to shut down with a lawyer to review the facts. I personally rent a second home of mine out in my own name, but that is probably a bit of the cobbler's children having no shoes. Many suggest that it is best to use an LLC as the leasing agent, so that you increase your protection from disputes with tenants but can still sue in your own name as the owner of the property for unpaid rents. I'm not sure that really works against a persistent tenant, but it seems to work in real life....
Linda Simmons Campbell's answer If you are on a full pay installment agreement you should not have any problems. If you are on a partial payment installment agreement, they may take some/all of the pension.
Matthew M Montoya's answer Single member LLCs are still taxed by the Federal Government as sole proprietorships by default. Unless you make an election to be taxed as a corporation, nothing really changed on the federal level. Even if you were a state sole proprietorship, you would still have state sales tax to worry about - they are different tax systems. You should talk to an accountant or CPA about your ongoing compliance.
Matthew M Montoya's answer Settlements can be tricky because they have to be closely read to determine the proper tax classification of each item. That said, many taxpayers can choose to try to handle issues with the IRS on their own. There is certainly a wealth of information available through the IRS publications, although they are a little light on citations to the tax code and associated regulations. The challenge for taxpayers is to be able to understand all of the particularities of the rules and regulations to...
Brian Lehman's answer Definitely find a lawyer who specializes in this area. You don't want to try to guess with taxes. If you need a referral, feel free to contact me. Also, I found this white paper which you may find helpful in understanding the issues from a broad view: https://fas.org/sgp/crs/misc/R40623.pdf
Sean R Hanover's answer Great question! In answer, a "voting share" refers to a class of shares, the possession of which entitled the bearer to vote on matters related to the corporation or organization. As such, you need to look at the corporate charter, or depending on the structure of an LLC, the operating agreement, to determine what class of shares (or units) have the right to vote.
Need help reviewing a charter to determine which class of shares can vote? Feel free to reach out to me directly at...
Gary D. Godman's answer Not sure about NY law, but in VA, a levy on a bank account is a normal and legitimate way for an owed party to collect funds. Consider speaking with a local family law or debt protection attorney about your specific situation.
Matthew Lane Kreitzer's answer No. If both of the owners passed away, title transfers according to their wills. If they passed without wills, it passes according to the intestacy rules. If a person, other than those who would inherit under the probate rules, inhabits the property in adverse possession for 15 consecutive years, they may be entitled to take title after a lawsuit. Consult a real estate attorney.
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