Christopher G. asked
Is it a federal law that a withdrawal of $10,000 or more will automatically trigger a background check, and is it mandatory reporting to the Treasury Department or IRS? Additionally, are car dealerships required by law to report if a new car purchase is paid for by personal checks (with no financing)?
February 8th, 2024
Douglas B. answered
Yes, under anti-money laundering laws, any withdrawal, deposit, or large purchase of $10,000 or more...
February 8th, 2024
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Recently deceased father bought a home in 1995 for $195K as his primary residence. In 2011, he added his daughter onto the title as Joint Tenant (she did not occupy the home). He died in 9/2012. The house is now selling for $265K. Is the daughter or the Trust liable for taxes on the gain from the time of purchase or the value of the home at the time of death or nothing?
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