asked
A family member died on May 29, 2017, and her trust was changed from revocable to irrevocable. As an heir, I have not received any inheritance as of March 15, 2018, but I am told I will receive 1/3 of the funds, much of which is in US stocks. Do I owe capital gains taxes on dividends distributed between the death and December 31, or does the trust pay the tax burden? Additionally, should I submit my taxes for 2017 without any reference to this potential 2017 or 2018 inheritance?
May 13th, 2023
Corporation K distributed land used in its business to its shareholders in redemption of some of its outstanding stock. At the time of the distribution, the land had an adjusted basis to K of $200,000 and a fair market value of $500,000. Corporation K must recognize how much gain?
January 15th, 2024
I got divorced this year and was ordered to pay alimony in addition to paying off our three jointly held credit cards and her individual card. I know I can deduct the alimony, but can I deduct her half of the jointly held cards and the full amount of her card?
October 29th, 2023
How can I prove that a part-time CPA, who has several other clients and spends 6-10 hours per month overseeing the creation of our monthly financial statements, is an independent contractor?
March 28th, 2024
If I buy a lottery ticket in Wyoming and live in Colorado, do I have to pay Colorado state taxes on my lottery winnings?
February 17th, 2024
Is there anything I have to do or paperwork to fill out to transfer $32,000 from the Trust in Mom and I's names to my bank account and the same thing for my brother? Do we just move the money, or do I have to notify anyone else besides Mass Health?
August 28th, 2023