asked
After the U.S. Estate Tax has been assessed on the decedent's estate, do beneficiaries who are residents outside the U.S. and file a tax return including Form 2555 and claim Foreign Tax Credits on Form 1116 have to pay any Inheritance Tax on inheritance income they receive as a result of the execution of a decedent's will?
March 31st, 2023
I was recently informed that I needed to refile for homestead after a certain age, which I did not know about. My husband and I are 74 years old and have been paying taxes on our property for years when we did not have to. We are now receiving threats of foreclosure. What can I do about this?
January 3rd, 2024
How do I calculate the estimated taxes due to Federal, California, and South Carolina for 2008, considering I sold farm #1 in South Carolina for a long-term capital gain of $459,000, with South Carolina withholding $30,271, and potentially selling farm #2 in South Carolina for another long-term capital gain of about $220,000?
August 8th, 2023
My husband took a loan against his 401k between 2001 and 2005. He was laid off in 2006 and apparently defaulted on the loan, which he was unaware of until 2010 when the company sent him a tax form reporting the distribution to the IRS. The social security number on the form was incorrect, and his 401k plan had no record of any outstanding balance. We did not report this income in 2010 because we were married and in a higher tax bracket. Now, we received a letter from the IRS about not reporting this income. Can they come after him all these years later? Do we have to pay taxes at the 2010 rates when he would have been in a lower tax bracket 5 to 10 years ago? We live in MA if that's a factor.
January 7th, 2023
I live in the US Virgin Islands and worked in 2010 without taxes being taken out of my check. I owe Social Security money. When I filed my income tax, I was due a refund of over $7000, but the Virgin Islands Internal Revenue Bureau (IRB) is withholding my refund because I owe Social Security in the US. Can the IRB legally withhold my refund for a debt to a different government agency?
January 10th, 2024
My parents' house in California, held in the family trust, was sold at a loss in 2011. The house was appraised at $650,000 at the time of the owners' death and sold for $550,000. We were told the new owners would be responsible for property taxes, but I am now receiving a property tax bill a year later, which is significantly higher than what we paid in the past. Why am I being billed, and what should I do about it?
May 16th, 2023