We sold a condo for $107,000 and were told by our bank investment rep that we would have to pay 20% capital gains tax. Is this true, and how can I avoid paying it? The condo was our primary residence for 1 year and 6 months, and we bought it for $113,000 in May 2004. The reason for selling was that we had a new home built.

January 16th, 2024

My Dad, who is on Medicare/Medicaid, disability benefits, and social security, wants my two aunts to give me a tax-free gift of $13,000 each from a trust fund they control, which I would then deposit in a bank account for him to use with a debit card. Is this arrangement legal?

May 23rd, 2023

I am unable to contribute financially at this time. The IRS won't investigate from NYC as to why someone else filed children under my mom's custody.

March 1st, 2023

My stepdaughter lives with my wife and I 12 months of the year. Her mother and father were not married. Can he claim her even though she does not live with him? Also, what action do I need to take if he already has claimed her?

March 14th, 2024

Who is the richest country in the world?

November 2nd, 2024