asked
I am inheriting $6,000,000 USD from a deceased uncle who lived in Malaysia and died in 2004. The total inheritance is over $18,000,000 USD, and I am supposed to remit $12,000,000 back to an attorney, who was his best friend, due to a verbal agreement to disperse these funds to my late uncle's harem of girlfriends. If I wire all the monies into my account in Reno, Nevada, and then send $12,000,000 USD immediately back to his account, will I have to pay taxes on the $12,000,000 USD? Also, what kind of problems could I get into for sending this money to him, considering that I am not legally obligated to do it?
April 1st, 2024
My parents want to add me as JTWROS to a brokerage account with stocks, bonds, and funds, that will currently pass to me in their will. We all live in PA. Assuming I don't access any of the assets, does/could this cause a loss of step-up basis for some portion of the assets?
February 25th, 2024
Can an individual who is using the filing status of Head of Household (HOH) claiming two children as dependents also claim a lifelong girlfriend as a dependent on his taxes if he completely supports her, she does not earn any income, and she is a stay-at-home mom to these two children?
September 20th, 2024
If a final legal judgement has not yet been made and I am paying my spouse a monthly amount so that the final judgement amount is not such a burden, who is liable for taxes on this amount? It is coming out of my personal account.
February 20th, 2024
What causes the 0.01 error that cannot exceed the total net taxable amount when filing a tax return?
February 2nd, 2023
I'm purchasing 20 acres of AVA designated land to plant grapes immediately. I will pay $150,000 in taxes this year and $200,000 next year. What are my tax deductions on the new farm, and how should I structure my business to maximize deductions and protect my assets?
November 8th, 2023