asked
I am the only beneficiary of my mother's estate who passed away in December 2017. The estate includes an overdue property tax from October 2017. I don't want the property, which is a small piece of land in a flood plain, and it won't sell. I am also the Power of Attorney for my mother. Am I liable for the property tax, and if I disinherit myself from the property, will I still owe the tax or be liable for future taxes?
August 17th, 2023
Can I use funds from my 401K to fund an LLC in FL to purchase a rental property in NC, and improve the property over the years? What tax advantages does this offer?
March 24th, 2024
New York State legalized same-sex marriage but the Federal government does not. My spouse and I will file separate tax returns for 2012. What status should we use in the tax form, Single for Federal and Married for NY State? Is it true that once married, both spouses will be responsible for each other’s debt, like credit cards, personal loans, etc., even if only one spouse’s name is on the loan?
November 23rd, 2024
I bought a home in 2008 and received the first-time homebuyer credit. I sold my home on February 29th, 2012. Do I need to pay back the full amount of the credit or is it spread over 15 years?
January 2nd, 2024
I am an author who writes books and sells them. I buy books from the publisher and sell them, but my sales are always less than my purchases. I want to know how to properly account for these transactions and pay taxes only on what I have sold, not on my purchases.
November 21st, 2024
I need to find the adjusted cost basis for two stocks that are no longer listed on the stock exchanges: Sears Roebuck and Royal Dutch Petroleum as of August 21, 1992. We inherited shares of each on that date (date of death) and each were turned in on stock buybacks in 2006. Can you provide the adjusted cost basis figures for me?
April 2nd, 2023