Is it essential to declare entire global property in income tax declaration or only that which gives returns by a green card holder?

July 21st, 2023

I gave a friend a $15,000 loan with no interest and am considering giving another friend a $10,000 loan with 3% interest. What are the tax liabilities if I loan a total of $25,000 this year?

September 12th, 2023

We got married and sold one house, refinanced another, and purchased a new home. We took a loss on the sold house and cashed in some taxable annuities/IRAs to purchase the new home and pay off the old house. What is tax deductible, and how is the income from the IRAs taxed?

November 12th, 2023

I'm selling my house to my son and his wife, gifting 20% of the equity to help them get a loan for the balance. The sale price is $440,000, with an equity gift of $88,000 and a new loan of $352,000. Do I have to pay taxes on the $88,000 gift? The original purchase price was $370,000, and I've been claiming the property as a rental on my tax returns. What happens to the $30,000 in upgrade expenses, and how does this affect my capital gains or losses?

February 23rd, 2024

My mom just passed away, and each of the 3 heirs will receive about $100,000. I am trying to determine whether/what my tax liability will be. Also, mom left her very nice manufactured home to my sister, which I want to purchase after the inheritance is settled. Can I offset any of the inheritance tax with the purchase of the manufactured home? I own an older manufactured home and will sell it to pay off consumer and student debt. Mom bought the home on my behalf with a life insurance policy -- will I owe taxes on that as a gift? And then pay taxes on the sales price of my home after I sell it?

September 6th, 2024