I am possibly receiving an inheritance from a relative who was a doctor in Africa and was recently killed. The amount is several million. I need to know if I need to pay taxes on this, who to report it to, and if there's a way to avoid paying taxes. Additionally, I've been advised to get an offshore bank account for the money. Is this advisable?

August 11th, 2023

My 2 sisters and I want to sell a property in a trust in NYC and purchase 3 separate houses elsewhere through a 1031 exchange. Our questions are: 1) Can we purchase the 3 properties in each sister's name if the property is in a trust? 2) When does the 45-day replacement property identification rule start? 3) Can we choose an alternate property after the 45-day period but before the 180-day closing? 4) Does filing for a tax extension provide extra time to identify replacement properties? 5) Are we entitled to interest on funds held by a qualified intermediary? 6) Can the replacement properties be other types of investments besides real estate? 7) Can the sale closing be done electronically if one sister lives out of town?

September 7th, 2023

Will the IRS do my taxes for me if I have lost all my information to file?

October 7th, 2023

Generally, what percentage is paid on Miscellaneous income reported on a 1099?

April 11th, 2023

A grocery store worker banged a cargo cart into my car. The grocery store agreed to pay the damages to my auto body shop. They want me to fill out a W9 form for the money they are paying under Sarbanes-Oxley Law. Am I liable for taxes on this money? What is this law? The check is being made out to the auto body shop and me jointly, which seems unusual.

October 13th, 2024