asked
My grandmother moved closer to family and put her house in her 3 sons' names for them to split the money if it were ever sold. The house has now sold, and they want to put the money in an account for my grandmother's potential medical care or nursing assistance. Will they have to pay capital gains on their shares of the money, and is there a way to secure the money strictly for my grandmother without paying capital gains?
June 20th, 2023
A family member died on May 29, 2017, and her trust was changed from revocable to irrevocable. As an heir, I have not received any inheritance as of March 15, 2018, but I am told I will receive 1/3 of the funds, much of which is in US stocks. Do I owe capital gains taxes on dividends distributed between the death and December 31, or does the trust pay the tax burden? Additionally, should I submit my taxes for 2017 without any reference to this potential 2017 or 2018 inheritance?
May 13th, 2023
Corporation K distributed land used in its business to its shareholders in redemption of some of its outstanding stock. At the time of the distribution, the land had an adjusted basis to K of $200,000 and a fair market value of $500,000. Corporation K must recognize how much gain?
January 15th, 2024
I got divorced this year and was ordered to pay alimony in addition to paying off our three jointly held credit cards and her individual card. I know I can deduct the alimony, but can I deduct her half of the jointly held cards and the full amount of her card?
October 29th, 2023
How can I prove that a part-time CPA, who has several other clients and spends 6-10 hours per month overseeing the creation of our monthly financial statements, is an independent contractor?
March 28th, 2024
If I buy a lottery ticket in Wyoming and live in Colorado, do I have to pay Colorado state taxes on my lottery winnings?
February 17th, 2024