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
How do I get my tax returns for the last two years?
June 3rd, 2024
When I filed my 2008 taxes in October 2009, I owed $9500.00 and made an installment agreement to pay $500.00 per month. I still owe $3700.00 and am getting ready to file my 2009 taxes, which I estimate will also result in a similar amount owed. Will the IRS allow me to continue making installment payments on the entire amount owed, or do I need to pay off the $3700.00 from 2008 before I can get an installment agreement for the 2009 taxes?
March 29th, 2023
Have sale of residence owned by 2 related parties (mother and adult son). Son has lived there over 5 years, while mother never occupied the property. Gain on sale exceeds son's exclusion by about $100K. In reporting on form 593, do I use two forms, one for each party, and allocate the gain in relation to their ownership percentage?
June 20th, 2023
A few years ago, I paid cash for a house, and now I am selling it. Will I have to pay taxes on the sale if it does not exceed what I paid? The house was bought by my daughter who was about to lose it.
June 20th, 2024
I received a refund yesterday with the wrong name on the check. The check says Darlene R & Clyde G. Powell, but my husband's name is James L. This is a Kansas 12/2012 Tax refund with MFT30 and 7.60 interest. What should I do?
August 12th, 2023