My mom passed away in September 2011. She owned a condo in N Palm Beach Florida with a reverse mortgage. The condo is worth $93,000 and there is $193,000 borrowed against it, resulting in a $100,000 debt forgiveness. The condo will be taken over by the bank via deed in lieu of foreclosure. The $100,000 was held in a joint account that passed solely to me by survivorship. Is the $100,000 counted as taxable income, and are there tax ramifications for the estate due to the deed in lieu?
January 6th, 2024
A tax attorney advised me to close my existing corporation and start a new LLC to settle my 5 years back 941 taxes. He said I could start fresh with the new LLC and then settle on the back taxes. Please advise.
April 18th, 2024
Can I change from having the estate pay the tax in the previous year to the beneficiaries paying the tax this year, given that last year there was no tax due and no K-1s were issued, and this is the second and final return for the estate?
March 20th, 2024
Is long-term care insurance an exemption under the tax code?
August 20th, 2024
Are home construction loan interest payments tax deductible?
August 23rd, 2023
I inherited money in the form of a CD. Must I report this?
January 31st, 2024