My mother's will is coming to a close, and I plan to sell her house to my nephew at a reduced price to ease his financial burden and reduce my tax liability. My sister, the executor, explained my plan to the lawyer, who said that selling my mother's house is not taxable since it is considered a gift. However, I thought that any revenue from selling or renting the property would be taxable. Which is true, and why?
April 13th, 2023
I'm a single mom and I heard there is a tax income program for low-income families to help with their rent. Is this true, and if so, could you provide me some information about it?
October 25th, 2024
Does New York state pay additional income taxes?
February 28th, 2024
If I donate several hours of time on my business aircraft to a church for a mission in Costa Rica, would the hourly cost of the aircraft be deductible?
April 11th, 2024
What gas does an ordinary household use?
February 9th, 2024
The bill for a meal was $285.89. If a 15% tip was added to the bill, what is the best estimate of the total amount paid for the meal and tip?
November 30th, 2023