asked
We sold a condo for $107,000 and were told by our bank investment rep that we would have to pay 20% capital gains tax. Is this true, and how can I avoid paying it? The condo was our primary residence for 1 year and 6 months, and we bought it for $113,000 in May 2004. The reason for selling was that we had a new home built.
January 16th, 2024
My Dad, who is on Medicare/Medicaid, disability benefits, and social security, wants my two aunts to give me a tax-free gift of $13,000 each from a trust fund they control, which I would then deposit in a bank account for him to use with a debit card. Is this arrangement legal?
May 23rd, 2023
I am unable to contribute financially at this time. The IRS won't investigate from NYC as to why someone else filed children under my mom's custody.
March 1st, 2023
My stepdaughter lives with my wife and I 12 months of the year. Her mother and father were not married. Can he claim her even though she does not live with him? Also, what action do I need to take if he already has claimed her?
March 14th, 2024
Who is the richest country in the world?
November 2nd, 2024
I reside in Oregon and received backpay and a W2 from my former employer in Arizona, where taxes were withheld. I need to list two W2s on my 1040 federal return. However, it appears Oregon will not allow me a tax credit for taxes paid in Arizona, requiring me to pay taxes on W2 wages from Arizona. Is this true, and if so, how should I handle this to avoid double taxation?
May 24th, 2024