My dad wants to give me his impending inheritance from his aunt's estate in California, which is close to $95,000. How does he do this, and do I have to pay taxes on this money?
May 24th, 2023
I want to give $21,000.00 as a gift to my son for purchasing a house. He is a first-time buyer. I obtain the funds from my equity line on my current home. Can I give it to my son as a gift?
December 13th, 2024
I rented my home last year starting July 1st. I bought another home because I got another job. On Schedule E, I am showing a loss since I only collected 6 months rent and my taxes and mortgage interest were greater than rent. I put down the full tax and interest amount for the year on Schedule E even though I only rented it 6 months. Did I do this right or do I divide the interest and taxes and put 1/2 on Schedule E and the other half on Itemized deductions?
August 31st, 2023
In the state of Arizona, is there a tax purpose to establish a farm as a separate tax entity from the non-farming components of the business?
April 17th, 2023
We will be having the proceeds from the sale of my mom's condo deposited into her bank account, and my sister and I are also on the account. The deed is in our names, and my mom passed away in January. We want to write checks to split the money and close the account. What kind of tax issues are we dealing with? The condo sold for less than my parents bought it for.
June 30th, 2024
I am a Permanent Resident in the US. In January 2012, I inherited money from my mother's estate, which is held in an English bank. I intend to transfer approximately 35,000.00 English pounds to my US account to pay for house repairs and upgrades. Will I have to pay US taxes on this money? Do I have to declare it? And if so, what forms do I need?
June 24th, 2024
My father received a letter from the IRS stating that his house is exempt from any obligations, even though he owes back taxes. The house was later gifted, and the IRS now claims they can demand the value of the house from the recipient, despite their previous letter stating they had no legal right to the house or its value. How can the IRS claim they have no legal right to the house and then demand its value from the recipient after it was gifted?
September 18th, 2023
My company switched from an S-Corp to a C-Corp in the middle of 2012 due to changes in shareholders. We did not file any letter with the IRS indicating this change, but did file taxes as a C-corp for 2012. Now the IRS is claiming that we didn't file our taxes as an S-Corp and therefore assessing penalties. How should we handle this?
June 2nd, 2024
I have earned $53,000 so far this year. If I win more money, what amount will put me in a higher tax bracket?
October 26th, 2024
My grandmother recently passed away and I am a beneficiary of the trust she set up before she passed. What taxes am I liable for if any?
July 29th, 2024