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My son won a lawsuit and at 18 will be able to withdraw all monies. Does he pay tax on that money?
Brian's answer
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Answered on January 05, 2010
Follow-up: If your debt includes medical or educational bills, payment directly to the medical or education provider (not reimbursing you, or...
Archived
My son won a lawsuit and at 18 will be able to withdraw all monies. Does he pay tax on that money?
Brian's answer
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Answered on January 05, 2010
Thuong's answer is quite thorough. I would only add that if the judgment or settlement has not yet been finalized, you may have an opportunity to...
Archived
Will i be in a different tax bracket if i receive a cash gift of any amount ?
Brian's answer
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Answered on December 26, 2009
Yes, gifts received are not taxable. Gifts in excess of $12,000 per calendar year are taxable to the giver, not the recipient. Receipt of a gift...
Archived
We owe $24,000 to the irs, how hard is it to get and offer and compromise? Most people say they rarely work?
Brian's answer
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Answered on December 16, 2009
That's normal - if you don't pay your taxes, the installment agreement is canceled and they'll come after you for the whole thing. DO worry about...
Archived
What, if any, are the tax benefits of having an estate donate items to charity?
Brian's answer
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Answered on December 11, 2009
A donation from an estate could reduce the taxable amount of that estate (if large enough to be taxable). If the estate was not taxable, the...
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