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Eliz C A Johnson

Eliz Johnson’s Answers

2,100 total


  • IRA account after death.

    My father passed away almost 15 years ago. The state did an audit of his assets and found an IRA account. The company contacted me and now that they are ready for me to prove my relationship to him they are asking about his last wife. I do not kno...

    Eliz’s Answer

    Mr. Schults nails it here. You do need more detail for us to give more of an answer. Ask for a copy of the IRA and you will see what you need to know. Good luck.

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  • Home in LLC and still get home sale tax exemption?

    Assuming I qualify in every other way for home sale capital gains tax exemption such as: a. Lived in home at least 2 years of the most recent 5 years as my primary residence. b. Home sells for no more than $250K. 1. I can s...

    Eliz’s Answer

    Please do not list your question multiple times.

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  • Does a ladybird deed apply in the Bronx ?

    Father wants to give me his house, I have 3 other siblings,he talked about a ladybird deed that would deed the house to me when he passes.he is a senior, and the house is in the Bronx.is this a good idea ???

    Eliz’s Answer

    He will want to have an attorney help him because with the three other siblings involved, chances are they are going to object if you get the house. Your facts don't say enough about them. If it is not done correctly, you will be in litigation. You do not want him to give you the property now, you want it after his death so that you get the step up in basis. In all cases, you and/or he need to seek legal counsel in New York. Blessings and Good Health to you.

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  • What taxes are paid on employment lawsuit settlement for individuals?

    If you are a low income earner, and you received a settlement from your employer who put you through some really harsh times, what type of taxes do you have to pay? I guess its considered "monetary" damages. If you settled, and taxes are requ...

    Eliz’s Answer

    Mr. Smith nails it. What you are collecting is a substitution for wages you were due. If you plead personal physical injuries as a consequence, and they should have been pleaded up front if they existed and were serious enough, then there is an allocation perhaps between taxable and tax free recovery. This is a big deal and something you need to review with your attorney. Emotional distress is taxable generally. Your facts do not give enough for a more precise answer but the bottom line is you need to talk to an attorney familiar with taxation of employment settlements.

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  • My mother is living with me and i was going to buy her house, would there be any tax penalties if she passed away,

    i would be paying the full asking price

    Eliz’s Answer

    There is a lot you don't say in your question. Depending on how long your Mother has owned that house, you may be losing a great chance for getting the step up in basis on her death if you inherit the property instead of buying it. If she bought the house for 50x and it is currently worth 200X, there is a gain of 150X. If you inherit the property, you get a new basis in the house of 200X so you would not pay any capital gain tax on the sale.

    What is the purpose of buying the house? Are there other siblings? What is the long term point of it? Is mom unable to live on her own now? The tax ramifications depend on what you do and what her basis is but there would not be any 'penalty' for buying your mother's house at FMV. If you have siblings that would contest the price, be sure you get comparables of other houses in the area or even an appraisal. Your question just doesn't give enough information for us to be helpful.

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  • Estate, home and 2 more auctions, my brother won't do anything, tells people he does not want me to get my money from estate.

    This has been 3 yrs 6 mos., he doesn't take care of house, doesn't pay me from an auction, sale of car, I had an attorney but lost job so cannot afford one now, what can I do. I called estate attorney and he did not return my call, I have had no u...

    Eliz’s Answer

    • Selected as best answer

    You need to go to your local Bar Association for a referral to an attorney who will work with you. Some will accept a contingency or delayed payment. You don't know if you don't try. Sorry to hear your situation and good luck to you.

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  • If you have survivorship deed on property with spouse and one spouse dies , are the contents of the property included

    does the survivorship deed to property include contents and assetts

    Eliz’s Answer

    The Deed will be for the real property interest only. The 'stuff' inside is all personal property and that is not what the property deed covers at all. It is subject to the decedent's will, trust or intestate succession. You should seek local counsel to determine your rights, if any, in this matter.

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  • Can I be in trouble for neglect if I know my elderly father needs help in the house and his wife will not allow it?

    He has had numerous falls. doesn't take his medication properly. isn't bathing. has poor nutrition. isn't understanding doctors instructions properly.

    Eliz’s Answer

    Indeed, you should really consider notifying Adult Protective Services right away.

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  • My taxes are being held hostage by CPA firm that wants $600 to release them to me

    I neglected my taxes past 2 years due to 401k withdrawals (for hardship purposes, but not the kind that there are no penalties for) but wanted to take care of this with 2012 taxes so went to CPA firm. Initial email from accountant indicated that ...

    Eliz’s Answer

    You should certainly ask why the result was different from what you were told you could expect. There may be additional reasons for the increase. Unfortunately, as rather harshly stated above, you did agree to pay for the services rendered. At a minimum, call and talk to the CPA to see what can be worked out. Good luck.

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  • How much will i have to pay on an estate tax worth $110,000 in new york state

    my brother passed away last 2012, and left me executor of his will and beneficiary. the estate was worth $146,000.00. instead of making check payable to me, it was made to the estate. i paid $37,000.00 in federal taxes which left $110,000.00. ...

    Eliz’s Answer

    Plus, your probate attorney would be able to give you this information more accurately.

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