Archived
I have a civil case against a former employer from 2003. The case was closed due to the company filing bankrup.can i still persu
Eric's answer
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Answered on February 28, 2019
The actions you described possibly cannot be discharged in bankrupcty or you can go after the owners or directors. You should get the lawyer in...
Archived
Does an LLC based in MA need to charge/pay IVA or other taxes for services/consulting it provides to another foreign company?
Eric's answer
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Answered on February 27, 2019
Because you hold a green card, you are taxed as if you are a citizen [on worldwide income] and therefore you must also treat your 1 member LLC as...
I received an inheritance of $15K from a foreign family member in 2018. Do I have to file a form 3520 to report it?
Eric's answer
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Answered on February 25, 2019
Money you receive from an inheritance by your grandmother is nothing to you unless she is a non-resident alien [not a US citizen or green card...
Archived
I WON 1000 on a scratch ticket, do I report it to Social security ? ALSO, do I pay the tax this year they have me 950. State 50.
Eric's answer
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Answered on February 22, 2019
You don’t need to report it to social security but you do need to pay income taxes on it in 2019.
Archived
When preparing tax forms for Life Estate Owner and Remainderman does one reallocate cost basis for home for each party?
Eric's answer
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Answered on February 15, 2019
If the percentage allocation of ownership is 80-20 then that’s correct. You allocate basis based upon those percentages.
What is the statue of limitations on excise taxes in MA?
Eric's answer
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Answered on February 15, 2019
Yes, you will have to pay it. There is no statute of limitations on excise taxes.
Archived
Do we have to pay taxes on sold property in trust that was originally gifted to us (the trustees) for $1?
Eric's answer
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Answered on February 14, 2019
From what you described, your mother still possessed enough interest and control over the premises to have it treated as if it were in her estate...
Archived
Must a Federal and/or Mass. State Income Tax form be filed on behalf of Life Estate Owner (still alive) and on MassHealth?
Eric's answer
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Answered on February 14, 2019
Yes both life estate & remainder owners must pay gains on the sale. Please get help in preparing your tax return.
Archived
Can I be charged criminally for non payment (not failure to file) relating to personal income tax in Massachusetts?
Eric's answer
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Answered on February 13, 2019
It's not likely that criminal charges will be made as all you have now is a debt to the Commonwealth. If you don't set up a plan and contact them,...
Archived
Division of property
Eric's answer
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Answered on February 13, 2019
You definitely need a lawyer to represent you both on the tax and the real estate issues.
