What is my tax liability on 1/2 interest of deceased mother's home if I sell before death of living tenant (her husband)?

If you acquired the interest on the death of your mother, then you would have a stepped-up basis to the FMV at her death. You should have your tax...

Tax Deduction for Spousal Support When Filling Jointly During a Divorce?

Do not assume that you will file jointly. Frequently divorcing spouses are not able to agree. You should discuss this with your family law...

LLC shareholder abandons shares on tax return. Is shareholder entitled to any proceeds if the entity is sold later

Yes, the MEMBER of the LLC can take a position of a loss on the tax return even while holding the membership interest. The tax loss does not affect...

The IRS seems to take 4 to 5 months to approve the W-7 (to receive ITIN) for foreign real estate purchaser.

This seems to be the time frame. I know it is ridiculous when you are trying to complete a transaction. Have you considered speaking with a lawyer...

Frankly, you should hire a good tax and business lawyer to form your LLC right from the beginning. Too many times I see businesses improperly...

My mortgage company claims it has paid my property taxes. They paid an incorrect amount that the county

First, you are doing the right thing by tracking the taxes. Secondly, with large mortgage companies, it is very hard to get answers. I suggest you...

Do I need to file taxes for my inactive LLC?

You should file a Schedule C for the LLC as part of your 1040. You Tax Preparer can do this. Very easy! Ron Cappuccio

If Jane Doe is audited and charged with delinquent payments, should Jane Doe seek help from a CPA or a tax attorney?

Absolutely, hire a tax attorney. Attorneys are trained in negotiating and fighting the IRS and government. I hope this helps! Ron Cappuccio

What is the Most money I can gift to sister without tax issues in ohio?

You can give $14k per year. If you are married, the total can be $28k. If you have a question see a good tax and estate planning attorney. It;s...

For tax attorneys: stepped up basis of the donee

The basis of the shares in the corporation will be stepped-up. If you want to have the basis of the property stepped-up, you should talk to a good...