Can i avoid paying income tax on income producing property by using the profits to pay down the principle of the mortgage?

No. The reason is when you borrow money, the amount of the loan is not income. Therefore, the repayment is not a deduction. The interest may be...

Is it safe to use a self-study course (written by an attorney) on creating and operating a family LLC?

I suggest you also take a self-study course in medicine and can diagnose and operate on yourself the next time you, or a family member, is ill....

My family (Father, Mother, Wife and I) are thinking about starting a couple of businesses:

Since the businesses appear to be unrelated, most likely you will want your lawyer to form a separate LLC for each business. It may also be best to...

How can I protect my intellectual property?

You need a tax and business lawyer to NEGOTIATE and DRAFT the Purchase Agreement from your fellow Member. Your lawyer can help you the most before...

My property is going up for a tax sale this weekend for delinquent taxes. Will probate stop the sale?

Hire an attorney immediately! Try a local real estate attorney that is familiar with tax sales. I am sorry for your loss! Ron...

If I deed over half of my house to my son what, if any, are the tax ramifications for my son and I?

This is not a good idea for several reasons. First, from a tax standpoint, your son gets a carrryover basis. That means if you bought the house for...

As long as your tax and estate attorney properly drafts a Revocable Grantor Trust, it is not considered a completed gift. Therefore, there should...

Do I need to pay taxes on large amount of cash gift?

No, since you are receiving the gift, it is not subject to income and you do not have to pay gift tax. If your Mom is a US citizen, she may have to...

Tax lien certificate vs demolition lien

Most likely, you lose! The Tax Lien and the other Municipal Liens have priority. If you do not clear up the other municipal lien, you cannot get...

Can another member of an L.L.C. take away or deduct another members ownership percentage?

You need to retain a tax and business lawyer IMMEDIATELY! This is known as a "business divorce" or attempted "squeezeout." Your lawyer will need...