Philadelphia, PA
Probate Lawyer at Philadelphia, PA
Practice Areas: Probate, Estate Planning, Tax
Married filing separately usually results in owing more taxes overall. So you should probably file jointly and choose one address if you want to...
First, inheritances are not taxable income to the recipient, so your Mom owes no federal income tax on the inheritances. Second, her increased...
Here are the operative rules for income limits: For post 11/6/09 closings, Credit Phase Outs: $125,000 to $145,000 of MAGI for other than married;...
Without doubt this is taxable income to you and it is also subject to social security tax (Form SE of Form 1040). Hope this helps. If you think...
The prior attorney is correct. Your basis is what they paid for the house plus improvements they made and you made after it was placed in your...
The use of dynasty trusts although estate tax driven, also concern a person's sense of how much money their family members should receive outright....
You must prepare a deed that needs to be filed with the recorder of deeds where the real estate is located. Each county has their specific rules...
Taxes due on sale: If this was a revocable trust where the assets in the trust were included in the estate, then they would get a step up in basis...
The last time I looked a Form 966 is required to be filed. In addition you need to file a final income tax return for the entity. So if you were...
In all liklihood she can not do this, since most trusts provide for the settlor/maker of the trust first and while alive. But you must check the...
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