When there are two children does each parent get to claim one child on the taxes?

The other way to go is to have the custodial parent sign over these exemption via an IRS form. See my legal guide conerning dependency exemptions...

If a $1 million gift is made in 2010, will it unify with, and therefore cancel out, the estate tax exemption of a 2011 decedant?

The unified system of gift and estate taxes is there for one reason and one reason only: Gifts made during life must reduce any available exemption...

My mother signed her home over to my brother and myself in New Jersey. We sold it, what taxes will we have to pay?

If the house was gifted to you, then you take what is called a carryover basis from your mother. Her carryover basis is less clear based on your...

If you combine the two answers the following example may be helpful to you. Assume you sell the property for $800,000, net of settlement costs...

Paying IRS taxes in 5 years.

The answer really depends on many factors such as your annual income, your assets, perhaps your age, your overall financial situation. Remember,...

Is state retirement taxable?

Generally, retirement payments (even if triggered by disability) are taxable income to you at the federal level. It looks like AR follows the...

Do I need a tax attorney?

Generally, only the owner of the property can take the tax deduction for interest on any mortgage or real estate taxes. So, as of right now, only...

Single-member LLC (TX) to manage rental property I own individually.Should I make son employee or member of LLC?

Remeber that a single member LLC need not file a separate federal tax return on its behalf; you simply report its activity on your Form 1040,...

Do I owe corp. taxes personally?

If you operated the corporation in compliance with the law you are not responsible for corporate debt. To do so, you needed to hold annual...

My father died in 1997. His 3 children did not receive anything and my mother remarried. Shouldn't I be entitled to his estate

The previous attorney covered a lot of your concerns. I will only add that if your father wanted to insure that you and your siblings received his...