What are the tax implications on my mother's estate based on the fact that her estate is valued at under $300K?

There is no federal estate tax right now in 2010. Congress failed to revise the estate tax code. Generally, there is no step up in basis either,...

Filing deceased son's income tax 2010

Sorry for your tragic loss. Generally, when a person dies a personal representative needs to be named by the court to act for the estate. Since...

If you inherit money from relatives in a foreign country do you pay tax on it

If you are a US citizen or a resident alien filing under the US tax system, inheritances are not taxable income under Section 102 of the Internal...

LLC Partnership Loss allocation for tax purposes

Profits and losses are based on your profit and loss sharing ratios established under the operating agreement and the member shares issued. Cash...

One Year rule of ownership on inheritance tax rules in Pennsylvania

You are referring the PIT rule that pulls back gifts made within one year of death. Here, if you can show there was a gift to you via the prior CD...

The quick answer is that you can not do this. If businesses could do what you are suggesting then it would make the rules in place meaningless. ...

If my employer takes taxes out of my checks but i never filed taxes,what can happen to me...will i be audited? fines?

If you are having taxes withheld chances are that you may owe very little in taxes and in fact you may be due a refund. You should get your W-2s...

Can an individual holding an account for benefit of (FBO) our church be held liable for taxes?

Yes, if the account is in the social security number of the individual this will raise problems for him. Any church account should be registered...

With all due respect to the prior attorneys, their answers are incorrect. When a person goes to a nursing home, there is an exception for time...

Can my husband claim our two sons as dependents with his ITIN?

He can not claim head of household, the proper filing status is married filing jointly, even if you have no income. Since you are married and it...