Can expenses of settling the estate increase the cost basis of inherited property?

I respectfully disagree with the well written opinions of the other attorneys. While it is true that a sale is a better indicator of fair market...

I agree with the answer that the fair market value of your interest in the property will constitute your tax basis in the property, The...

My husband and I would like to pay off his sister's mortgage (aprox. $48,000). What taxes might we incur.

I recommend you each give your husband's sister $14, 000 in each year and take advantage of the annual donee exclusion although one of the other...

Do I really need 501(c)(3) for my non-profit?

A regular business corporation is limited as to the amount it can give to charities, Your donors will not get a writ-off for contributions if you...

Does filing taxes as married joint have any effect if 2 people should decide to divorce?

You indicated both of you file as married, but separately. You can file as a single person after your expected divorce. I don't believe you can...

Tax Filing Status Question

It does not appear you can file as a single person. You will likely have to file as married but filing separately. This is for informational...

Payroll Taxes

As the other attorneys have indicated, it is doubtful that you could be held liable since you played no role in paying funds owed the IRS to...

I am running an online business (a registered LLC in Delaware) from my home in MA. Do I need to register again in MA?

If you have a Delaware LLC operating its business in Massachusetts, you are likely required to file in Mass. as a foreign LLC although you do not...

My boss is willing to give me 20% of our company, do I have to pay a gift tax? How long do I have to pay the tax?

If your boss is agreeing to give you only an interest in the business' income, I doubt this is a taxable gift or compensation at the time the...

Your employer is wrong. Your W-2 should reflect what you were actually paid, This is for informational purposes only and should not be relied...