You can actually have an LLC that is taxed as an S-Corp., so the real question is a sole proprietorship (how a one person LLC is taxed) or S Corp. ...

Your SSN is required for the tax return for the estate, which your sister must sign, or approve, if filed electronically. Thus she would have have...

It would be considered a gift of $149,999 and a federal gift return would have to be filed, though no tax would be due. Plus if she gave you the...

Should I put my house in Joint Tenancy with my daughter and add her to my bank accounts TOD?

I agree with Ms. Polani, and will state that putting your house in joint tenancy is is generally a bad idea for tax and other purposes. An estate...

Legal interpretation - what does this mean please?

Your mother's will is what is commonly referred to as a "pour-over will," meaning that it "pours" the assets in her probate estate into her living...

You will pay capital gains tax only if you net sales proceeds are greater than what you paid for it plus the cost of improvements.

How does the Probate Court in Florida select a successor Trustee if designated successor trustees are too old to serve?

If the beneficiaries cannot unanimously agree as to whom to name as successor trustee, someone will have to file a petition with the court and...

The only way to get a definitive answer is to have a tax attorney review the trust to tell you if a 1041 is required. That can be done by way of a...

Do I need foreign qualification to invest in a LLC in North Carolina?

This activity appears to fall under the exception in N.C.G.S. Section 55-15-01 (11), so I agree that qualification should not be needed.

Irrevocable trust just for property

If there is no income produced in the trust, no 1041 is required. If the income exceeds $100 or $300, depending on the type of trust, a 1041 is...