CAPITAL GAIN BRACKET

I assume this is not a primary residence that would be covered by the $250,000/$500,000 exclusion. You add the net profit (gross proceeds less...

Cash and securities are not included in "real or tangible personal property." If the is no residuary clause in the Will (covers all property not...

When metals are held in trust, upon passing, is the "basis" amount for IRS the date of passing, or purchase-into-trust date?

If the assets were held in a revocable trust or other trust included in your parent's estate for estate tax purposes, the new basis would be fair...

What type of trust suggested for my wife and how mush, approximately, will cost to create trust?

It sounds like your wife needs a self-settled special needs trust. I would speak to 2 or 3 attorneys in your area to get estimates of the fees...

Can I dissolve the irrevocable trust my ex-wife and I set up for the kids, and use the money to help pay expenses?

Under the law of North Carolina and many other states, it is possible to terminate the trust if your children and any other beneficiaries agree, or...

Should the trust have paid a tax on that full $36K, or on only half, or not at all?

Life insurance proceeds are generally exempt from income tax. However, if it was a non-qualified deferred annuity rather than a life insurance...

Where do you document this gifted income so my AGI on 1040 shows it which will be included in the modified AGI on the 8962 Form

Gifts are not taxable income, so the amount received is not reported on one's 1040. Form 8962 uses the Adjusted Gross Income from the 1040, so the...

Marital $500,000 deduction allowed upon sale of ones main home.

The $500,000 is actually an exclusion from capital gains for married couples, not a marital deduction. The rental income you received should have...

If I rolled over a 401k to a traditional IRA in '15,but didn't deposit the check I received until '16 considered a contribution?

You cannot claim that you made a contribution to an IRA. The "G" in box 7 tells the IRS that it is intended to be a rollover, which if properly...

You do need a separate EIN for the trust, although income from the estate and the trust can be reported on the same fiduciary income tax return if...