Yes, it's fine, and not unusual at all.

How to prevent real estate closing agent, or anyone else, from reporting my sale of my home to IRS?

The sale is reported on Form 8949 and Schedule D of your 1040. There is a code to enter to indicate you are taking the Section 121 Exclusion.

Can we use the monetary gift to children as a deduction on our taxes. We gift $10,000 each year to our adult children. ?

Gifts to individuals are not deductible. Your friend is confusing an income tax deduction with the federal gift annual exclusion, which started at...

Form 709 Gift though LLC?

A gift to an entity is a gift to the owner(s) of the entity. To comply with the Form 709 instructions and provide adequate disclosure to start the...

How do I file my 2018 taxes when my wife is remarried?

If your wife remarried prior to your divorce in 2019, then that marriage is not legal, so she cannot file as a married person with the new...

My wife and I we are divorcing and I like to donate to her my second house. Does she has to pay taxes for this transaction?

Generally speaking, transfers incident to divorce are tax-free for both parties. Speak to your divorce lawyer about how to best handle the...

Self-employed persons must file if they have any earned income, as employment tax must be paid on net self-employment income. Employment taxes are...

Can 2 trustees choose an agent over the third trustees choice?

Yes, unless the trust expressly provides that unanimity is required. NCGS 36C-7-703(a).

What is a special needs trust?

If correctly drafted, funded and administered, yes. An attorney experienced in special needs trust should be used.

Can I deduct my lawyer fees off my taxes if I am suing my Ex husband for not paying me my spousal support?

Starting in 2018, attorneys fees are no longer deductible by individuals.