My sister removed 44000$ from a joint account that she was on with my mother . is this taxable income or taxable at all

A gift occurred when your sister withdrew the money, and it must be reported on a federal gift tax return filed by the executor of your mother's...

Do I owe taxes if my deduction is greater than my gross income?

Probably not, but the safest thing to do is to complete your return anyway to make sure that you have no taxable income.

What is the smartest thing to do with money from the sale of an inherited house in order to avoid taxes?

Mr. Wagner is correct. If the house was sold by the beneficiary rather than the estate, the loss will be reported on Schedule D of Form 1040. As...

To the extent that you pay less than fair market value, it will be considered a gift from your parents to you, and they will be required to report...

How do you determine if a Grantor Trust (living trust) is now a Simple or Complex Trust?

In a simple trust, all income must be distributed, and is taxed to the beneficiaries. There are no distributions of principal. In general, if...

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Does married filing jointly allow the IRS or a creditor to go after my house to satisfy my husband's business's debts?

If you and your husband owe taxes from a joint tax return, the IRS can go after assets in your name only, such as your apartment.

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My mom is wanting to do a will. Does the online will work or will it be best to go through a lawyer?

I agree with my colleagues, but there are other very important documents your mother should have as well: A Durable Power of Attorney, Health Care...

I havent filed a tax return in 10 years + what do I need to do to get this resolved and clear up any tax liability I may owe?

You may not actually owe any tax, but the best thing to do is to prepare and file returns for all past years you missed, even if no tax is due on...

What's the best way to find a dependable, honest attorney for my estate? Looking for help with a will and power of attorney.

Ask for recommendations from friends and colleagues, or look for attorneys on this site that have high ratings and favorable reviews.

My American boyfriend want to give me money ( over 20,000$) to take back with me to my country as a gift. Should I pay taxes ?

You do not have to pay any U.S. taxes, but your ex will be required to file a federal gift tax return to report the gift since it's over $14,000.