Does the executor of an estate have to file form 1041 and issue K-1 when there is no income to the estate?
Gregory's answer
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Answered on March 04, 2019
If income does not exceed $600, no tax return is required.
Archived
Can I get married to someone from another state who is still married but her spouse and her do not have any relations for years.
Gregory's answer
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Answered on February 25, 2019
You cannot marry someone who is already married, regardless of how long she has been apart from her spouse.
Archived
Does an American citizen who receives a gift of $150,000 from a foreign citizen needs to declare that gift in their Tax return?
Gregory's answer
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Answered on February 24, 2019
The recipient of the gift must file IRS Form 3520, but no tax will be due.
Can I use my $25,000 executor fee as earned income to qualify for a Roth IRA?
Gregory's answer
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Answered on February 15, 2019
Most likely not. See https://www.thetaxadviser.com/issues/2007/nov/taxtreatmentofcompensationreceivedasanonprofessionalrepresentative.html
Archived
Does a will override a deed to my husband with my mother in law having life estate?
Gregory's answer
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Answered on February 07, 2019
No, the will would not be effective as to the land deeded to your husband.
Archived
Can my lawyer in Florida update my Will now that I live in North Carolina?
Gregory's answer
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Answered on January 23, 2019
Only if your Florida attorney is also licensed in NC. Otherwise I would recommend using a local attorney.
Archived
Life insurance with 7yr old child as beneficiary. Is a minor trust the best option re tax-free with option to schedule payments?
Gregory's answer
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Answered on November 16, 2018
A trust is definitely the best option, but you should consult with an experienced trust attorney to determine the best trust structure. The trust...
Archived
Can a consultant/friend (non family) that helped another persons business in a major turn around be gifted $3 million ?
Gregory's answer
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Answered on November 12, 2018
Yes, provided he files a gift tax return to report it. However, be aware that the IRS could try to re-characterize the gift as compensation, since...
Archived
How to find answers inherited?401k
Gregory's answer
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Answered on November 06, 2018
Someone who files a disclaimer is treated as having predeceased the account owner. So one would first look at the beneficiary designation to see...
Archived
I charge $50/hour cash instead of $70 pre-tax, how do I make sure not to get taxed, charged back or sued?
Gregory's answer
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Answered on November 02, 2018
I would not discuss a plan to commit tax fraud on a public forum such as this.
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