If a mother quitclaim deeds house to her son, then son sells the house, but has not lived in it. Does he pay capital gains?
Kaye's answer
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Answered on July 18, 2023
I think you are asking whether son gets a basis step-up in the house. And the answer to that is NO! The son gets his mother's tax basis, plus...
What are the laws in Ohio for a 3rd party service offering to reclaim excess funds from a foreclosure sale or tax lien sale?
Kaye's answer
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Answered on July 17, 2023
You would be wise to schedule a consultation with an attorney who practices in this area. Nobody on this forum can answer so broad a question. ...
In PA if you move your house to a revocable trust is it tax exempt?
Kaye's answer
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Answered on July 16, 2023
Did you transfer the house yourself? If so, it is possible that the exempt conveyance paperwork was not completed properly. If you tried to do...
On PA REV 516 Form, It asks for Percent Taxable for each beneficiary. What do I need to enter there for each beneficiary?
Kaye's answer
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Answered on July 13, 2023
You need to engage the services of an expert probate law attorney. He/she will be able to prepare the inheritance tax return for you.
Is a Waiver of the Statute of limitations still valid if the Statute has previously expired?
Kaye's answer
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Answered on July 13, 2023
If you signed the waiver, even after the statute had already expired, then you waived the statute.
NEW MEXICO LLC TAX?
Kaye's answer
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Answered on July 13, 2023
Suggest you consult a CPA who handles foreign clients and have him/her explain all this to you. Expect to pay for the consultation.
Does my employer take out the appropriate tax withholding as a W2 employee?
Kaye's answer
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Answered on July 12, 2023
Ask to complete a new W-4. Under question 4(c), request that an additional amount be withheld from each paycheck.
I own a property that I rent son's family and claim the federal, and state tax deductions including depreciation on the home?
Kaye's answer
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Answered on July 11, 2023
Probably not. You cannot rent property that you yourself own. The cleanest way to dispose of the property would be to sell to an unrelated...
Is it too late to appeal the inventory of my sister's estate, since the estate has not been paid out yet?
Kaye's answer
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Answered on July 11, 2023
Probably not. It was your responsibility to monitor what was happening with the hearing on the inventory. You dropped the ball and I doubt the...
Two people names on a will and one of them has not paid taxes on their property or income
Kaye's answer
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Answered on July 11, 2023
Your question is unclear at best. IRS is a "super-creditor" ---- so the rules that normally apply to other creditors do not apply to debts owed to...
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