With the recent passing of my mother, can I split 111000.00 with brother without tax consequences?

Mr. Brennan is dead on. It is impossible to know the answer without knowing the specifics. What is the $110,000? Is it cash? Is it in an IRA or...

Do I still have to pay 2008 taxes for an S-corp if I sold my shares in May 08?

The simple answer is yes, you are responsible for the tax items of the S corporation through the date of sale. You should have received (or will...

I'm purchasing life insurance. I would like to pay by gifting the premiums to my adult children. them own it? or irrivocable?

If estate taxes are really a concern (I think a lot of people incorrectly believe they will have an estate tax liability upon death, but that is...

Is there a tax liability in selling house, with life time occipanvcy for $118,000.Husband 78, wife 68. On tax form?

I assume that by "lifetime occupancy" you are saying that you have owned the home and lived in it, as your primary residence, for at least 2 of the...

Actually, a living trust, as that term is usually used, is a grantor trust for income tax purpose during the live of the grantor. As such, the...

Is it necessary to file Federal Income tax and WI state income tax forms on an irrevocable trust that earned only $295 in income

There is no requirement to file a Form 1041 (federal income tax return for a trust) if the gross income is under $600 (see the instructions to Form...

Is it to my advantage to open a LLC or C Corporation or S Corporation, or none at all?

It is very difficult to give off the cuff advice about what, if any, legal entity someone should form. There is a lot that needs to be known about...

Can I sue a tax consulting firm that I hired to represent me at an IRS exam for which they failed to adequately represent me

Ronald, the name of one organization sprung into my mind when I read this as well. The sad thing is, I have had clients say to me, "but this guy...

Is a living trust the same as a testimentary trust?

A testamentary trust does not really exist, or at least it is not funded, until the grantor is dead. A living trust exists and owns assets during...

My wife wants to cash in her 401K. Her employer said they have a policy that if you are still employed with them you cannot.

It probably is legal. 401(k) plans typically cannot be cashed out before a certain age, while the participant is still an employee. Some plans...