Yes, both of these transfers would be a gift. If the value of the gift is over $14,000 per person per year you will have to file a gift tax return...

I live in indiana do I file a modification to ask the court to file 1out 2 of my kids on my tax return

If you have a court order that addresses who should claim the kids on taxes then yes you need to file for a modification in state court to change...

MY MOM PASSED AWAY IN JUNE 2014 - I CLOSED ON THE SALE OF THE HOUSE 6/30/15 - HOW MUCH TAX WILL I PAY SINCE IT WAS TOD TO ME?

I'm sorry for your loss. You should talk to an estate attorney, especially if you plan on following through and giving half to your sibling....

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If I gain ownership in a privately held company, do I need to pay taxes on that equity?

There's not likely to be a taxable event on acquiring the equity. However, an S corp will result in taxable income on your personal return each...

My wages are being garnished and I will recieve an inheritace soon can the IRS take the inheritace

I'm sorry for your loss. Yes, the IRS can take the inheritance to apply to assessed taxes. There isn't really a way around it at this point,...

Tax law question about sole proprietorship

The activities of a sole proprietorship would be reported on your personal income tax return. You may also be liable for unemployment taxes and...

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It's impossible to tell without a complete breakdown of the activities of the corporation as well as a thorough knowledge of NY State tax and...

Can a NCP parent request modification to add child to his income tax? She resides with me and he sees her 2 weeks out the year.

Yes, the noncustodial parent can seek modification. Because the child is in Texas I believe the proper jurisdiction for any action would be here in...

My mom and I jointly own a condo. She wants her name off the deed so its only mine. What costs, if any, will that entail?

You and your mother might want to talk to an estate planning attorney about the gift tax implications of this transfer. Because the property is...

I'm not sure what form you're filing exactly so it's hard to say. Check the instructions for the form carefully to see the instructions addresses...