How do I cash out my 401K and not be taxed (or penalized) an arm and a leg by the IRS?

There are only limited types of distributions that are not subject to the 10% excise tax on early retirement plan distribuitons, generally those...

If a relative pays for the purchase of my house, would (s)he have to pay 'gift' taxes?

Your relative will need to report the gift on a gift tax return since it exceeds the 14,000 annual exculsion amount, but will not owe taxes unless...

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Husband has not paid taxes business/personal in 7 yrs. Am current on mine. If I file for divorce am I going to be responsible?

Do not file any joint returns with your husband, if you do you will be liable for the taxes due for the return. Instead file married filing...

Canadian with AZ LLC, no partners, holding IL rentals. How can I restructure for max tax + estate planning benefits?

Illinois land trust or LLC would be my recommendation, since you registered in Illinois you are paying exorbitant Illinois Secretary of State fees...

Can a firm/broker dealer, that I no longer work for, use my name on their statements (as though I still were at that firm)?

No, please contact your former employer and remind them that since you are no longer the broker of record, they need to reassign the account and...

As administrator of an estate in SC how do I know if I have to pay estate taxes?

It depends on when your decedent died, the federal estate tax threshold for 2012 was estates over 5,120,000, and for 2013 estates over 5,250,000. ...

Hi I'm interested in buying a holiday home in Florida to use myself and to rent out to. What are the tax implications? Thanks

You will treat the house as rental property, but your deductions may be limited by the vacation home rules. Keep track of all income and expenses...

If you work for a non profit and they pay your mortgage, do you have to claim that in your w2 as income earned?

If you are a church leader then the amount may not be taxable. From the IRS: The gross income of a licensed, commissioned or ordained...

How does one sell a property in 2013 and defer the gain to 2014.?

An installment sale may allow you to defer the gain until payments are acutally received; structure the sale so the bulk of the payments are...

Can the state collect more taxes for a vehicle I purchased well below market value?

The notice should provide a method for protesting the additional tax assessment, typically within a limited time period. You may argue that your...