What to say in a letter that the gift (money) is the only money that they are to receive

If you are intent on giving your step brother and step sister some of the inheritance money, you should consider having an attorney draft a release...

Need advice for my business, SEP IRA Set up, buy sell agreement etc.

It sounds like you have a lot going on and should consider a comprehensive business and personal strategy. Setting up a retirement plan is a great...

I am expecting inheritance money from overseas from sale of family land. Am I liable for any state or federal taxes

You should not have to pay any taxes for receiving an inheritance. With that being said, I highly recommend hiring a tax attorney or CPA to make...

I just found out that I will be receiving $1,900 a month until 2016 in an inheritance from my Father's estate.

The first attorney is exactly right; you need to immediately look into setting up a special needs trust. If properly structured, it may be able to...

If I gift a $100,000 rental property to my son this year, what is the consequence? Will I have to pay gift tax in 2015.

The first attorney's answer was exactly right, and I would simply add that individuals can gift up to $14,000 per donee per year in 2014, and...

Should add more dependents to the IRS

You should claim as many dependents as you are legally entitled to claim and no more. The IRS has a really helpful tool to help that is located...

Do I need to have a drivers license to drive a non commercial vehicle for non commercial purposes?

You should get a license. The Wisconsin Department of Transportation says that anyone who operates a motor vehicle or motor-driven cycle on public...

Must I pay taxes on Capital Gains from the sale of my second home in Florida?

It sounds like you're looking at a long term capital gain. IRC 121 allows a taxpayer to exclude gain realized on the sale of a property used as a...

Joint Tax Return Question

Each year, you and your husband owe X number of dollars to the government. Retirement contributions, amount of W-2 wages, and countless other...

The only way to know is to look at the deed to see how the property is owned. Two common ways that multiple people can own real property are joint...