My boyfriend just passed away and he left a CD payable to me upon his death, do I have to pay inheritance tax on that
I do not know the rules in Nebraska. However, for federal estate tax purposes you do not owe the estate tax; if the estate is large enough to generate an estate tax that is to be paid by the "executor". There is a $5,450,000 exclusion before an estate tax is due.See question
I am selling my current home that I lived in for more than 2 years using it as a primary residence and will make capital gains of around $100,000. I am buying a bigger home and I will be using most of the capital gains I make into down payment of ...
You are a resident as you meet the substantial presence test. Therefore you must pay the capital gains tax on the sale. Of course you may qualify for the Section 121 $250,000 per person capital gains exclusion under the 2 out of 5 rule. Residents are not exempt from the payment of capital gains taxes.See question
Does the gift receiver / donee (real estate value 80K $) had to report any gifts received on his tax returns.
The done only has to report gifts (on IRS Form 3520) if they are more than $100,000 and the gift is from a non-resident alien. Otherwise, no, the gift is reported by the donor on an IRS Form 709.See question
Hi, I'd like to know if my aunt has to pay inheritance tax. She lost her husband this end of February. And she read some news paper that saying she has to pay the tax within 9 months of her husband passing. Which is the end of this months. She i...
First, there is no inheritance tax in California. That was repealed back in the 1980s. Instead, there is a federal estate tax. The difference between the two is that an inheritance tax is based on who inherits the assets; an estate tax is based on the size of the estate. Second, if she lives in the U.S. and gets good advice, she will not have to pay the U.S. estate tax. It is not due to the size of the estate; it is due to the fact that she can, within 9 months of death, set up a structure that will qualify for the marital deduction for a non-citizen spouse. She need to hire a qualified estate tax attorney right away. In San Diego call Steve Boner.See question
My aunt past away in May 2016 how long do I have to get an apraisel on my inherited property, and be able to use it towards capital gains tax?
You can get the appraisal at any time. However, the appraisal has to be as of her date of death.See question
My day in court was a devastating time I was slammed by the judge to pay for my ex-husbands tax even though I filed married but separate due to ex procrastinating to file I file on my own and even thought the federal and state Tax says I do not ow...
A family law judge has broad and virtually unreviewable discretion. A family law judge is the most powerful type of judge in our system, much more powerful than, for example, a criminal law judge. If you do not have an attorney you need to hire one. If you think your attorney is not doing a good job you need to interview others. If you cannot afford an attorney you should contact Legal Aid.at 951-682-7968.See question
I omitted to get my RMD for 2015. I corrected that omission by taking it in January 2015, and am reporting on it to the IRS on Form 5329. Do I have to report same to the California Franchise Tax Board, and if so how (or does the IRS automati...
If you have income for 2015 then it must be reported both on your federal and on your state income tax returns. The IRS may not automatically share the forms. But that does not matter: our tax system operates on voluntary compliance.See question
I lost my son to herbal tea name KRATOM, he search the product in internet, all related site prays this poison, If DEA would make a comment about it , my 22 years old son still would be here.
There is a doctrine of governmental immunity. So by all means talk to a litigator. However, I am sorry to say that I doubt that a lawyer is going to take your case on a contingency. By contrast, a lawyer might take your case on a contingency against the company that made the herbal tea. You have my very best wishes for an awful situation.See question
We are trying to raise funds for my nephews brain surgery which is not covered with insurance. We need $177K. What vehicle do we use to remove as many "NO's" as possible up front? Set up a Trust? Foundation? 5013c? We want contributors to b...
Raising money for a specific person is not a charitable purpose so your "donors" are not entitled to a charitable deduction. Why not set up a fund on a web site like "gofundme"? Best regards.See question
LA county has a Transient Tax aka Occupancy Tax on hotlels/motels in unincorporated areas of Los Angeles county. A large company that books people places to stay within the last couple weeks agreed to comply with this local law. However I noticed ...
I strongly doubt that the County has taken this action without consulting with the County Counsel. If you want to investigate it talk to a lawyer who specializes in municipal law, e.g., Steve Skolnik 310-459-3418.See question