Does the trust or the beneficiary (or both) pay taxes on the proceeds? How is the tax calculated? (Thank you for your help)

I have to read the trust to answer the question because there are too many unknowns. If your father lived in Illinois with your mother then the...

Can a real estate title get cleared if a transfer on death deed was used? Can the property be recorded?

The will is supposed to be filed in the county courthouse where the family member died. Look it up. Next if there are two beneficiaries on the...

File the SS-8 with the IRS because you have nothing to lose. Claims against the estate can be limited to 3-4 months from the date of...

What should I owe taxes

This answer may not fully comply with AZ law. If the debt was $200,500 and the auction was $195000, you would have $5500 of cancellation of debt...

Attorney fees are deductible by the trust if actually paid by the trust and necessary to the administration of the trust,

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It is not a good idea because a judge can make you distribute assets that you have discretion over. You are retaining the benefit by having a life...

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I have a home in the mountains and there is a pathway that I must pass in order to get access to my property.

You can solve the predicament by seeking counsel and not a surveyor because it is a legal question and not one of metes and bounds. You have to...

What notices and/or time frame is the IRS required by law to adhere to prior to any lien/levy actions for outstanding tax bill?

Why wait for the IRS to ruin your credit? Be proactive and meet with a Tax Pro while you have the time. LEVY. The taxpayer must be given a notice...

Can I claim a child that lives with me but is not biologically mine?

Yes if she is a member of your household the entire year, she earns less than $4000, and you provide more than 1/2 of her support and meet the...

Are lawsuit settlements taxable?

Generally, damages or settlements on account of physical injury or sickness are excluded. Almost all others are included. Please see a tax pro.