If i receive money from someine's estate (any amt) is it tax free for threcipient?

The short answer is probably "yes" but there are many factors that can impact the inheritance tax. Assets inherited typically enjoy a "step up" in...

If you receive a small value monetary gift from a friend in a check form, do you need to keep any records?

It's always a good idea to keep good records. Gifts are not taxable to the receiver, but may be to the giver. In this case, it doesn't sound like...

What happens if I pay my own income tax and not having my mother claim me on her tax?

The impact of claiming or not claiming you on your mother's taxes will be a function of her income, filing status and other deductions. The same...

I am 75 yrs old and have an ira worth approx. 400,000. I do not need income and the rmd simply puts me in a higher tax brac

Your asking a question with lots of nuances that could impact the answer one way or the other. Recommend you sit down with a tax attorney and...

What happens if you have a lawsuit against you and you don't have the money to pay an attorney

If the lawsuit is against the LLC and it has been properly operated so that the formalities of organization, etc. have been respected then it will...

My husband and his ex wife did not file 2006 taxes. Divorced in 2009. Can 2006 be filed now as married?

Yes, if they were married at the time, the return can be filed as Married, filing jointly or Married, filing separately. Evan A....

Tricky situation. Sounds like there's certainly more than tax issues here. The independent contractor status is determined using a number of...

How is an LLC taxed composed by italians non-residents? It is true that we will be taxed for transparency in our country?

Sounds like there are a number of factors here (residency, tax structures in two countries, nature of the business activity, etc.). Given this,...

Is it a crime to live beyound his/her income?

Living beyond your means may be unwise but it is certainly not a crime. Evan A. Nielsen [cid:[email protected]] 1255 W. Colton...

I have shared parenting. children are 19,19 and 16. all 3 live with me. did i commit a crime?

Who gets to claim the kids is a function of your decree. However, claiming the kids in good faith based on a verbal arrangement is not fraud. So...