I have prepared a number of transactions just like yours. These transactions are becoming more and more common since parents are getting older and...

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What taxes will have to be paid when receiving $700,000 from my parents from Vietnam to buy a house?

You will not have to pay any gift taxes related to this gift. However, as previously mentioned, you will probably need to file an informational...

How should I set up my family trust?

Trusts should be customized and tailored to each individual client. Therefore, there is no "best" way to lay out a trust. The best way would be...

Can I make money off of my Android app without a business license?

Congratulations on starting your programming start-up, and I wish you the best of luck. For tax purposes, the IRS and FTB look at an activity to...

Are property taxes be affected by subdividing property? Or only at the point of sale, which triggers an assessment?

Generally speaking, merely subdividing property will not result in a property tax reassessment. However, you may incur an assessment if you build...

If daughter sells the home today what is her cost basis.

The daughter's cost basis is the same as the parent's cost basis. This is known as "carryover" basis. Since the parents filed a gift tax return,...

I've owned my home for 40 yrs. and will face huge capital gains when sold.

Since you mentioned that it is currently your home, you should be able to exclude $250,000 ($500,000 if married) of gain if you used your home as...

How do i pay what i owe when asking for an extension.I dont know yet what i owe, thats the reason i need an extension.

When I worked at CPA firms, we would input all of the current tax year's information into the tax software and then estimate how much...