Archived
When you own assets in JTWROS will you completely forfeit the marital deduction on that asset? How much of a problem is that?
Henry's answer
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Answered on March 27, 2011
JTWROS has both step up in basis and marital deduction issues associated with it. Your estate as a whole needs to be evaluated to determine the...
Archived
Regarding property tax
Henry's answer
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Answered on March 27, 2011
You will need to file a protest with your county tax collector if you do not agree with your assessed value. Most assessors post the procedure on...
Archived
I reported my insolvency to the IRS on form 982 for tax year 2010. What form do I use to report insolvency to NY state?
Henry's answer
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Answered on March 27, 2011
Many states do not have forms. You can attach a copy of the Federal form 982 to your state return and write on the top of it New York state copy. ...
Archived
In this econmy what is better, to take owed part of 401 or exchange it for additional income when house is sold?
Henry's answer
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Answered on March 27, 2011
You do not provide enough details to determine the answer to your question. You need to discuss this with your financial and tax...
Archived
Gift money
Henry's answer
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Answered on March 27, 2011
The gift tax exclusion of $13,000 applies to the donor and not the donee. The gift should not be taxable to the recipient in the US.
Any...
Archived
I filed a form 83b with IRS within the 30 day period. But I forgot to send it in with my tax return. Is my 83b election invalid?
Henry's answer
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Answered on March 27, 2011
The IRS regulations require that you file the form with the office where you file your tax return within 39 days, and file the form with your tax...
Archived
Do we need a tax attorney?
Henry's answer
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Answered on March 27, 2011
This is a sticky situation. Your husbands father should be responsible for the taxes. Has your husband talked to him about this? If you do not...
Archived
CAN A MAN CLAIM A CHILD IF HE IS NOT PART OF THE CHILD'S LIFE SINCE THE CHILD WAS BORN WHICH ABOUT 7YRS BUT PAY CHILD SUPPORT?I
Henry's answer
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Answered on March 21, 2011
Since he is not the custodial parent he can claim the deduction if the custodial parent releases the deduction by giving him a signed Form...
Archived
My dad claimed me as a dependent for 2010 tax year
Henry's answer
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Answered on March 21, 2011
You can file your own tax return and claim yourself. However, you will have to file a paper return since an electronic return will now be rejected...
Archived
IRA Early Distribution
Henry's answer
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Answered on March 21, 2011
Yes, you took the money while living in MA. Try to have the 1099-R corrected.
Any individual seeking legal advice for their own situation...
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