Will relates to trust father dies and surviving spouse has not upgraded will that essentially puts all assets in trust

If your father had a trust that was funded, the assets within the trust are not assets subject to probate. Any assets outside the trust that are...

Can my mother sell me her house for one dollar if I maintain it as my permanent residence?

The transfer to you would be considered a gift for tax purposes since you are not paying fair market value for the property. Depending on the...

Can a church own a catering business and not paid poperty taxes

Taxes may be due here. The catering business does not appear to be part of the tax exempt church. The catering business should also be unrelated...

My husband and I have residential custody of our niece and nephew

It depends. You have to meet the requirements established by the IRS to claim the deduction. If one of their parents have custody, the custodial...

Capitol gains taxes

The receiving party is either a buyer or a donee of a gift. Either way they do not pay taxes. It is the seller that pays capital gains taxes and...

Is a Florida revocable living trust subject to state or federal taxes? If yes, under what circumstances?

A revocable trust is just a way of holding title to assets while you are alive. The grantor must still pay taxes on the assets as if they owned...

CA FTB claim for additional tax from sale of property in 2005

The withholding at the close of escrow did not satisfy your CA filing requirement. You would also have a US filing requirement. CA will probably...

Liability to apply for EIN as Third Party?

Your friend should get his own Tax ID number and apply for the EIN. Any individual seeking legal advice for their own situation should retain...

Cost Basis coop apartment held as Joint tenents

You have a number of issues that cannot be answered without additional facts. First, when title was put in your name as JT it would be considered...

When you are married you have a year by year election to make to either file as married or married filing separately. Head of household is not an...