This year, if I sell a house gifted to me in 2004, what federal and state taxes are due?
When your parents gave you the house in 2004 it was a completed gift. It was not in there estate in 2008 to give to you again by will when they...
Newport Beach, CA
Tax Lawyer at Newport Beach, CA
Practice Areas: Tax, Estate Planning
When your parents gave you the house in 2004 it was a completed gift. It was not in there estate in 2008 to give to you again by will when they...
You are correct. You should not be responsible for the debts of your sons estate. If he had no probatable assets - that is it. Let the taxing...
California has not conformed to the Federal Rules for Income from debt relief. If CA does comply, they would have to make it retroactive for you...
When you fill out the form to request a tax ID number, you answer the questions based on the proposed business. Once you answer these questions a...
If this home has a loss and it was your personal residence, then the loss is personal and non-deductible. However, you will have to consider...
If you object to what was filed then you can file an amended return. If you agree with the numbers and they are correct there is not much to do...
You can only file a joint return with a spouse. If you are still married, he cannot be legally married to his girlfriend. Therefore, the only...
If you e-filed your return it will be rejected since the exemption was already claimed. You should paper file your return and claim the deduction....
You must mean that your effective tax rate is 5%, because there is no 5% bracket. Tax rates may go up next year so you need to weigh this risk in...
If your dad was a resident of New York, you follow New York law. In 2009 the estate tax exclusion was $3,500,000. There is no federal estate tax...