Questions answered by Henry Daniel Lively

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Property Transfer- from parent to children

Henry's answer | Answered on March 20, 2012

This transaction should not generate any tax liability. However, you should consult with a tax attorney to make sure this is the best thing to do...

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Iam married but i never filled my tax return married file jointly always filled sapertly and dont have joint bank account.

Henry's answer | Answered on March 20, 2012

This is a family law and not a tax law issue. How you filed your tax return has no bearing on how your assets will be divided in a divorce. ...

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An OWD has been served in result of not paying an unemployment overpayment. Will my tax return be taken?

Henry's answer | Answered on March 20, 2012

Yes, if this order is still in place it is possible for them to offset once the funds are deposited into the account. It would be better for you...

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Can I deduct my father on my taxes who is on medicaid? Will it affect his medicaid status?

Henry's answer | Answered on March 20, 2012

It does not sound like you can claim your parents as dependents from the facts presented. Therefore, there is no issue with Medicaid.

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I had a commercial property foreclosed on. I had a no recourse loan do I need to claim on my taxes the amount I owed as income

Henry's answer | Answered on March 20, 2012

You will need to determine whether you have a capital gain or loss on the property by subtracting the tax basis form the "sales price." Since you...

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How do i find out if a family member stole my tax refund ?

Henry's answer | Answered on March 20, 2012

Since the refund has been received by someone it is no longer a tax question. Consider reporting the preparer to their licensing agency and the...

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Loved one leaves all 403b to me, what if i want to split it between my siblings

Henry's answer | Answered on March 20, 2012

This can get complicated quickly and you should consult with a tax professional and review all the facts to determine what would work best under...

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I'm the sole 403b beneficiary, what if I want to divide with my siblings? who is responsible for the taxes?

Henry's answer | Answered on March 20, 2012

I agree with attorney Harrington and Larson. You receive the inheritance of the 403b and are responsible for any of the taxes. You can then gift...

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2nd mrtgage

Henry's answer | Answered on March 20, 2012

For you to deduct the payments you make to your parents you will need to secure the loan with your property. Talk to an attorney to help you...

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How do I report sale of property in India for which I am going to see a $ loss but a Indian Rupee gain due to exchange rate

Henry's answer | Answered on March 20, 2012

Attorney Harrington is right on. The reporting requirements are strict and you should obtain professional help to complete the forms and make sure...

Henry Daniel Lively's Answers (4728)

Property Transfer- from parent to children

Iam married but i never filled my tax return married file jointly always filled sapertly and dont have joint bank account.

An OWD has been served in result of not paying an unemployment overpayment. Will my tax return be taken?

Can I deduct my father on my taxes who is on medicaid? Will it affect his medicaid status?

I had a commercial property foreclosed on. I had a no recourse loan do I need to claim on my taxes the amount I owed as income

How do i find out if a family member stole my tax refund ?

Loved one leaves all 403b to me, what if i want to split it between my siblings

I'm the sole 403b beneficiary, what if I want to divide with my siblings? who is responsible for the taxes?

2nd mrtgage

How do I report sale of property in India for which I am going to see a $ loss but a Indian Rupee gain due to exchange rate