I have a 17 yr old boy living at my house. Has been for about 9mo. Can I claim him on my taxes

Under the tax code, you would most likely be the parent entitled to claim your son as a dependent on your tax return. In order to claim a child as...

This is a somewhat technical answer so you'll want to make sure you have someone help you with your tax return for 2016. Essentially, you want to...

Whoever owns the land and timber/wood will be required to pay taxes on the sale so if your mother is the owner, she is the individual subject to...

How do I save over 130 acres of land from foreclosure and attain sole ownership and exclusive rights to future royalties?

Have an attorney draft a quit claim deed that transfers the land from the six of you to you individually. A quit claim deed is a simple document...

As concerning as that letter is, try not to get too worked up about the potential what-if scenarios going through your mind. This is most likely...

I am trying to figure out what a paragraph means in a tax court document.

Here's what I hope is an easy-to-follow recap of the situation and what you'd be agreeing to by signing the waiver (document). The IRS assessed you...

Do I need LLC for one rental property in TX while live in CA in term of income TAX?

You should definitely move the rental into an LLC or some other stand-alone legal entity other than your personal name. It's the cheapest form of...

If I take the $120k I have in my IRA and buy a 2nd home do I still have to pay taxes on the withdrawal?

Unfortunately, you won't be able to withdraw the $120k from your IRA and then reinvest it back into the IRA several years later. You could withdraw...

I am going to pay $18,000.00, lump sum, to buy my wife out of my pension. Am I allowed to deduct this dollar amount on my taxes

Based on the circumstances, it's unlikely you can deduct the settlement. Generally, alimony/spousal support is only tax deductible if it is part of...

Do I have to pay tax on large amount of money that was gifted to me

Congratulations on the gift. Lucky for you, there is no state or federal taxes on gifts to the recipient (the person receiving the gift). There are...