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Recent Estate Tax questions

How are life estates handled in exit tax forms if you

How are life estates handled in exit tax forms if you renounce us citizenship prior to the life estate expiring

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Robin D.

Vocational, Technical or Trade School

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In 1985 my mother gave me a parcel of woodland when she

In 1985 my mother gave me a parcel of woodland when she divided the family farm between me and my siblings. She did not want us to have to wait to inherit it. Now I am planning on selling the property for $1200 per acre. In the intervening years I have paid real estate taxes but no other costs have been incurred. My husband and I are retired on Social Security and receive (combined) approximately $32000 per year (my portion of this is Social Security Disability). How much, if any, federal and state capital gains tax will be due on the proceeds of the sale of the woodland?

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Mark Taylor

Certified Public Accountant

Masters

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If my wife passes away and leaves me with $140,000 dollars

If my wife passes away and leaves me with $140,000 dollars is it taxable as an inheritance or what?

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PDtax

Owner

Master's Degree

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I have a tax question. We bought a house in our name parents

I have a tax question. We bought a house in our name for my parents to live in. They pay all direct expenses, the exact amount of the mortgage, taxes, insurance, etc. Since the property is in my name they give us a check every month and we make the payments. This is not a "rental", so I don't know how to report it on my tax return? We do own another property that we rent out and I realize that even though we lose money every month on that property it still shows as income on our return, I am assuming because the amount that gets paid to principal counts as "profit" for us. I really hope we are not going to be in the same situation with the house my parents live in! Can you please let me know how this should be handled? I filed an extension and I am in the process of doing my tax return now.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,724 satisfied customers
A client holds a bank account in Florida. It's in the name

A client holds a bank account in Florida. It's in the name of husband and wife, both non US citizens and non residents. Account probably opened on a joint manner but individual signatures whether with or without right of survivorship. In case one of them dies will there be a US or Florida inheritance tax? Thank you.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I guess not. Will the Accountant need other information?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
Is an sales installment of stock in one state then moved 3

Is an sales installment of stock in one state then moved 3 years later taxable in new state for inheritance tax

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
Do I need to "disclose" the value of an

Do I need to "disclose" the value of an intentionally defective grantor trust on Schedule G, of Form 706 even though it is NOT subject to estate tax....similar to reporting an ILIT on Schedule D showing "zero" as the amount subject to estate tax.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,736 satisfied customers
I am the executor uncles estate and s house was secured with

I am the executor for my uncles estate and his house was secured with a no recourse reverse mortgage. we abandoned the house and received a 1099-A with the balance outstanding being 53,000 and the FMV being 160,000. Can I show this as a capital loss of 107,000 on his estate income tax return (1041) and the beneficiaries K-1s?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,926 satisfied customers
My friend is living in my house why I help my dad they are

My friend is living in my house why I help my dad they are paying rent but it doesn't cover the whole payment for the assessments for so sewer. When it comes to filing taxes do I have to claim the rent their are paying me ?

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
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