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Recent Estate Tax questions

As a co-signer for a mortgage can I use part of the tax

as a co-signer for a mortgage can I use part of the tax benefits of the mortgage if I have a contract stating that with the primary owners?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,022 satisfied customers
I heard somewhere that Americans migrating to Canada must

I heard somewhere that Americans migrating to Canada must pay wealth taxes after 2 years. The taxes are 50% on all wealth (or possibly 50% tax on all accrued gains on assets previously acquired before migrating to Canada). While I have heard this from a number of sources, I cannot find any reference to this on the internet. Please advise what would be the basis for the rumours I heard.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,302 satisfied customers
What are the rules around unlimited marital yearly

What are the rules around unlimited marital yearly deduction? If one gifts their spouse $50k for example will that $50k be taxed at the receiver's tax rate or the gifter's?

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Robin D.

Vocational, Technical or Trade School

21,842 satisfied customers
Madam: I have some law questions to be filled in. I recently

Dear Sir Madam: I have some law questions to be filled in. I recently inherited some money as a grandchild. The investment was a Mutual Fund Growth Fund. As one of the executors of the estate, I redeemed the account from the stock market last week.1. Redemption Price: $72.07 per share at 3,421.671 Shares = $246,599.832. They already took out the state and federal taxes for Tax Year 2016 (to be filed in 2017).a. $49,338.73 - Federal Portionb. $12,334.68 - State Portionc. $184,296. 42 - Remainder sent as a check to be deposited in the state account.My questions/comments that pertain to the State of Iowa:1. Inheritance - We have 0% as grandchildren in Iowa (this is not a question, just a notation).2. Federal Estate Tax - Yes we would have that, correct?3. State Estate Tax - There is none for Iowa, so 0%, correct?4. Personal Income Tax- An inheritance in and of itself is not considered income so 0%, correct?Thank you for your legal input.

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Barbara

Enrolled Agent, Paralegal

5,714 satisfied customers
My friends trust just settled a court case from the

My friends trust just settled a court case from the liquidation of a partnership that never had any accounting, never filed any tax returns, and don't believe anyone will file one after the partnership was liquidated. The sale of the house will be reported to the Partnership Tax ID. I have a court order that says I am not responsible for filing a tax return. The only asset of the partnership was a 3 flat building that was a commune created in 1971. The trust acquired his 1/3 interest when his estate was closed in 2012, and I have an appraisal from that time that I can use as the estates basis. How and where do I report the proceeds from the court forced liquidation of the partnership? I am the Trustee of the trust.JA: Because laws vary from place to place, can you tell me what state the court order was issued in?Customer: IllinoisJA: What documents or supporting evidence do you have?Customer: A copy of the court order with the final distributions on it. (I also have a closing statement but that is for the non existant partnership.JA: Anything else you want the lawyer to know before I connect you?Customer: There are more legal fees than were on the court order.

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Just trying to find out what% of estate/property tax is due

Just trying to find out what% of estate/property tax is due in state of Illinois. My deceased father left me home/property worth approximately 210,000. The estate will not settle till next year. Just trying to get an idea what I am in for.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,022 satisfied customers
Can a revocable trust give the annual max gift of 14,000 to

Can a revocable trust give the annual max gift of 14,000 to a person, and can the Trust Grantor also give the $14,000 as an individual to the same person ? $28,000 Total ?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Can a revocable trust give the annual max gift of 14,000 to a person, and can the Trust Grantor also give the $14,000 as an individual to the same person ? $28,000 Total ?JA: Is there anything else important you think the Accountant should know?Customer: Can a revocable trust give the annual max gift of 14,000 to a person, and can the Trust Grantor also give the $14,000 as an individual to the same person ? $28,000 Total ?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,022 satisfied customers
My question is about my property taxes.. My home is paid for

my question is about my property taxes..JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My home is paid for but I am getting behind on my property taxes! Which includes school taxes and water taxes. What can I do? I already have a company to pay my taxes but my husband got behind on the bill...JA: Is there anything else the Accountant should be aware of? Sorry about that. I must have missed it. Could you tell me again?Customer: thats it

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,302 satisfied customers
My mother passed away recently. I will be receiving

Hello, my mother passed away recently. I will be receiving inheritance money. Question I need to know if I will beJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: hi pearl I have a question will I need to pay tax on inheritance money in Nevada?JA: Is there anything else important you think the Accountant should know?Customer: Amount of fund is over 80000

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,022 satisfied customers
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