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Tax Liability

What is Tax Liability?

Tax Liability is the taxes used to fund money to an authority due to certain taxable situations that may occur. Tax liabilities can be determined by applying the correct tax rate to what even that is connected with a tax base. Events that are taxable may include the annual income of an individual or business, assets being sold, and inheritances. When dealing with tax liabilities, questions get raised but often a person doesn’t know where to turn for the answers. Read below where Experts have answered questions pertaining to the different types of tax liabilities.

Would a person avoid tax liability on the profit (capital gains) from the sale of a home if a person was to buy a new home with that money? Would a person need a new mortgage on that new home in to see the tax deduction advantage? Would it matter what state the new home is in?

In many cases a person will not avoid tax liability on the profit but it is possible for the person to avoid a certain amount of the capital gain if the person resided in the house and it was noted as being the primary residence from a 2 year time span out of a total of 5 years. A person will need to obtain a new mortgage due to the interest being tax deductible. The location of the state of the new home will not matter.

What is the tax liability on the sale of a second home that has been such for 16 years. The home is in MA and the primary residence of the owner is in CA?

The money that would be earned from the sale of the house would be taxed as gain that will be associated with using for purposes that was at the federal level. The gain would be added by using the selling price and the basis being lessen. The house has a basin which is the original purchase price that is added to what the improvements may cost.

The person would have to pay state taxes to MA because it is where the house is located. The state of MA has a 5.3% tax rate that is flat. The person would have to inform the Internal Revenue Services that the same gain to the CA residence that the person lives at. The Internal Revenue Services will let the person to have credit for what was paid in the state of MA.

What is the tax liability to a grandchild receiving a distribution from a generation skipping trust in 2012?

A person may obtain a generationally skipping trust because it helps in trying to avoid estate, gift, and transfer taxes.

What is the Tax liability on Quit-Deed of property to another person?

A property that has a deed over it and is classified to be on sale; it only happens if the items are transferred. The property can also be given to a person has a gift and will not have to pay taxes on it.

Tax liabilities are ways to help people that may struggle from interest on taxes. The taxes sometimes may benefits some people and may harm others. What is Deferred Tax liability? How to reduce Tax Liability? There are people that may have credit card debt, bill, and all other things that may hurt when it comes to the interest rate and taxes. Since tax can be complex for many, it is often better to seek the advice from an Expert than to take matters in your own hands.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
5 Tax Professionals are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
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    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Tax Liability Questions

  • If I were to transfer ownership of a small insurance agency

    If I were to transfer ownership of a small insurance agency to my son who has worked in the business for eleven years. If the business is valued at $150,000, would that be deducted from the lifetime $5,000,000 gifting total, or would he only get the $14,000 gifting total for 2015 and owe taxes on the difference? I live in New Jersey.
  • I want to purchase a home from my uncle for $60,000, which

    I want to purchase a home from my uncle for $60,000, which he purchased at $40,000. I asked him would he be willing to do the gift of equity whereas he would net approximately $43,500 and I would finance $48,000 what ta consequences would he have? will he pay capital gain on the $20,000 i.e the $60000-40000
  • Just received a call from Wells Fargo to collect equity line

    Just received a call from Wells Fargo to collect equity line attached to my foreclosed mortgage. Was foreclosed over three years ago. They suggested I make a deal to pay a low monthly payment at a renegotiated balance rather than have WF write it off and file a 1099C. I am 72, live solely on SS wages. If this write off becomes income, I will have a tax liability. My current SS income is $25,000 and not taxable. The equity balance is $46,000 and was used to improve the house. Siding, kitchen, bathroom,fence, complete interior paint and carpet.
    Is it advisable to negotiate a payoff and stay away from IRS?
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