Legal

Ask a lawyer and get answers to your legal questions

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

TAX QUESTION. A GENTLEMAN RECEIVED FROM THE TITLE COMPANY…

TAX QUESTION Lawyer's Assistant:...

TAX QUESTION

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

A GENTLEMAN RECEIVED FROM THE TITLE COMPANY AMOUNT OF PROCEEDS. DOES HE HAVE TO OWN HIS HOME TO GET AN EXEMPTION. THE 250,000 EXEMPTION. HE LIVED IN THE HOME FOR SEVERAL YEARS. IT WAS HIS MOTHER'S HOME. HIS SISTERS HAD TO PAY TAX ON THE 90K HE PAID THEM....CALIFORNIA IS THE STATE

Lawyer's Assistant: Has anything been filed or reported?

ONLY TO THE IRS FOR THE AMOUNT HE RECEIVED. NO BASIS NO EXEMPTION. 1099 S FROM THE TITLE COMPANY FOR PROCEEDS IS ON HIS SOCIAL SECURITY NUMBER A CPA TOLD HIM HOW MUCH TO PAY HIS SISTERS AND HE HAS A K-1 FOR THE OVER 90K BUT HE WANTS AN EXEMPTION.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

CAN HE CLAIM THE EXEMPTION. WHAT DOCS DOES HE HAVE TO HAVE IF AUDITED. PROOF THAT IT WAS HIS HOME? THAT HE LIVED THERE FOR OVER TWO YEARS. I HAVE TAX RETURNS FOR 4 YEARS WITH THAT ADDRESS.

Show More
Show Less
Ask Your Own Legal Question
Answered in 1 minute by:
3/9/2018
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,143
Experience: 30 years in civil, probate, real estate, elder law
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Ask Your Own Legal Question

Living there won't qualify here you have to own it.

In general, to qualify for the Section 121 exclusion, you must meet both the ownership test and the use test. You're eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale. You can meet the ownership and use tests during different 2-year periods. However, you must meet both tests during the 5-year period ending on the date of the sale. Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule.

If you had opened probate and sold house from probate and filed last return for mother she could have claimed the exemption.Unfortunately if you had the title in your name you could claim exemption.Otherwise there is going to be taxes due here.

Please don't shoot the messenger.The deduction is only for a home you owed in your name, living there doesn't exempt.Again I wish I could tell you otherwise.

I appreciate the chance to help you today.Thanks

If you can positive rate 5 stars it is much appreciated.

Ask Your Own Legal Question

If he got reported for the whole amount the siblings should offer to contribute to the tax bill here if they had shares.

Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,143
Experience: 30 years in civil, probate, real estate, elder law
Verified
Ray and 87 other Legal Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Ray Your Own Question
Ray
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,143
48,143 Satisfied Customers
Experience: 30 years in civil, probate, real estate, elder law

Ray is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Ely

Ely

Counselor at Law

24,657 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

22,408 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

44,066 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo Senmartin

Guillermo Senmartin

Lawyer

300 satisfied customers

Principal Attorney at Guillermo J. Senmartin, P.A.

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

17,183 satisfied customers

Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.

< Previous | Next >

Related Legal Questions
I spoke with you on the phone the other day, I enjoyed
HI sir! I spoke with you on the phone the other day, I enjoyed talking to you, and appreciated the analogies and scenarios you used. It really helped me to understand more thoroughly and I now underst… read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,965 satisfied customers
I have already filed my 2017 taxes. I received a W2 from a
Hello, I have already filed my 2017 taxes. I received a W2 from a job that I only worked for two weeks. It wasn't filed because I have already filed. It lists my gross pay as $204.33. Do I have to ref… read more
LegalGems
LegalGems
Juris Doctorate
12,500 satisfied customers
As a employer i have independent contractors i pay and give
As a employer i have independent contractors i pay and give a 1099 at end of year, many had not paid it for 2+ years- if they dont pay, will i have to pay? … read more
KLAW
KLAW
Juris Doctorate
2,253 satisfied customers
Not sure exactly what type of law this falls under, possibly
Not sure exactly what type of law this falls under , possibly many areas.My spouse ( during our divorce ) had used my eldest sons SS# ***** work 1099 jobs. My son at the time was 15/16/17 years old. T… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
44,066 satisfied customers
I have $250,000 in stock. The federal judge over my bankruptcy
I have $250,000 in stock. The federal judge over my bankruptcy case said that he would approve the sell of my home to my son at market price if the mortgage company approved the sell. The judge approv… read more
Dylatess
Dylatess
JD
1,536 satisfied customers
Im looking for further clarification. I receive commissions
I'm looking for further clarification. I receive commissions personally via 1099 from my Broker Dealer. I then assign my commission to my LLC which is treated as an S-Corp for tax purposes. My father … read more
socrateaser
socrateaser
1,031 satisfied customers
We ( my husband and I ) did a life estate deed transfer back
We ( my husband and I ) did a life estate deed transfer back in 2007 to our daughter {who has her own home} because we are in our 70's and we wanted her to have our home. Appraised at about $160.000 b… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
37,815 satisfied customers
I entered into a verbal agreement with individual, MRS Jones,
I entered into a verbal agreement with individual, MRS Jones, to provide her with e heritage scrapbooking services. After numerous years of compiling over 15 albums for MRS Jones, it became impossible… read more
Dwayne B.
Dwayne B.
Juris Doctor
28,766 satisfied customers
We have sales people that work as independent contractors and
We have sales people that work as independent contractors and are getting a 1099 at the end of the year is some cases the sales people pay for company expenses as office supplies, advertising and are … read more
JB-Umphrey
JB-Umphrey
Attorney & Counselor
Juris Doctor
606 satisfied customers
Ive filed 2011 tax return for my wife and I, she just received
I've filed 2011 tax return for my wife and I, she just received a 1099-c CODI for a student loan. It was cancelled because she is disabled due to MS. Can she be exempt due to being disabled...she was … read more
LawTalk
LawTalk
Attorney at Law
Juris Doctor
128 satisfied customers
I am being investigated (2 clients told me they had visit from
I am being investigated (2 clients told me they had visit from invetigators from irs treasure inspectors). It is allegedly for fraud. The 2 clients who were visited were clients I spoke for with 2848 … read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
44,066 satisfied customers
in 2009 my income was $90k. I retired and live modestly on
in 2009 my income was $90k. I retired and live modestly on $28K in 2010 from S.S. and small company pension and my savings before I have to top my IRA. Point here is that 1040 form for 2009 shows tota… read more
JB-Umphrey
JB-Umphrey
Attorney & Counselor
Juris Doctor
606 satisfied customers
My son worked for a tile and carpet company all of 2010. He
My son worked for a tile and carpet company all of 2010. He was given a 1099-Misc. but according to the IRS 20 Factors for determining eligibility to be an employee, he qualifies as an employee and sh… read more
JB-Umphrey
JB-Umphrey
Attorney & Counselor
Juris Doctor
606 satisfied customers
Great grandfather dies in 2003. Leaves an undisclosed amount
Great grandfather dies in 2003. Leaves an undisclosed amount of cash to be divided between 6 great grandchildren. Children do not receive inheritance until they turn 25 years of age. Trustee of accoun… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
37,815 satisfied customers
My condo has been in foreclosuer since July 2009. I have worked
My condo has been in foreclosuer since July 2009. I have worked with my mortgage company for many months only to get the run around. I put it on the market for a short sale and have received an offer.… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,175 satisfied customers
We had a 1099 worker in 2007 that worked at our store in Waikiki
We had a 1099 worker in 2007 that worked at our store in Waikiki for four months. We set her up as a 1099 employee since our store lease was only for 6 months, she was part time and worked on a commis… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
17,183 satisfied customers
Proposed tax assessment 2002 & 2003 with home daycare business
Proposed tax assessment 2002 & 2003 with home daycare business issues. I want to make good with the IRS, but am facing a huge amount due to selling our home in 2002. Quick background: we had a CPA doi… read more
socrateaser
socrateaser
1,031 satisfied customers
My grandfather owns a 90K house in Ohio with 50K in cash.
My grandfather owns a 90K house in Ohio with 50K in cash. He has resided in Pennsylvania with my father for 2 years. We would like to move him to a nursing home, but need to know the effects of doing … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x