Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
Owner devised land to children, with some receiving life
owner devised land to children, with some receiving life estates and the rest remainder interests. All children with remainder interests are now deceased. The last life tenant died. The interests of t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,944 satisfied customers
Life Estate Tax Value A piece of farm land owned by parents.
Life Estate Tax ValueA piece of farm land owned by parents.1. If this was put into a life estate for their care. Father passed away then mother. The adult children (trust) now own the property. What b… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
2,248 satisfied customers
Lev-parents disclaimed their h house to both children in
Lev-parents disclaimed their h house to both children in 2009 but retained a life interest and lived there. Both died in 2016. Children want to sell house now in 2017. Is their cost basis the carryove… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,652 satisfied customers
What is the basis (and when) of real property used residence
What is the basis (and when) of real property used for personal residence given with the right to life estate. Facts: Transfer was made of a home consisting of two separate units to all (undivided int… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
Maybe quite a bit. My experience with Life Estate issues are
maybe quite a bit. My experience with Life Estate issues are limited. Here is my question and situation. father's personal residence was deeded to children in 2001 with a life estate. he died; they so… read more
Angie
Angie
Bookkeeper, Tax Preparer, Office Manager
319 satisfied customers
MN Husband and wife own farmland as joint tenants with right
MN Husband and wife own farmland as joint tenants with right of survivorship. Farmland was purchased in 1970. In 1999, husband and wife deed farmland to four children while retaining a joint life esta… read more
emc011075
emc011075
Tax adviser
Bachelor's Degree
4,283 satisfied customers
In 2005 my wife's parents executed a quit claim deed to their
In 2005 my wife's parents executed a quit claim deed to their two children (and spouses),reserving a life estate . In 2010, her father died. In 2011 her mother entered a nursing home. The daughters ma… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,944 satisfied customers
A mother set up a living trust with real property with terms
A mother set up a living trust with real property with terms allowing her daughter to live in the home until her death then all right and title passed to the daughters children. The mother died in 199… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,944 satisfied customers
I am a trustee of a Irrevocable trust in my mothers behalf.
I am a trustee of a Irrevocable trust in my mother's behalf. She has died. The only asset is a house. What if any capital gains tax are the beneficiaries liable for? Thanks, Bob… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
What is the cost basis of a house owned by a parent transfered
What is the cost basis of a house owned by a parent transfered to a trust held by her children when the house is sold; assuming the parent is a). Alive and B). Deceased ?… read more
socrateaser
socrateaser
1,458 satisfied customers
Heres the question It is a bit complicated. If you have
Here's the question: It is a bit complicated. If you have trust that is to inherit an IRA from a parent, if that parent is over 70 yrs old and the trust in the child's name is XXXXX XXXXX what tax cou… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
In 2002 parents transferred a remainder interest to their daughter
In 2002 parents transferred a remainder interest to their daughter retaining a life estate. In 2003 mother died and father continued to live in home. Father died in 2009. Daughter sold the house in 20… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,652 satisfied customers
The Divorce Decree /MDA signed by the Judge has the following
The Divorce Decree /MDA signed by the Judge has the following clause under Death: " Should there be any obligation, child support, life insurance, or other outstanding obligation upon the death of eit… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,652 satisfied customers
What are the tax/legal consequences of changing/transferring
What are the tax/legal consequences of changing/transferring NY real estate title from a son and parent with a life estate on the house to changing title to the four children only (no parent's life es… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
252 satisfied customers
My father and mother own 240 acres of iowa farm land valued
My father and mother own 240 acres of iowa farm land valued at $4000 and acre, also own 3 homes . they are renting out all peoperties at this point. What will be the best way for them to dal with taxe… read more
Anne
Anne
Master Tax Preparer
2,374 satisfied customers
In 1999 a life estate was set up for my in laws both of ...
In 1999 a life estate was set up for my in laws both of whom died in 2005. The life estate or deed was in the name of my wife, their daughter. She has since sold the home in 2007. The deed of the prop… read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
About fifteen years ago my mother deeded her property to ...
About fifteen years ago my mother deeded her property to the four children but held a life estate in the property.She passed away this past April and we are in the process of closing on the property n… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Mom & Dad owned a piece of property that they wanted to
Mom & Dad owned a piece of property that they wanted to leave to their children. Upon the death of the Dad the property was deeded to the children but left a life estate to Mom. Dad died in 2002 and M… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x