Taxpayer asks:
My father my grandmother and (unofficially) I, are administers of a simple (non trust) estate for my recently deceased Uncle. the estate has hired an attorney, a funeral home, a grave tending service, and a guy to help clean the house he lived alone in, and sell personal property contained in the house. […]
Taxpayer asks:
I recently inherited a substantial (for me) amount of money. I used it to buy a home and to pay off some bills. I have been told I will have to pay inheritance tax and I have also been told it would not be inheritance tax, but income tax I will owe […]
If you had asked me, before today, what the single most important issue would be in the upcoming presidential election, I would have said the economy, hands down. For purposes of the election, it’s more important to voters than Iraq, than health care, than the environment (though clearly those issues are intertwined with the […]
Taxpayer asks:
This year, I will have been married for 25 years. To celebrate, I bought my wife a very nice piece of jewelry; I have never purchased anything this expensive for my wife before (if you do not count our house and cars). My friend has advised that I will need to pay […]
There’s Trouble in New York. And he’s rich.
Trouble, the beloved Maltese belonging to Leona Helmsley, is the beneficiary of a $12 million trust fund, according to her will, which was made public Tuesday in surrogate court. Helmsley’s brother, Alvin Rosenthal, was named Trouble’s caretaker.
Helmsley’s only child, Jay Panzirer, died at the age of […]
Taxpayer asks: My son’s grandmother has offered to pay his tuition for graduate school this year. Can she get a tax deduction for this? Does my school have to report this as income?
Taxgirl asks: First of all, as someone with a slew of student loans for graduate school, tell your son […]
But not many… in the Ways and Means Committee.
The Business Journal of Phoenix (how’s that for a source?) is reporting that U.S. Rep. Harry Mitchell, a Democrat of Arizona, is introducing a bill to keep federal capital-gains taxes permanently at 15 percent and to make recent cuts to federal estate taxes permanent. The Democratic Representative […]
Taxpayer asks: My mom gave me money through my paypal account. There were 3 separate transactions totaling $380 but was non-business related, do I need to claim these transactions along with the other income from my business since they used my PayPal account? Taxgirl says: Absolutely not! Though I will take this opportunity to discourage […]
When Congress first introduced the wacky legislation that is the current federal estate tax situation (an exemption that gradually rises to $3.5 million per person, is eliminated in the year 2010 and returns in 2011 to its "old self") most folks assumed we had plenty of time to fix it. 2010 seemed years away. Now, […]
The most recent news out of the Anna Nicole Smith camp is that her Will does not provide for anyone other than her now deceased son, Daniel. In fact, it specifically excludes afterborn children and future spouses.
Of course, the wrench in all of this is that Daniel predeceased Anna Nicole, thus likely creating an intestacy […]
tax news, tax info and tax policy - and it’s not as boring as you think!
Written by Kelly Phillips Erb [email] for b5media.
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