Q: My dad purchased an investment property in 2006 for $150,000. He put my name as joint owner with him. His intent was for me to become the sole owner of the property after his death. He died late last year. Prior to his death, he managed the property and did everything that had to do with the property. He took all the tax benefits and tax deductions having to do with it.
We have heard from a number of readers regarding the mention of elder abuse in a recent column, and one reader suggested reporting the abuser to the IRS.
Q: My wife’s youngest daughter is concerned about how we have set up our estate. We own three properties in Southern California and use two as rentals to supplement our retirement. All three properties are held in our living trust.
Q: We have two combined lots that we bought in 1984 for a total cost of about $50,000. A 100-year old cottage sits on one lot and the other lot is a landscaped garden with no structures. Over the past 37 years, we have spent quite a bit of money on landscaping, fencing, a new roof, a new garage and a complete gut job to the main floor and attic of the house.
Q: I divorced my husband two years ago. He signed a quitclaim deed giving me the house. There is a loan on the home, but my name was never on the loan.
Q: Two year ago, I relocated for my company and rented out my primary residence. My initial plan was for this to be temporary and to eventually move back into the property. However, my move is turning into a long-term assignment and I am planning on keeping the property as a rental.
Q: My mother put me on the deed to a house she purchased five years ago. Recently, she has decided that she wants to sell the house to buy a smaller house in a nearby town. The house has been her primary residence for the last five years, but not mine. I live three hours away.
President Joe Biden is getting ready to spend the autumn fighting for tax increases on the wealthy and corporations. Source by: Stringr
For Star subscribers: Find out who gets the more than $115 million in tax revenue from marijuana sales so far this year.
Sir Sean Connery wanted help with his taxes in exchange for backing the then-government's devolution campaign in 1997, a newly-published memo has revealed.
The Trump organization and Allen Weisselberg, the company’s longtime chief financial officer, are expected to be charged with tax-related crim…
John McAfee, the outlandish security software pioneer who tried to live life as a hedonistic outsider while running from a host of legal troub…
While most states rely heavily on three sources of taxes, many of the lowest-tax states for residents generate tax revenue in ways that do not financially burden those residents in a direct way.
Many taxpayers who use tax preparation services such as H&R Block and TurboTax say their second relief payments were sent to the wrong bank account.
Casa de los Niños provides prevention, intervention and treatment services to at-risk children and families in Tucson.
The majority of YOTO’s funding comes from individual members of the community.
A host home is a screened home that agrees to provide a stable, transitional living arrangement for single teen parents, pregnant teens and their child.
White collar staff reaping the benefits of working from home should be taxed to help other workers not getting the same advantages, a report says.