Recent content by curiousv

You are awesome...I was in wrong impression that if property owner's income is less than taxable amount i.e. in this case lets say 10k, filing status is single...and long term gain is 150k ...than they will not owe any capital gains tax. You said ...""The 15% rate is the maximum rate at that...

This capital gain is still confuses me. ...Hypothetically...The seller of said property has got the property as a gift from family member. This family member was holding the property for 10 years as primary resident. ...(i.e. long term capital gain?) Now lets say after holding it for about 6...

Wow..thanks for clarification. So for example if a this person received property as a gift ..their cost basis would be donor's cost basis correct? So gain tax will be applied on difference between selling price minus donor's cost basis correct? Are you sure ...capital gains is included in the...

WA state Even though someone is US citizen but not residing/domicile in USA ...rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same correct? I am asking because I read somewhere that for non residents the estate tax exemption is only 60k ... Non...

U said execute a deed for the transfer but if this overseas resident has given POA to someone ...can that attorney in fact sign the deed and complete all formalities related to transfer on his behalf ? and when you said transfer tax...are u referring to excise tax? Now I learned that even though...

Ok just to be clear....I should not ask any legal question here on the forum?

WA state.. Please note I mentioned Non US resident but she is US citizen.. in this case ..son who is US citizen wants to transfer his home to his mother who is US citizen but she is not residing in USA ..she visits USA at times but not residing at the moment...so I heard that when son transfer...

Thanks for taking time ...I like your detailed response.....You said ...'any liens against the son that arise after the gift of the remainder interest may still attach to the son's life estate' so it means even after transferring the property he is still on the hook..i.e. possibility of lawsuit...

WA state - pierce county WA staste In piece county WA - if a son transfer his free and clear ownership of his home to his senior citizen mother as a gift but retains life estate in the deed.. The mother (grantee) becomes the legal owner the same day or she becomes the owner day after the...

Can you suggest what class of appraisers ? and I think cost basis does not matter much because donee is also getting holding period (in this case donor is the owner for more than 10 years ) as a gift and donee is not making more than 10k in income so if donee has to pay long term gain ...total...

What is the name of your state?WA If you gift real property you have to file form 709 - gift tax return and donor needs to mention adjusted cost basis ..but how does donor calculates this adjusted cost basis particularly when house was purchased 10 years ago by said donor and he made various...

Washington State An elderly family member in India has resource that is worth more than 2000$ i.e. fixed deposit but she can not use it or access because there is a lawsuit against all of her resources including her home. She is aged and disabled/retired with no income. Can she apply for SSI...

What is the name of your state? WA I was rear ended by a driver who was driving a friend's car with friend's knowledge and consent. Driver himself did not have insurance because he had 3rd degree suspended driver license and had history of DUI. Friend (owner) of vehicle had liability...

What is the name of your state (only U.S. law)? WA state I am asking for an elderly lady ... She got a employment lawsuit settlement..employment was back in 2014 in State of IL because she was underpaid and lawsuit was settled in 2017 so received w2 for $10750 and same amount on 1099-misc (non...

What is the name of your state (only U.S. law)? WA When a US citizen daughter transfer her home (homestead) via quit claim to her mother as a gift who is green card holder ...are there any taxes involved..like excise tax, gift tax, income tax or capital gains tax or any other taxes ? And it...