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    1. E

      Help! Husband hasn't filed taxes in 6 years!

      Tax returns I believe you are, also, responsible. I wouldn't let any more time go by. You could be facing a huge penalty and interest. I can't see any reason that you can't learn how to file a return. Gather up all the 1099's for those previous years and run to an accountant to get it...
    2. E

      Tax from sale of vacation home

      Maybe, you haven't read the latest IRS rules on vacation homes. Unless, our newspaper is publishing wrong info on that. Every 24 months, you can sell a home, primary or vacation home, and as long as you have lived in the home you are selling a total of 24 months in a five year period, you...
    3. E

      Tax from sale of vacation home

      As I understand the law, if you have lived a total of two years in the last five years in your vacation home, there would be no tax at all on your profit of 60 or 70K. How about it, Taxguy?
    4. E

      Capital gains on living trust property

      Bond interest I've been cashing in old (40 yr) savings bonds for the past 15 years. Since when is the interest a "capital gain"?? Was I stupid to have paid tax on it as "regular income"?? Bewildered, Wanda
    5. E

      Isn't Taxing Income illegal?

      Taxes If it is illegal to tax our income, how would we run the country without that revenue?? Also, from Ohio
    6. E

      Gift Tax

      A...no form required B...form needed for amount over 10,000. C...amount in excess of 10,000 reduces the exemption.
    7. E

      Getting a car as a gift

      Do states differ that much concerning a gift of a car? I live in Ohio. Gave my daughter my car last year. I put "gift to daughter" and she paid no sales tax when she retitled it. Our state must be giving us a break.
    8. E

      taxes i need to pay on gifts recieved?

      Was that a "considerate, respectful and polite" response to my reply? I think not. I WAS talking about income tax. There is no income tax due from the recipient of a gift. I was only explaining further, that there is a gift tax due on the excess over $10,000 (in most cases), but, it's owed by...
    9. E

      taxes i need to pay on gifts recieved?

      The recipient of the gift is not liable for any tax. It is the "giver" who files a return, if the gift is over 10,000 in any given year, and pays any tax due. (I'm not a lawyer, but, read a lot) Wanda
    10. E

      Copying a Living Trust for parents

      You do not need a Trust to "just avoid Probate". If you have beneficiaries on all your assets, or make your CD's Payable on Death acc'ts (POD), you don't need a Trust. Don't believe all the "hype" you hear at those seminars. Wanda
    11. E

      Could A/B trust be a $800 mistake for SMALL estates?

      I, myself, would not go back to the same lawyer. If your parents had given him the amount of their net worth..Why would he have set up an A/B Trust in the first place. I'm glad your mother is considering a second opinion. I dropped the A Trust, when I found out that the Trust income (after my...
    12. E

      Living Trust amendment cost

      I'll just relate a little of my experience with a Trust. You referred to the split trust for tax purposes. That would be Trust B, I presume. Our Trust was made 6 years ago..one year later, we made an Amendment. There was an amendment form in the back of the Trust Documents. We signed it...
    13. E

      stepped up basis

      If President Bush's tax plan, regarding the Federal Estate Tax (death tax) is voted in, what happens to the "stepped-up basis" on inherited property?? They have been awfully q quiet about it. Ohio
    14. E

      tax basis in traditional ira at death

      IRA I live in Ohio. Upon my husband's death..his entire IRA balance was transferred to me, and it continues on as before, tax deferred. Unless, you draw it all out..then, it's 100% taxable. Bad move. My opinion.
    15. E

      Infomercials

      If I order something from a TV infomercial, and then call back within half an hour to cancel the order, and they tell me to call another number the next day, which I did...do they have the right to charge my credit card immediately, after I'm told the delivery will be in 3 weeks? If I refuse...
    16. E

      Trust B

      After my husband's death, the Trust B became irrevocable. Our home is in the Trust. If I, as Trustee, sell the home, and put all proceeds back into the Trust B,does the 250,000 tax exemption still apply on any increase in value?? Thanks
    17. E

      Estate Tax Elimination

      Maybe Grandma knew that the kids and grandkids didn't know how to handle money well. Giving 10,000 every year, could just "enable" some irresponsible grandchildren to blow it all on fancy cars, etc. Just a thought.
    18. E

      Federal Estate Tax

      As I understand it..the elimination of the Fed. Est. Tax might not be such a good thing, because along with that, goes the stepped up valuation of Real Estate, causing a huge income tax due, in most cases. For instance, if Grandma paid 20,000 for her house in 1950 and it's worth 100,000 now...
    19. E

      Living Trust and Children

      Just a reminder...income building up in a Trust is taxed at a much higher rate than ordinary income.
    20. E

      Medicaid

      I appreciate your comments, but, the point I'm trying to make is that some people have not tried to plan for some future needs in retirement. Those of us who have, are technically punished for saving, when the others get it handed to them. We don't "owe" family members an inheritance...

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