Taxes Question & Answers

pension taxes

June 11th, 2009

My mother recently passed. She left me as the sole beneficiary of her retirement pension. I should recieve half of her pension monthly. She requested that I split it half way with my brother. Will I be liable for claiming the portion that I have given him when tax time comes around? Is there a way to write it off of my taxes? Read the Answer…

House Sale Taxable?

February 1st, 2009

My Dad transferred ownership of his house to my brother and me about ten years ago to so that if he went to a Nursing home it would not be lost. He had a clause allowing him to use the house till he past which occurred about nine months ago. We are now selling. Is this taxable? Read the Answer…

Life estate tax impact

January 14th, 2009

My mother placed her home in a life estate in 2005 at age 84. Mom passed away in 2006. Her home was sold in 2007. I was wondering what tax liability is. I cannot get a answer from the IRS. Read the Answer…

Income taxes on inherited house

January 11th, 2009

When my mother died she left her house to the 4 of us. My sister, who was also the executrix, of the estate wanted to buy it. The lawyer told us that the state of **** does not alow the executrix to do this. So the lawyer put it in all of our names. Than we sold it to our one sister. Do we have to pay taxes on the share that we got. and also i live in ***. Read the Answer…