Taxes

Q&A

Asked by an anonymous user

Do I have to pay taxes on a estate/property inheritance?

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Answers 2

Answered by Jeffrey Schneider
Tax Professional

If you are talking about Federal estate taxes, depends on the value of the estate. If the estate happened in 2017, the estate gets a $5.49 million exclusion or 100% if...

Estate Tax & Inheritance Taxes Other Taxes Tax Returns Taxes Federal Income Taxes

Q&A

Asked by bgggirl

As a beneficiary of a life insurance policy will I have to pay taxes on the money?

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Answers 2

Answered by Michael Karu
CPA/CFF/CGMA in Livingston, NJ

The short answer is no. However, if you receive interest on the proceeds, the interest is taxable.

Life Insurance Insurance Tax Laws Taxes

Q&A

Asked by Lee

How can I find out how much is in my IRS account due to over payment of taxes?

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Answers 2

Answered by Jeffrey Schneider
Tax Professional

You can request a copy of your account transcripts directly online at www.irs.gov or go to an Enrolled Agent or CPA and they can do it for you (and quicker). The trans...

Tax Returns Taxes

Q&A

Asked by w-lmburris

Does dividend income still have qualified and non-qualified classification for tax purposes?

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Answers 1

Answered by Megan Gorman
Tax Professional

Yes, this is specified on the 1099.

Tax Returns Taxes

Q&A

Asked by an anonymous user

What's the easiest way to decide whether to file joint or separate tax returns as a married couple?

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Answers 1

Answered by Michael Karu
CPA/CFF/CGMA in Livingston, NJ

When we prepare tax returns for couples, we routinely check to determine whether married filing jointly or separately is more beneficial. The process is to calculate ...

Tax Returns Tax Laws Taxes Federal Income Taxes

Q&A

Asked by Mary

Our independent student son is returning to school. If we make him owner of some of our existing 529 funds, will we be subject to gift tax?

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Answers 1

Answered by Kim Miller PRO+
CFP® in Redmond, WA

Hi - The annual gift tax exclusion allows you to give $14,000 per year to any one person without filing a gift tax return. A married couple who "join" in the gift ca...

College Funds (529 Plan) Other Taxes Investing & Retiring Taxes

Q&A

Asked by an anonymous user

I inherited my parents home where we were living, it is paid off. I need to get a home equity loan but my credit score is 547.

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Answers 3

Answered by Mark Haynie
Mortgage Broker in Los Angeles, CA

Unfortunately, the 547 score is a lower score than any lender will consider. I recommend that you consult with a professional in the credit repair business and develo...

Credit Rating Home Equity Loans & Line Of Credit Borrowing Taxes

Q&A

Asked by victor piediscalzo

I am 51 years old and have nothing for retirement. I put 100.00 a week in my savings and have about $10k now. What can i do for more interest?

Answered by Tracy Scott Burke
CFP®, ChFC® in Harrisburg, PA

Victor, Thanks for your question. Some type of a tax-deferred retirement account would likely be best in your situation in lieu of bank savings. If you have acces...

401(k) Bonds Retirement Investing & Retiring Taxes Mutual Funds IRA Stocks

Q&A

Asked by Erin

Determining capital gains

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Answers 1

Answered by Prateek Mehrotra
Financial Adviser in Appleton, WI

Erin, Here is a simple way to do this. After you sell your stocks you will know the selling price. Your Capital Gains is equal to the difference between the Selling...

Investing & Retiring Taxes Stocks

Q&A

Asked by Katie

IRA or Roth IRA?

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Answers 2

Answered by Michael Hoffman PRO+
RFC, CLU, ChFC in Grass Valley, CA

Katie, Conversion from a traditional IRA to a Roth IRA is beneficial when the amount you are converting allows you to stay in the same tax bracket and you have time...

Investing & Retiring Taxes IRA