When do I have to make my first retirement distribution at 70?
Secondly, your first required distribution doesn’t have to be made until April 1 st of the year after you turn 70 ½. This is called your required beginnin...
Category: Updates
Can a trust be considered a personal residence?
In many cases the IRS does not treat the home as being owned by you when it is in an irrevocable trust. Therefore, for tax purposes it is not a personal r...
What are the problems faced by person living with disabilities?
Discrimination/Social Exclusion: Negative attitudes held by the families of the disabled, and often the disabled themselves, hinder disabled persons from ...
When do you inherit a house in Florida?
You inherit a house by trust if the trust agreement states that you, or you with others, are entitled to the house. In cases involving a person died leavi...
What type of business is a real estate agent?
A: Most real estate agents are independent contractors — self-employed business owners who are affiliated with a licensed real estate broker in their stat...
Do you have to file a New Jersey tax return?
If you had any income from New Jersey sources while you were a nonresident, you may also need to file a New Jersey nonresident return (Form NJ-1040NR). Vi...
When to file a 1099 for a deceased person?
After they report their wages on Form W-2, they must transfer the totals from boxes 3 and 5 of the form to box 3 of Form 1099-MISC. Estate administrators ...
When does a revocable trust become an irrevocable trust?
A revocable trust becomes irrevocable when the grantor passes away. As noted above, an irrevocable trust must pay income tax on its earnings. However, a t...
What is the purpose of life insurance solicitation regulations?
The purpose of this regulation is to set forth minimum standards and guidelines to assure a full and truthful disclosure to the public of all material and...
Can a family member pay off my student loans?
More on the unified credit can be found on TurboTax and these IRS instructions. In other words, student loans can be paid off by family members (or non-re...
