Florida Tax Legal Questions

Although you should consult with your accountant to confirm, a properly prepared enhanced life estate deed, also known as a lady bird deed, is not a completed gift upon execution because the grantor retains the right to revoke the beneficiaries remainder interest.  Therefore, the remainder beneficiaries should receive a stepped-up basis in the property.  This stepped-up basis is the fair market value as of the date of death.  ... Read More

No, unemployment compensation and wages are both taxable income and will both likely be reported. ?So you're ok as far as taxes. However, it IS unemployment fraud, if you haven't reported accurate information to the unemployment people. ?If you think it's tough getting a good job now, wait until you go looking for a job with a conviction for felony fraud on your record. ?Oh well, they say that you get free lunches when you work at a McDonalds.... Read More

There are two ways you can claim your children, either by agreement or Court Order. If both you and your wife claim the children, this will likely raise an Audit flag. Usually, parents experiencing separation decides to claim children on separate years (i.e. father 2012, mother 2013 etc.). Otherwise, during equitable distribution, the court can order that one parent can claim the child(ren) or done as the aforementioned example.... Read More

You would stand to loose the monies you spent paying your halve of the taxes. If she is failing to pay her share of the taxes, then you could pay the entire tax bill (keeping a record of course) and/or you could ask the Court to enforce the order and make her pay her portion (however, there is a limit to this type of enforcement). Once the property goes to tax sale, the highest bidder will be awarded the property. Which one of you pays your yearly tax bill is not the concern of the tax office, and they don't care who the Court told to pay; they will call for a tax deed sale for any owner of a tax certificate for that property who has held such a certificate for two (2) or more years.... Read More

Neither the state or the IRS will hold you responsible for his tax liability incurred before your marriage. Obviously it will affect him and his ability to contribute to your household. You should avoid filing a joint tax return with him until his tax debt issues are resolved. You should also avoid acquiring property jointly with him until the issues are resolved. Did this information help answer your question(s)? Details and context often affect the validity and usefulness of an answer that is based on a general statement of the law. You may need to consult directly with an attorney and provide additional information in order to get the best answer.... Read More

For most people, getting married will reduce their income tax liability. You would have to file jointly or married filing separately. However, for some couples where both have income-primarily those who have similar amounts of income-it will slightly increase their tax liability. Filing separately will almost always result in more tax payable than filing jointly because a lot of beneficial deductions or tax attributes are not allowed to either of you.... Read More

To be deductible under the tax code, a property tax must be both imposed upon and paid by the person who wants to deduct it.  If your brother fits into those criteria, then he may be able to deduct the payment of property taxes.  However, since his name is not on the deed, I suspect that he is not receiving the bill from the property appraiser. Regards, Mary E. King, Esq. www.taxlawyerflorida.com  or (877) SOS-TAX-LAW This response does not form an attorney-client relationship, nor should it be relied upon as legal advice.... Read More

Unemployment benefits are considered income.  Therefore, you do have to pay taxes on these benefits.  You may want to consider having taxes taken out of the benefits before you receive them, just as you would have taxes withheld from your payroll.  That way, you should not have a large tax debt when you file your taxes on April 15th.  Alternatively, if it is possible you can pay estimated taxes during the year.  Regards, Mary E. King, Esq. www.taxlawyerflorida.com  or (877) SOS-TAX-LAW The response does not form an attorney-client relationship, nor should it be relied upon as legal advice.  ... Read More

If you and your husband filed "married/separate" for the year in question, then he cannot be held liable for your tax debt. However, if you still owe a balance and you file jointly, they can keep the refund even though part of it might be his. They should not be seizing his refunds for years in which he filed separately from you. If this is the case, I suggest you contact a tax attorney right away.... Read More

If a taxpayer has an obligation to file tax returns, (income or other) and fails to timely file without obtaining a valid extension then the taxpayer may face civil penalties for failure to file and failure to pay taxes. If the taxpayer has failed to file intentionally and with the intent of evading tax then the taxpayer faces potential criminal charges. If a taxpayer has multiple unfiled years, then he or she should retain counsel. Counsel should then do an appropriate interview with the client to determine the nature and amount of unreported income. The lawyer should also engage an accountant to prepare draft returns. Once the drat returns are prepared the lawyer should discuss a voluntary disclosure with the client depending on the amount, nature and source of the unreported income. Additional investigation may be required and further steps as well.... Read More

You won't have to recognize anything until you dispose of the stock. At that time, if you sell the stock for more than it was worth at the time it was bequeathed to you, you will have to recognize a capital gain. Likewise, if you sell if for less than the value it had when it was bequeathed, you will be able to recognize a capital loss.... Read More