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Showing content with the highest reputation on 06/03/2022 in all areas

  1. If you would like to continue this as an extension of the topic, please do so via PMs.
    2 points
  2. Just for that, @Abby Normaland @BulldogTomyou two don't get any slices of the apple-walnut cake that I just made this morning. That'll learn you!
    2 points
  3. First thought: are they getting enough water and enough sun and fertilizer? If yes, contact your county extension service or a tree specialist, and have them take a look. Good luck!
    2 points
  4. The remaindermen need to contact their lawyer. But here are some articles about your topic: https://wernerlawca.com/who-owns-property-life-estate/#:~:text=While a life tenant cannot,over the role of remainderman. https://burnerlaw.com/who-owns-the-property-when-there-is-a-life-estate/ https://www.fendrickmorganlaw.com/a-life-estate-deed/ https://www.bowmanlawfirm.net/blog/selling-property-life-estate
    2 points
  5. As distasteful as wide net casting collection is, like many things, there are two sides. Low collection rate or not, it makes some business sense to farm out collections for whatever fee they get for assignment, rather than taking a zero. The IRS is a business too... as are all tax agencies. (such as how many are looking at forced taxes, such as retirement deductions, as a profit generator with several companies offering turn key "solutions"). If not liable, and the letter is not backed by a court order, it could be a valid action to ignore it. In some ways, no different than the number of email and mail "junk/fake/fraud invoices" most receive on a regular basis. I try to remember to fall back on not volunteering anything to anyone. I just listened to a VM stating it was a courtesy call before receiving a registered collection letter tomorrow... I bet there is no letter arriving tomorrow.
    1 point
  6. Cathrine, You need to contactyourUScongressman. Terry
    1 point
  7. It is very strange that our elected representatives keep pushing the IRS to use these subcontractors for collections. I guess it's the power of making large donations? Their collection rate is very low, truly pathetic.
    1 point
  8. The key question here is whether the owner has "power of appointment," meaning she can change the terms of the agreement. If so, she didn't really make a gift of a current interest so the proceeds of the sale go to her. If she had no power of appointment, there should have been a gift tax return filed. Based on her age at the date of the gift, use IRS tables to determine the value of her interest and the remainder interest. I'm not sure, but I think you have to calculate the value of what's left of her interest when the house is sold using the same tables and the ORIGINAL value (I'm sure of that part) and her new age. The transferees essentially have to buy out her remaining interest by paying her for it. She may be eligible for the 121 exclusion but anything they receive above their basis is subject to cap gains tax. Answer to your specific question: She is gifting a home, so basis is always her basis just like any other gift. If she held power of appointment, she gets the proceeds and the 121 exclusion. If not, she gets her piece and the transferees have cap gains on their piece.
    1 point
  9. So she can reach the fruit on the bottom branches..... Tom Longview, TX
    1 point
  10. We put in a succulent garden with various sedum, daisies, yarrow and Beekeeper Caryopteris along the driveway, and it's doing very well.
    1 point
  11. Catherine having dwarf trees makes me snicker.
    1 point
  12. I wouldn't have left ATX except for ongoing problems with my state Business Entity Returns. I find Drake more reliable, with much better support. There is definitely is a learning curve because Drake is not Form based. Drake's efiling process is much quicker and more reliable. Drake does small frequent program updates which only take 1 or 2 minutes. Drake definitely releases forms and state returns much sooner than ATX. The hardest thing for me to get used to was Drake has very busy input sheets, which can result in overlooking a check box etc. Even now after 3 years, it takes me a bit longer to do a return in Drake. However that's offset by fewer problems and better support.
    1 point
  13. Catherine, I have a lot fruit trees too. Once I heard someone referred my home as " The house with a lot fruit trees at the corner." I have pear, apple, quince apple, cherry, fig, persimmon, strawberry, pomegranates, peaches, melons and a chuck berry. Blue berry died already. Sounds a lot, but they are not doing well. My fruit trees are dying. No fruit from persimmon for last two years, no fruit from peaches because the leaves dried up by it self. , Cherry is too young. I dont know what to do now.
    0 points
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