Frank Degen
Frank Degen
adult among children file living loss parents single surprises unpleasant
There will some unpleasant surprises and a sense of loss among single parents who have adult children living with them when they file this year.
answer easy finances parent turns
There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children.
irs looking pay percent plus tax
You can be looking at 25 percent of the tax that is owed, plus all the interest. If you don't pay then the IRS can take some pretty Draconian measures.
ask children discussing encourage general help meeting parents setting talk terms
I would encourage the children to be open. Ask your parents in general terms if they want some help discussing it, or in setting up a meeting to talk about it with a professional.
buy family fidelity funds people realize sell taxable
When people sell funds from one family to another -- say, Fidelity to Janus -- they know they've triggered a taxable event. But when people sell one Fidelity fund and buy a different Fidelity fund, they don't realize that's taxable as well.
couples friendly home married people records rule sales sell single taxes-and-taxation unless
The new rule is much more friendly to taxpayers. Only sales of more than $500,000 for married couples and $250,000 for single people have to be reported. So you don't need to keep records unless you think you home may sell for more than that amount.
change prior
It used to be much more advantageous prior to the change (in 1993). There's been a lot more tightening.
depends profit property rate taxed whether
The rate at which the profit is taxed depends on whether or not the property depreciated in value.
children financial might parents ready relationship relationships reluctant share talk wonderful
A lot of parents are very reluctant to share their financial history. They might have a wonderful relationship with their children emotionally, but when it comes to finances, not too many are always ready to talk about that.
biggest file late penalty return tax
Always file your tax return on time, even if you don't have the money. The biggest penalty is late filing.
good maybe news year
They do it one year and they think maybe no news is good news.
eight lose past
He's going to lose on eight of them, because he's past the three-year statute.
changed goods home inequity irs office outside provided realized run secretary services
Previously, someone like a plumber, who may have run his office from home and had a secretary there, could not take this deduction because he provided goods and services outside the home. Of course, the IRS realized the inequity there and changed the rules.
hold irs names
The IRS will hold back a part of a refund if the two names don't match.