Posts Tagged ‘realestate’
Is Income Tax Legal In Canada
September 27th, 2009
Question: Legal question – Ontario Canada?
My son in law’s father passed away last year .He did not leave a will behind and there is no executor.The Taxman is coming after my son in law because he never filed income tax in a number of years. according to revenue canada my son in law is responsible for $ 11 000 in back taxes.Are children automatically responsible for their deceased parent’s debt?
All his dad owned was his pants and some shirts – he knew he was going to die
Answer: Children are never responsible for their parent’s debts. However, the ESTATE is responsible. Until all debts have been settled, nothing can be disbursed from the estate. If the children took possession of his assets, and now CRA says there is a tax debt, then they need to pay the debt, up to and including the full value of the estate at death.
But that is the point, it is the estate which pays it. If the estate was worth less than the tax bill, the bill will only be partially paid, and there will be no debt assumption by the heirs.
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Estate and Trust Administration For Dummies $10.19 Executing an estate or a trust fund is a big responsibility. Estate & Trust Administration For Dummies contains advice for handling estates and trusts of any size. It offers solid pointers on reading and interpreting a will and other documents, and helping heirs avoid paying too much (or too little). It also shows you how to take care of a loved one’s estate in the event that a will or trust was … |
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Federal Income Taxation $108.95 Integrating theory and policy throughout, this smart yet approachable casebook is distinguished, in part by a tradition of outstanding authorship, begun with original author Boris Bittker of Yale and continuing through fifteen successive editions. Generations of instructors and students have praised Federal Income Taxation for the features that make it extraordinary: problems interspersed amo… |
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Property Management for Dummies $21.99 You’ll need to wear many hats in the business of property management: advertiser/promoter (in seeking tenants), host (in showing your property), handyman (in keeping up with and arranging repairs), bookkeeper (in maintaining records), and even counselor (in dealing with tenants and their problems). But Property Management For Dummies will help you maintain your sense of humor – and your sanity â… |
Provinces and cities track down unpaid tickets
Canadian motorists who think they can ignore old speeding or parking tickets shouldn’t get too comfortable.
Tax Shelters in Canada 1 – Income tax act and the CRA
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Lake County California Tax Sale
September 22nd, 2009
Question: does anyone know the California county tax-sale laws?
in 1990 i inhereted a small lot on a lake in lake co.cal. i just recently found out about it, i called lake co. they informed me the property was sold in march 2005 in a public auction because the taxes havent been paid .itold them that i never knew about it . she then told me they send a registered letter to the address in the will and by cal. law that’s all they had to do. i then did some research and came across “county tax sale procedural manual vol.1 public auctions in that manual it states revenue&taxation code 3701 countys must make reasonable efforts to locate names and add. of parties of interrest. and the most common way is to hire research firm that spezializes in locating such people. on the other hand all they had to do was call DMV i always put in a change of add. with the DMV.
Answer: Sorry, you are out of luck. You do not own the property any more. You can look up all the loop holes you can find, but you won’t find any. Besides, it has been over 16 years. Move on. The property is not yours any longer.
• Top stories of the decade
Here are some of the top stories of the past decade. Not every year is represented, but here’s what we found in Post files: 2000 – F&M Bank strikes deal with the county to buy Main Street property, which will become its new headquarters. F&am …
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California Tax Deeds
September 16th, 2009
Question: Elderly parents will deed their primary residence in California to me. How will it affect my income tax?
My parents own their home in California (santa cruz county). My father can’t climb the stairs and moved out to live with his son. He wants to deed his share of the house to me. My mother will also deed her share to me (at some point) but she and my brother will remain living there. Will this “gift” be taxable by IRS or Ca State. I will not be paying the property taxes even though the property will be in my name. I won’t claim them as a deduction either, (right?). Thank you.
Answer: It will make no difference now. When you sell it you will have to pay tax on the amount you get.
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Peter Connolly: Ideologues and Election Results
For Democrats who value their Congressional majority, the 2009 Election results might suggest a need for caution in pursuing major new liberal initiatives until the deficit is brought down.
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Income Tax Online Deposit
September 15th, 2009
Question: the hole stimulus ordeal….?
my last numbers are 60 and online it says if i got direcet deposit on my income taxes then i sould get my stimulus check by may 9th maybe? somewhere around there.
then it said if im resieving a check then ill get it by june 20th.well its june 21st and i need this money badly. after looking online i read that people cant get it if there claimed. i think my mom might have claimed me
BUT
i got the offical paper in the mail saying that i will resieve the money so will i still get it?
Answer: IF you filed taxes for the tax year 2007, then you SHOULD get a tax refund. If Uncle Sam is telling you that you’ve got one coming, I would believe that because, while the IRS has been known to make mistakes (very rarely, of course), they are NOT generally going to make one in your favor, so I would believe the letter they sent you.
Read your paper carefully; I just got the same one. They say it SHOULD be delivered to you by June 20th, BUT it could take up to six weeks to get it.
I too am desperate for those funds. I asked my mom-in-law how soon after she got her teaser letter did she get her refund. She said she got it within two weeks’ time.
BTW, your mom cannot legally claim you as one of her dependents if you are claiming yourself. So I would doubt that she did this.
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RushCard today announced the availability of its new, highly-demanded card-to-card funds transfer feature.  The feature offers unparalleled convenience and affordability to those who want to transfer money between Prepaid Visa® RushCards, and it comes just in time for the income tax refund season.
How to Track Your Tax Refund
California Tax Sale Properties
September 13th, 2009
Question: How does cutting funds for education help the deficit?
I heard that teachers across California were being laid off in order to help the state government with its deficit.
If kids have a chance at getting a better education, wouldn’t they go onto college and averagely have a higher income than those who did not have the same opportunities? They would have more spending money, buy more commodities and contribute to property tax, income tax and sales tax.
It would seem that you would want to invest in education, not destroy it. I guess this is just another example of how idiotic politicians are.
Answer: Before the Dept of Education property taxes paid for their local schools and parents actually held the schools accountable for their childs education. I find it interesting that since the implementation of the DOE our nations test scores and education levels have dropped significantly. Just another example of over paid and inefficent government programs, imho.
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TurboTax Deluxe Federal + e-File + State 2010 – [Old Version] $5.75 TurboTax Deluxe was designed to make it easy for you to get the biggest tax refund possible, checking for accuracy and uncovering 350+ deductions and credits. Includes free Federal Efile and TurboTax State for completing your state taxes. Everything you need to do your taxes with ease. Finds All Tax Deductions and Credits You Deserve to Get Your Biggest Refund Maximizes Your Tax Deductions … |
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TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $7.99 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa… |
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TurboTax Deluxe Federal + eFile + State 2009 $17.05 TURBOTAX DELUXE WITH STATE… |
As we stagger into 2010, here’s how much DFW’s business landscape changed in a chaotic 2009
Liesl Gray of Fort Worth heard only five words from the voice-mail message before she dissolved into tears.
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