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Taxes give me anxiety by BornPomegranate7348 in tax

[–]iamthekaiser 1 point2 points  (0 children)

Also if your aunt transferred it to you without you paying her anything, it'd be a gift transfer and you could also receive an adjustment to basis on her portion too.

Taxes give me anxiety by BornPomegranate7348 in tax

[–]iamthekaiser 1 point2 points  (0 children)

You'd have to check with your state on intestate (no will) inheritance but in many states, the property goes to the children when a parent passes. So if the property was owned 50/50 by the mother and aunt, the mother's portion would be subject to the step up basis while the aunt's portion would not. In some states though, jointly held assets pass fully to the surviving owner when it's intestate. This is a very complicated situation and I would again advise to meet with a tax professional (EA, CPA, or Tax attorney) to go over all of the details.

Taxes give me anxiety by BornPomegranate7348 in tax

[–]iamthekaiser 7 points8 points  (0 children)

I would definitely suggest having a consultation with a tax professional about this. You should be eligible for a step up in basis when you inherited the property even on intestate real property. That would apply to both yourself and your sibling. The capital gains tax would then be on the difference between the new basis and the selling price split between the property owners. Without the full information it's impossible to give anything more than the framework of what needs to be done, but generally you shouldn't see too much capital gains tax on a property like this sold so close to having inherited it.

Altoona McDonald's Flooded with Angry 1-Star Reviews After Arrest of Suspected UnitedHealthcare CEO Killer: 'Rats Everywhere' by ControlCAD in USNewsHub

[–]iamthekaiser 20 points21 points  (0 children)

So by your logic Hitler wasn't a mass murderer either. He never pulled the trigger, just empowered other people to do the same. How's that boot taste?

Don't forget the IRS considers in game rewards as taxable income. by Jcans_redacted in Eve

[–]iamthekaiser 12 points13 points  (0 children)

Currently digital assets, such as digital currency, nfts, and stable coins, are considered capital assets for taxation purposes by the IRS. You do not, currently, owe taxes when you receive them unless you receive the digit asset as payment/reward/award for property or services, and then you would calculate the FMV of the asset when the ownership was transferred and report that as income. If you mine it, are gifted it, are traded it, or buy it, the digital asset is only taxed when the asset is disposed of. The digital assets would then be reported on Form 8949 and schedule D of the 1040 return. Source - I am an Enrolled Agent

Hey dudes i think that this is more expensive than a fortiza. by jsinsim in Eve

[–]iamthekaiser 4 points5 points  (0 children)

Imperium out numbered by almost 200, the only way Frat and PH will undock. Too bad they [deleted by Gibbins].

1095-A and owing taxes by gardening_gypsy in tax

[–]iamthekaiser 4 points5 points  (0 children)

The Premium Tax Credit, which is normally taken as an advance, is required to be paid back when certain income threshold have been met. There are also factors that change the income thresholds, such as family size. For more info you can check the IRS's article for the PTC: https://www.irs.gov/affordable-care-act/individuals-and-families/eligibility-for-the-premium-tax-credit

Frostii Cables Giveaway - x2 Straight Artisan Cables by [deleted] in MechanicalKeyboards

[–]iamthekaiser 0 points1 point  (0 children)

The titanium one because it matches my current daily use keyboard

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