When you sell something on installment, you are essentially accepting multiple payments over a period of time for the property you are selling. As far as the IRS is concerned, an installment sale is one in which at least one
When a Nonresident decedent transfers an asset to a U.S. resident, there is no U.S. estate tax imposed. Nor does the United States impose an inheritance tax on a U.S. resident who receives such a bequest. However, depending on the
In general it is beneficial to file a joint return with your spouse when both of you are working. A joint return allows an increase in combined deductions and exemptions, and allows the filing of a single return to cover
The IRS defines alimony as “Amounts paid to a spouse or a former spouse under a divorce or separation instrument (including a divorce decree, a separate maintenance decree, or a written separation agreement) may be alimony for federal tax purposes.
Many US citizens will never have a large enough estate to have to worry about the Federal Estate Tax (as of now the minimum threshold is $11.2M for individuals and $22.4M for married couples). However, each individual state also may
If you are a family member or friend of a Covered Expatriate and they happen to pass away and leave you an inheritance, that gift may be subject to tax; and in this case it is the recipient, not the