You need to hire a professional to make sure your tax liability is calculated correctly.
Your son may have had to file taxes due to his part-time job. Can you still claim him?
The payment will affect your property's basis, so the first step is to calculate its basis.
A broker transferred my wife's Roth funds in to my account. Do I have to pay?
Your cost basis in the land depends on how your grandfather acquired it before he gifted it.
If your income doesn't exceed the allowed amount, then Social Security benefits won't be taxable.
The IRS does allow tax-free withdrawals if you follow certain steps within 60 days.
You will owe tax on your prize money, but you can deduct your donation if you itemize.
Figuring out the best way to pass down a property and minimize taxes can be tricky.
You would have gotten a bigger tax break if your aunt had left her property to you in a trust.