Your cost basis in the land depends on how your grandfather acquired it before he gifted it.
You will owe tax on your prize money, but you can deduct your donation if you itemize.
You may qualify for innocent spouse relief. Here's how to get a tax refund.
You can claim your son as a dependent, but if he had taxes withheld, he should file a return.
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.
Figuring out the best way to pass down a property and minimize taxes can be tricky.
You can't deduct the down payment as a capital loss, but you can deduct it as an ordinary loss.
The costs incurred in building a home aren't deductible, but keep track of them for the future.
You'd have to pay income taxes, plus a possible penalty, and your retirement would be at risk.