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After retiring, in 1987 my parents sold their large house and purchased a condo. They had $50,000 left to invest. Their advisor told them to buy a $50,000 life insurance policy which they could borrow against if needed. They borrowed $40,000 of their money and then my father passed away in 2002. My mother called the company to get the balance and was told that...
Submitted Dec 10, 2016
I have found in an IRS publication that says premiums for State Tax Exempt Bonds must be amortized...how does this help or hinder the capital gain / loss status upon sale, and how many years to be amortized and to be entered on what IRS form /schedule ? AnthonyPulgrano
Submitted Dec 9, 2016
My husband is currently on LTD due to a diagnosis of terminal cancer. He has worked for his company for 30 plus years and has life insurance with them for over 200,000.00$ in the event that he dies. He is terminal and on treatment so we really are up in the air with any prognosis / time line. He also has the option to take half of the amount now. Is that a good...
Submitted Dec 30, 2016
I am a 50% shareholder in a S corp. We changed from a C corp to a S corp in 2010. I plan to sell my portion of the business at the start of 2017. Are there any adverse tax issues with this scenario ?
Submitted Nov 9, 2016
I have a paid up (by my parents) insurance policy from Continental Insurance Co., later (1946) People's Insurance Co. How can I find out who has the policy now?
Submitted Dec 31, 2016
How does a person qualify for life insurance when they have a pre-exisiting condition? My relative has tried to become approved for life insurance and it seems impossible due to having a depression / anxiety disorder.
Submitted Jan 2, 2017
i am the owner of a whole life insurance policy on my son's life. I have always had the dividend buy additional paid-up insurance on this policy. Now I want to transfer ownership of this policy to my son (the insured). What are the tax implications for me and my son?
Submitted Sep 27, 2016
Hi, my employer pays for my disability insurance and then paid me my regular salary while I was out on disability. I paid my employer the full amount that was sent to me from the disability insurance. I just received a notice from the IRS saying that I owe taxes on the amount the disability insurance paid me. Is that correct even though I paid it to my employer?
Submitted Nov 21, 2016
This year, I have worked in two separate states (MA and MD) while retaining residence in PA. Most of the money earned was spent on travel and hotel costs. Is any part of the money spent on travel and accommodations deductible as business expenses?
Submitted Nov 27, 2016
My neighbor's husband passed away 2 years ago. She is starting to show MILD signs of dementia. There are 5 siblings and now a power struggle. A brother has power of attorney and has been named executor. All of her finances have been moved by him to a separate account the elderly woman has no access to. He has had all of her mail forwarded to his residence. This...
Submitted Dec 3, 2016