We are picking up where we left off (here) with our discussion of the lawsuits over Hollywood legend Mickey Rooney's will. When Rooney died in April, his widow, Jan, told the press she had not seen him for a year. It seems the couple had separated after Rooney accused...
Bay Area Estate And Tax Planning Law Firm
Month: May 2014
Facing an audit? First, take a deep breath – but then what? cont.
We are back to discussing what the average taxpayer should do if the mails brings an audit notice from the IRS. In our May 16 post, we talked about the odds of being audited -- very slim for someone with an average paycheck -- and the types of things on a tax return...
In dramatic twist, family members contest Mickey Rooney’s will
When we wrote in early April (here) about Mickey Rooney's death, we briefly touched on the situation with his estranged wife, Jan. The couple had been married for 36 years, but when Rooney passed away at age 93, Jan told the press that she had not seen her husband for...
Facing an audit? First, take a deep breath – but then what?
As we said in our May 2 post, the average American taxpayer has a 1 percent chance of being audited by the IRS. The chance increases to 3.26 percent, though, for taxpayers earning $200,000 in 2013. If you earned more than $1 million -- not unheard of in the Bay Area...
Sale of investment property is anything but simple
An individual is planning on selling their rental home that they have kept as an investment for ten years. They paid $400,000 on the property and have sold it for $500,000. They have also made no capital improvements upon it and are not paying for closing costs or...
How much do I have to worry about an IRS audit?
Although most Americans have already filed their 2013 taxes and are waiting to hear back from the IRS, there are still some who have yet to submit their returns. One of the thoughts on many taxpayers’ minds after submitting their tax return is, “I hope everything was...