Question: My husband is a foreign national. What taxes will he pay if he inherits my assets—a whole life insurance policy and a 403(b) account?
Question: I will be accepting a full time position approximately 165 miles from my current home though my wife will continue to reside there. I plan to rent an apartment where I’ll be living permanently and I’ll have to move some of my belongings. I will probably make one trip back home each month at the most. I will also have to purchase a new computer and television set for work purposes. What portion, if any, of the monthly rental and/or moving costs in the new city would be deductible?
– Ross Steiner, Los Angeles, Calif.
Question: I am going to be the ‘house dad’ for a fraternity at a university where I’ll also be a graduate student. I am supposed to handle basic operations of the chapter house and safeguard property. In return I am given $800 a month and free room and board. Because this is a tax-exempt fraternal organization, what tax liability will I have?
–William Huddleston, Columbia, Mo.
Question: I was married in July of this year. I owe back taxes but my wife does not. We plan to file separate tax returns. I know the IRS will apply any refund I may get towards my balance. Will my wife’s refund be affected?
–Lawton Fox, Turlock, Calif.
Question: I was awarded a lump sum of money in my divorce and will be getting it sometime in the beginning of 2012. It clearly states in the divorce decree that it is my share of equity in the house. Is it taxable? And if so, what is the tax percentage rate?
–Cheryl Warren, Conn.
Question: I bought stock in a company that has since delisted from NASDAQ amid allegations of fraud. Recently there has been no news on the company. As an investor looking at losses in the stock, do I have any recourse at all in this matter?
Question: I live in New York State, where the Marriage Equality Act just passed. Unlike domestic partnerships (which I currently have in order to get my partner on my company’s health plan), marriage opens up a world of financial issues that are further complicated since the federal government doesn’t recognize same-sex marriages. Would my partner’s credit history now affect mine? Would I no longer be taxed on the value of his health benefits through my job (along with post-tax deduction of benefit contributions, it cost me about $4,000 a year)? And what about filing jointly or separately? What are the other issues that this creates? I don’t even know what to ask my attorney or accountant.
-Ted Davis, Brooklyn, New York
Question: How long should I keep financial paperwork, like bank statements, tax returns or even medical documents?
– Susie May, Fremont, Neb.
Question: My father passed away and had a $150,000 life insurance policy that he left to my mother. She would like to give me and my brother each $50,000. What are the tax implications for each of us if she gives us part of the inheritance?
Question: I’m an independent contractor that works for an NBA team. With their current labor situation [the professional basketball league locked out it players in July when its collective bargaining agreement expired], if games aren’t played, I don’t get paid. Can I use those games that I’m not getting paid, through no fault of my own, as a business loss tax deduction?
-Carson Belkin, San Antonio, Texas
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