Stack Exchange Network

Stack Exchange network consists of 175 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange
173

Don't pay it, see a lawyer. Given your comment, it will depend on the jurisdiction on the passing of the house and the presence of a will or lack thereof. In some states all the assets will be inherited by your mom. Debts cannot be inherited; however, assets can be made to stand for debts. This is a tricky situation that is state dependent. In the ...


102

I would imagine that it is unlikely that you will ever see this money again. Here are some things you can do. Contact your local police. You have two complaints: the money being taken, and the continued harassing phone calls. Hopefully they will tell you what can be done and have recommendations for you on what to do next. File a complaint with the New ...


56

First, when a debt collector says, "It's to your advantage to give me money now", I'd take that with a grain of salt. My ex-wife declared bankruptcy and when debt collectors couldn't find her, they somehow tracked me down and told me that I should tell her that it would be to her advantage to pay off this debt before the bankruptcy went through. That was ...


49

Nigerians don't have Wells Fargo accounts It's pretty easy for foreign scammers to get a US phone number or email. A domestic bank account is a little harder. Very likely the direct contact is a US citizen or a legal immigrant. The Nigerian may be completely made-up to throw you off the scent. And that person can be found, dunned, or deported, and ...


34

You should immediately tell your bank you've been scammed, request for the transactions' cancellation or revocation and get back most - if not all - of the money transferred. I've placed numerous orders online in the past and was always very careful about their trace-ability but I have to admit once I acted carelessly and got scammed. I didn't think of it ...


25

Debts do not inherit to the children. You are absolutely not liable for your parent's debt, in any way whatsoever. ** Collection agents will lie about this; tricking you is their job, and your job is to tell them Heck no, do I look like an idiot? The Estate When a person dies, all their personal assets (and debts) go to a fictitious entity called the ...


15

Unintended Consequences - Yes, to T.M.’s addressing the tax issue. But. “Put the house under my name” implies a gift. Mom is gifting you the house. Along with its basis. Which means, when mom dies, you don’t get a stepped up basis, and potentially have a huge cap gain when you sell. Funny story. In a nutshell, my sister now owns a house worth $800K with a $...


11

Sorry for your loss. Like others have said Debts cannot be inherited period (in the US). However, assets sometimes can be made to stand for debts. In most cases, credit card debt has no collateral and thus the credit card companies will often either sell the debt to a debt collector or collections agency, sue you for it, or write it off. Collecting often ...


9

If you don't itemize and wouldn't gain any benefit from itemizing the whole property tax amount, then it doesn't matter how much of the property tax you could deduct since it wouldn't lower your taxes any. I'm assuming that you do, or could itemize. The relevant instructions (Schedule A) and publications (pub 530) are pretty quiet on who gets to deduct ...


8

Accept that the money's gone. It could, as others have mentioned, been a lot more. Learn. Make sure your son (and you!) have learned the lesson (at least try to get something out of the $650). The world isn't always a nice place unfortunately. Don't wire money to strangers - use an escrow service or paypal or similar. As the saying goes: "Fool me once, ...


7

First off, very sorry for your loss. I lost my father a few years ago and I know it can be tough. My father also had a lot of credit card debt. They attempted to collect the debt from my mother, who was no longer on the account (for over a decade). It was just an attempt to recoup as much money as they could before dealing with a probate court. As others ...


6

This is relatively standard financial shell games, actually. The same offers are often available when refinancing a house, but it just gets called "closing costs" or "document fees" so it feels a little bit different... also partly because the numbers FEEL bigger for a house and so ppl just sign on the line. What's going on is that the lender has done ...


6

Many property appraisers use the property's assessed value (and the factors that go into computing it) to calibrate their appraisals. If successful, your property tax appeal will cause your local government to downgrade one or more factors that affect the appraised value. This is likely to cause property appraisers to reduce your property's appraised value....


5

I think it is possible that you are misunderstanding this section of the instructions. On page 48 of the Form NJ-1040NR instructions (PDF), under Assembling Your Return, it says: Use the return envelope to mail Form NJ‑1040NR with related enclosures, payment voucher, and check or money order. Send only one return per envelope. What they mean is that ...


5

My understanding is that when you die, the stocks are sold and then the money is given to the beneficiary or the stock is repurchased in the beneficiaries name. This is wrong, and the conclusion you draw from michael's otherwise correct answer follows your false assumption. You seem to understand the Estate Tax federal threshold. Jersey would have its ...


4

Stocks (among other property) currently is allowed a "stepped-up basis" when valuing for estate tax purpose. From the US IRS web page: To determine if the sale of inherited property is taxable, you must first determine your basis in the property. The basis of property inherited from a decedent is generally one of the following: The fair market value (FMV) ...


4

You can always lie and say you live in a different place, no-one but you can prevent you from doing stupid things. You need to remember that tax fraud is a criminal offense and you may end up in jail and/or with a huge tax penalty bill when you get caught. You will get caught because tax fraud has no statute of limitations periods, and there will always be ...


4

The basic rule is that you owe taxes to the state where you do the work. In some cases the states can ignore it if the number of hours is small, though each state can define small differently. Other pairs of states have reciprocity agreements where you only pay the where you live. these pairs tend to be neighbors and it would be a nightmare to have every ...


3

In New Jersey, pregnancy and childbirth is considered a temporary disability covered under the state disability benefits. According to the New Jersey Temporary Disability Insurance FAQ, you have 30 days from the first day of disability to file a claim: Is there a time limit for filing a disability claim? Yes. You have 30 days from the first day of ...


3

I have been doing this for years on Long Island, NY where property taxes are very high. Several local law firms specialize in filing appeals for homeowners. The usual fee is 1/2 of the first year's property tax savings with no charge if the appeal is unsuccessful. I have not found any downside to this process. You could eliminate the fee by filing your ...


3

The laws regarding calculating the cost basis haven't changed in many years and I don't believe they're about to change now. You add all your investments (including renovations, excluding maintenance and on-going repairs) and unclaimed losses, you deduct your depreciation (allowed or allowable) and rebates/refunds, and that's your basis. About whether you ...


3

Sec. 132 refers to 26 USC § 132. Title 26 of the USC (United States Code) is what is commonly referred to as the "US Tax Code". Note the US - this is the United States federal law, not the New Jersey law. State tax law doesn't have to be the exact copy of the Federal law, and in most cases it is in fact not. In your case, New Jersey doesn't conform to the ...


3

DO contact the bank immediately. Many of them may be able to help you but have time limits, if you wait too long they can't cancel it. They might not, but it's always worth trying. In addition, set alerts on your son's account, if over $X amount of money is spent it will alert you. For example if he spends more than $100, you'll get an email and you can ...


3

You have two issues that have to be resolved when when tax issues involve two states: where did you have residency while you earned that money. where did you work when you earned that money. Once that has been established then you determine where you have to pay taxes. Generally it is where you did the work. But if there is reciprocity between the states ...


3

US Car insurances typically expect that a premium is paid before (or right when) the insurance starts. I am not aware of it being called a downpayment, but that would be a valid name. The point is that the moment they agree to coverage, they are on the hook for potential damage; if he then simply never pays the premium, they have to fight to get out of it - ...


3

IANAL, but as your husband's name is on the contract so he's responsible for making the payments, and the court will tell your husband that he shouldn't have signed for the car in the first place -- I appreciate that's not what you want to hear. Personally, I'd speak to the brother to see if he can contribute anything and appeal to his good side. Taking ...


3

Realtors get paid for their work - which is matching a future renter with a landlord. Those fees depend a lot on country and laws, but $ 1000 seems not uncommon. I know of countries where the fee is one monthly rent. Note that I am not familiar with the specific market you ask about, and it could well be fishy or a scam, but it could be usual and legitimate....


2

New York state will require you file with them, and to the city of NY if that is where you work. New Jersey will give you a credit for taxes paid to other jurisdictions. You should submit a W-4 for New York state with HR/payroll so that your withholding ends up in the correct place. Otherwise you can end up with the situation that one state wants a big ...


2

Sorry for your loss. I am not a lawyer and this isn;t legal advice -- which I am not licensed to give. But I've had to deal with some debt situations of my own. I think the worst case scenario is the creditor can get a judgment, but that won't be against you unless you were a co-signor. The collectors are going to prey on your decency to make you feel like ...


2

From state.nj.us: Property Leased in New Jersey Transferred Out of State If a lessee transfers property leased in New Jersey out of State, and the lessee paid New Jersey all the Sales Tax at the beginning of the lease, the lessee is eligible for a refund of tax for the period of time that the property is not located in the State. For example,...


Only top voted, non community-wiki answers of a minimum length are eligible