I am receiving $5,000 from a Trust Company my grandparents set up for when they pass on. I was told that the Trust Company would tax that $5,000 dollars, is that proper and can anyone cite specific references? Further, I understand that money will not be taxed by the IRS but will it affect my...

For income tax purposes, major improvements to my rental property must be depreciated over a period of years. Can I take the sales tax on those improvements as a deduction in the year of the improvement, or must the sales tax amount be included in the depreciation schedule? Thank-you, ...

I collect SS, withdraw interest income monthly and sell real estate. I am wondering since my interest income & real estate commissions exceed the SS allowable income cap of $12,000 will my SS for the next year be reduced? Will my real estate expenses be deductible from taxes owed on my...

If till may 2006 I was working in delhi & noW I have got transferred to mumbai so where can I file my returns for fin year 2005-2006.Can I file the return in mumbai itself if yes where.