Dr. Friday Radio Show – July 10, 2021

Welcome to the Dr. Friday Radio Show! In this episode, you'll get to listen to Dr. Friday talk about the latest tax updates, answers callers questions, and talks over the following topics:

• How To Audit and Proof Your Business Documentation
• Tax Deadline Extension to Aug. 2 for Victims of Tennessee Disasters
• The Latest Biden Campaign Tax Changes
• Why Have I Not Received My Tax Return?
• Biden's Top Federal Tax Rates For Long-Term Capital Gains
• Why You May Not Have Received Your Stimulus Check
• Do You Have An IRS Issue That You Need Help With?
• Do You Need Help With Tax Representation?

and much more! Transcript Announcer 0:01 No, no, no, she's not a medical doctor, but she can sure cure your tax problems or your financial woes. She's the how-to girl. It's the Dr. Friday show. If you have a question for Dr. Friday, call her now at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday. Dr. Friday 0:29 Good day, I'm Dr. Friday and the doctor is in the house. Hopefully, you guys are staying safe there in the area. And if you've got questions about taxes, I'm an enrolled agent licensed with the Internal Revenue Service to do taxes and representation, which basically means, guys, all I do is taxes or dealing with the Internal Revenue Service. Dr. Friday 0:50 So if you haven't filed taxes in a number of years, if you're trying to figure out where to get started. And I know many, many, many of you are listening right now and you're just trying to figure out, "Hey, I filed my taxes on time, I get everything I've done every other year, and yet I still have not received my stimulus or my refund." If that's the case, we'll see if we can give you a little bit more help. Dr. Friday 1:13 I'm not going to say it's going to be a ton because I'm going to be quite honest with you guys, the IRS is not giving us any response on what we should be doing. I've been giving out phone numbers. Some people have been able to get through, but they're being told very similarly to what is on the website. So we're gonna have to see what we can do to help you out. Dr. Friday 1:33 If you want to join the show, you can call 615-737-9986. We are taking your calls talking about all of my favorite subjects, taxes. If you're trying to figure out if you may be inherited or should you or should you not sell something. Right now I know there's a big conflict going on in my world as far as when I say my world with taxes and things because Biden is talking about increasing capital gains taxes. And then we're also talking about a lot of people getting some pretty good deal on selling things. So if you've got questions, call 615-737-9986. Let's get to Ann. Ann's on the line. What can we do for you, Ann? Caller 2:23 Hi, my mother-in-law is 93. We had to move her to nursing assisted living. She lived on a farm got 35 acres of farmland. Bought it in 1963 for $1,000. Gonna sell it for about $150,000. She didn't pay taxes in many years because there's been no income. Now, how much money will she owe on this when we sell it? Dr. Friday 2:48 Well, I would do one of two things. I don't know if she has the ability to do it in a split sale. I mean, theoretically, she's looking at basically 15% that's what her tax is going to be. And since she pretty much had no real cost to it. There may be a small step up in basis with her lived there with her husband, but he may have died many years ago. I mean, she's living a nice age. Caller 3:18 He died 11 years ago. Dr. Friday 3:19 Sorry, when did he die? 11 years ago. Ann, did they live together on that property? And did they live together? Caller 3:29 Yes, they did. Now there's still a house there with