Tax Questions & Answers
Q&A
Asked in Saylorsburg, Pennsylvania
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Feb 2026
Is a property lien obliged to be paid before it is transferred as a gift?
Recently my in-law volunteered to transfer to my wife fifty six percent (56) of the home that belonged to her and her ex-husbands (my wife is the daughter of her father). It has a property lien against 8,000.00. Her dad and we have been discussing the possible purchase of half of his owned house (no current mortgage). Instead, he would finance his part himself without a mortgage (Just a contract). Would both parties be able to Gift us the house with the lien in it or would it require being paid off. We would rather pay it off in installments, No party readily has 8,000.00 lying around and will be practically a tax free loan and would have the house paid off in less than 5 years. At this point I am not considering the tax implications in this. The house is located in PA.
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Q&A
Asked in Chicago, Illinois
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Jan 2026
What is my adjusted gross income?
I am the owner of an S-corp and my husband works as a W2 employee. I am attempting to take an income-based student loan repayment plan and it is requesting mine and his incomes. What would mine be? Is it normal business income on our tax form?
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