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Questions Answered by Jeffrey Anton Collins
4 Answers | Asked in Bankruptcy and Real Estate Law for Maryland on
Q: How can you do a deed in lieu of Foreclosure if your home was included in a ch.7 bankruptcy?

The ch.7 was discharged two years ago and wasnt reaffirmed. I want to do a deed in lieu of foreclosure to get the lien out of my name. Will the deed in lieu be on my credit report if the house was included in the ch. 7, discharged two years ago and never reaffirmed?

Jeffrey Anton Collins
Jeffrey Anton Collins answered on May 20, 2020

Even if the home was surrendered to the lender in the bankruptcy, you may still be on the title. Offering a deed-in-lieu allows the lender to change title ownership without a foreclosure judgment. That option is very helpful, and is certainly allowable.

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2 Answers | Asked in Tax Law for Kentucky on
Q: state taxes are not being taken out of my paycheck.

me and my fiancé were asked to move here from Florida to run a warehouse for the company we work with. we just recently found out that Kentucky has state taxes but our company has not been taking out state taxes on our paychecks. How do we fix that? Will that mean that we will owe money when we... Read more »

Jeffrey Anton Collins
Jeffrey Anton Collins answered on May 18, 2020

It is only your employer's job to withhold tax and pay the funds over to the government, per your state version of the W-4 Form. It is not the employer's responsibility to pay your liability.

Here is a somewhat related article, for another W-2 reporting situation:...
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3 Answers | Asked in Real Estate Law and Tax Law for New York on
Q: Selling sister's condo, profit of $65K, she is a missionary in Peru how can she avoid taxes until return in few years?

Hi. My sister has been a missionary in Peru for four years, and plans to do this for several more years. I am in the process of helping her sell her Condo in NYC. She will have a net equity profit of approximately $65,000 at sale, she does want to use this to buy her next home when she returns... Read more »

Jeffrey Anton Collins
Jeffrey Anton Collins answered on May 15, 2020

It is possible that she qualifies for exclusion of capital gain on that sale. It sounds like she could avoid all of the estimated $65K in gain under Tax Code Section 121(c), as long as she sells before she is out of the home for about 4.5 years. The opportunity is much more challenged after that.... Read more »

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2 Answers | Asked in Tax Law and Education Law for Michigan on
Q: Received a blank 1099 Q form with my name on it, signed by my deceased grandma as part of her will.

This was written back it 2017, it was withheld from me by my mother until just recently without my knowledge. I am unsure of what to do with this going forward, any advice would be greatly appreciated.

Jeffrey Anton Collins
Jeffrey Anton Collins answered on May 15, 2020

I agree with Matthew. It doesn't really make sense. You did mention that the Form 1099-Q was blank. I'm not sure what that means either.

But as with any Form 1099, if it was justly issued related to payments made to you during 2017, then simply include the taxable portion of the...
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2 Answers | Asked in Divorce and Tax Law for Massachusetts on
Q: Our MA divorce court date was 11-30. Can we file taxes as single?

One lawyer says that due to the nisi period, we have to file married or married/separately. The other and my ex's tax guy says we file single. Which is correct?

Jeffrey Anton Collins
Jeffrey Anton Collins answered on Feb 2, 2020

If you were divorced as of December 31, you are and may file as "single". Unless, of course, you qualify for head of household status.

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1 Answer | Asked in Tax Law for New York on
Q: What does our church need have in line to legally rent to a for-profit daycare?

We (the church- 501c3) have been renting to a daycare for 30 years. It is a for-profit. The church has been renting for 1/2 market-value. There is no lease and they are paying via a "donation". It is my understanding that the IRS still considers that "rent". Is that... Read more »

Jeffrey Anton Collins
Jeffrey Anton Collins answered on Sep 18, 2019

My experience with 501(c) exempt organizations is limited. But I can provide this:

The church should be concerned about what is called "Unrelated Business Income". The Internal Revenue Service defines the income generated from unrelated business activities as income from a trade...
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1 Answer | Asked in Tax Law for Mississippi on
Q: My husband & my mother-n-law filed our taxes & signed my name without my consent or my knowledge of him claiming me.

My husband refused to give me any of the money. Is there anything I can do legally? He also claimed my 2 children who were in my sole custody.

Jeffrey Anton Collins
Jeffrey Anton Collins answered on Sep 17, 2019

It sounds like you suspect that your husband has acted fraudulently. This situation is much more common that you might think. Therefore, IRS has organized several methods for you to report the tax return filing, to report the inappropriate claim of dependents, and to clear your good name. You will... Read more »

2 Answers | Asked in Tax Law and Business Law for California on
Q: My husband and I have an s-corp in CA and we are the only officers in our s-corp.

Are our medical expenses considered business expense and can be deductible for the s-corp?

Jeffrey Anton Collins
Jeffrey Anton Collins answered on Sep 9, 2019

I agree with Attorney Blackburn that the premiums may be deducted. The expenses may be deductible as compensation to the recipient. However, this is not advised because they become subject to payroll taxes at both the company and individual level. This treatment may be more helpful when there are... Read more »

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2 Answers | Asked in Tax Law for Maryland on
Q: I sold a home that I’ve occupied as my primary residence for the last four years. Do I have to pay taxes on the profit?

The home was sold in Maryland, the home was my primary residence and I occupied the home continuously from 2015-2019

Jeffrey Anton Collins
Jeffrey Anton Collins answered on Sep 9, 2019

I do agree with Attorney Blackburn.

When you file your return, please make certain that you supplement Form 1040, Schedule D and Form 8949, to include a statement that references 26 U.S.C. § 121 - U.S. Code - Exclusion of gain from sale of principal residence. Be certain that you read the...
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