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The daughter says that the IRS will not let her do anything with the house (sell, rent, fix up, etc). She says the IRS told her that she's allowed to stay there a few times during the week, but if a family member or friend wants to stay the night or a wknd, she would have to be present the... View More 
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answered on Sep 1, 2024
The Federal Tax Lien is a legal tool the IRS uses to help secure and enable tax collection. Liens and other "security instruments" direct third parties to first use any proceeds (cash) from transactions to satisfy (pay-off) the associated debt.
However, not all lens are... View More
The taxes were assessed by Delaware for failure to file annual tax returns and reports. The assessed taxes are owed by a failed start-up.
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answered on Aug 27, 2024
No, shareholders are not liable. Not really.
One of the benefits of corporate structure is the limitation of thÿe company's lability. A shareholder will only be "liable" for corporate income tax up the amount of their investment in the company. That invested part represents... View More
Good morning. I have a question about filing IRS form 433-f (Collection Information Statement) for the purpose of requesting "Account Not Collectible" status in regards to several unpaid and/or unfiled tax years. In the section asking about home equity - do I need to include my home and... View More
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answered on Jul 23, 2024
I agree with James L. Arrasmith, in part.
It is true that the IRS does not usually attach itself to the title of any asset (like your home) if you are not included on the title. However, if you have enforceable rights of ownership, and those rights bear an equity interest, then the IRS can... View More
My son bought my house on 3 acres. He could not finance the adjoining 20 acres. I would like to give it to him the best way for him to pay at least in taxes
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answered on Jul 23, 2024
If you are both patient, then will it to your son upon your death. This way, it passes to him without any negative tax consequences. It also allows you to avoid maintaining annual gifting transactions, accounting, and professional fees. Again, patience is key. If this does not fit your plans for... View More
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?
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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.
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... View More
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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:... View More
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... View More
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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.... View More
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.
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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... View More
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?
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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.
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... View More
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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... View More
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.
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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... View More
Are our medical expenses considered business expense and can be deductible for the s-corp?
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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... View More
The home was sold in Maryland, the home was my primary residence and I occupied the home continuously from 2015-2019
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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... View More
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