It depends on why you are saying the lien is non-collectible. If it is past the statute of limitations for collection, the lien will usually have expired and it will remain on your credit report as a historical bad debt item until it ages off. If you are referring to the more likely reason, that... View More

Because you were divorced on 12/31/2017 you cannot file with a married filing status. You should each file your returns as Single or Head of Household, whichever is appropriate in your circumstance.

It sounds like you are stating that you indicated that the NJ home was your primary residence on the mortgage application for the home. There may be special restrictions dealing with the mortgage or other home purchase financing specifying the amount of time the home had to be your primary... View More

If your wife is going to be in the US for enough of the year that she is treated as a US tax resident (which can be based solely on time spent in the country rather than citizenship) then she would need to declare her EU income on a US tax return. In addition, she would be subject to US income tax... View More

First of all, congratulations on such a successful stock investment. Now, on to the tax question. If you were to cash out the investment when it was invested for less than one year, it will typically not qualify for the reduced capital gains rates. Instead it would be taxed at ordinary income tax... View More

Under longstanding tax law, the owner of a sole proprietorship, is not entitled to receive wages from his own business. If the business paid wages to other employees, then those could be used for purposes of calculating the deduction. If the business does not pay any wages, then this may prevent... View More

It seems like the savings account was really an account where you were holding these funds in trust for your son and he was the beneficial owner of the funds all along. If he was always the beneficial owner of these funds, then the money moving to the savings account would not have been a gift to... View More

Typically if your child support enforcement case is being handled by the child support enforcement division they can obtain orders that allow for garnishment of any back child support from the father (or mother). The child support enforcement agency would send this order to the IRS and the IRS... View More

Sole proprietors filing a Schedule C can qualify for the new 20% deduction, assuming they otherwise qualify for the deduction. The deduction is available for any pass thru entity which includes S Corps, Partnerships, and Sole Proprietorships, among others.

If you were married to your wife at the end of 2015 (regardless of whether she was US resident at the time), you can file for a Married Filing Joint status. However, by her consenting to filing jointly with you she is agreeing to be treated as a US Tax Resident for many tax purposes. This means... View More

It is sometimes possible for the IRS (or state taxing authority) to hold a spouse responsible for business tax issues their spouse's business has. I would recommend that if your spouse's business is having tax problems, he/she should get competent counsel to assist in dealing with the... View More

It sounds like you would be classified as a Sole Proprietor for purposes of your tax filings. This means that your personal income tax return will include a Schedule C where you will declare your income from dancing and any deductible expenses associated with producing this income. This will also... View More

For the most part, your immigration status does not change your obligations to file and pay taxes. If you already have a Social Security Number or ITIN, you should continue using that number. If you don't, you can apply for an ITIN and the IRS will issue you one. The IRS does not care about... View More

The answer to this question largely depends on whether you are US tax resident. If you are a US Citizen, Green Card Holder (Permanent Resident) or reside in the US long enough during the year that you are treated as a resident for tax purposes (depending on your visa type), then you are taxed on... View More

It is hard to answer whether there will be any balance due with your tax return when you file in 2018. However, if you were claiming single/0 for the majority of the year, got married during the year (and presumably would be filing jointly with your spouse which would give you a lower tax rate than... View More

This proposed business model may cause some issues with intellectual property and copyright issues (and perhaps other issues if the reasons for secrecy impacted criminal law concerns), but for tax purposes the biggest issue would be not being able to issue 1099s to your authors. Typically... View More

You can get your dad to write you a letter explaining this is a gift. Given the family relationship, this should be sufficient proof.

You would not have to pay taxes on this because it is a gift. If your total gifts from your dad plus gifts from any other foreign persons related to your dad for the year are more than $100,000 USD, then you would need to file an IRS Form 3520 to declare the total value of the gifts you received... View More

It is possible that this teacher may be subject to US self-employment taxes, depending on which country the teacher is working in. The US has entered into "totalization agreements" with many countries that can relieve a person from having to pay Social Security-type payments in both... View More

For the transfer of your 401K to her, make sure that you use a Qualified Domestic Relations Order (QDRO). This will ensure that the transfer of the 401K from you to her is not treated as a taxable distribution to you. If done in the proper manner, the 401K will be transferred into her name and she... View More