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Questions Answered by Jon Dowat
1 Answer | Asked in Tax Law for Illinois on
Q: If I receive money from sale of parent's home after their death, can I claim it on next years taxes

I will receive a check today from the sale of my father's home, he died in April. If I don't cash it until 2019, do I still need to claim it on 2018 taxes?

Jon Dowat
Jon Dowat answered on Dec 13, 2018

Your are dealing with about three issues here and it is not that simple. First, income should be reported in the year it was received. Even if you do not cash the check the IRS treats it as if you received it, that is called "constructive receipt," which means we will pretend you received it so... Read more »

2 Answers | Asked in Bankruptcy for Texas on
Q: Discrepancies on Bankruptcy Filings


Jon Dowat
Jon Dowat answered on Oct 27, 2018

If your allegations are true, your ex has lied to the Court.

With all deference to Counselor Denison, that your wife is getting away with fraud should not be a concern of yours. You obviously could not live with your wife, that is why you got divorced.

Why then do you...
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2 Answers | Asked in Bankruptcy for Illinois on
Q: Along with my other debts, I owe back taxes to the IRS. Can Chapter 13 bankruptcy help?
Jon Dowat
Jon Dowat answered on Oct 13, 2018

I am an Illinois attorney, since I am a tax and bankruptcy attorney I have experience with how to treat taxes in chapter 13.

Here are some things chapter 13 can do for your tax problems.

> The Chapter 13 will put an immediate stop to IRS collection activities.

> The...
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1 Answer | Asked in Tax Law for Louisiana on
Q: If I sell a condo for a $40,000.00 loss, how much of that can I write off on my taxes & over what time span?

This condo is in Baton Rouge, LA. My residency is in Houma, LA

Jon Dowat
Jon Dowat answered on Oct 5, 2018

The amount of the "write off" depends on the nature of the Condo. Was the Condo you personal residence or was it an investment property.

If it was a personal residence you will not be able to claim the loss. If it was an investment property you will have generated an ordinary loss. One...
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1 Answer | Asked in Tax Law for New Jersey on
Q: I'm a student -- how much can I make before I have to file taxes?
Jon Dowat
Jon Dowat answered on Sep 26, 2018

The answer is simple. Under the new tax code you no longer receive a personal exemption. However, the good news is your standard deduction went from $6,300 to $12,000.

If you have no other deductions then you can earn $12,000 and pay no taxes. However, if you are in the 25% tax bracket...
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2 Answers | Asked in Bankruptcy for Colorado on
Q: I'm sliding further into debt and want to know when is the most strategic time to file for bankruptcy, if necessary.
Jon Dowat
Jon Dowat answered on Sep 25, 2018

The ideal time to file bankruptcy is when your personal or business debt is so overwhelming that would not be a able to pay it off, also when you desire a fresh financial start.

By your hesitancy to file bankruptcy, is like a lot of people, you think that bankruptcy is somehow a negative...
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1 Answer | Asked in Tax Law for Florida on
Q: My 2016 taxes were rejected... What do I do?
Jon Dowat
Jon Dowat answered on Sep 25, 2018

It is not clear from the question what the problem is. The IRS does not send a tax return back saying it was rejected. However, the one exception is when a taxpayer submits a non traditional tax return. For instance a tax return that states that the taxpayer "is a sovereign nation" and not... Read more »

3 Answers | Asked in Bankruptcy for Illinois on
Q: How in debt do I need to be for it to be a good idea to file for bankruptcy?
Jon Dowat
Jon Dowat answered on Sep 21, 2018

Bankruptcy is a very powerful solution to problems with creditors. Regardless of who the creditors are, credit card companies, mortgage companies, car finance companies, the Internal Revenue Service, the Illinois Department of Revenue etc.

How much debt is enough debt? It depends if...
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