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answered on Nov 8, 2015
yes, it appears that your profit would be taxable income, although perhaps eligible for long-term capital gain treatment. Speak with a tax professional.
When should I change my tax filing status from single to married. Should I file jointly or separately?
My parents foreclosed on original home. Didn't qualify due to credit when they wanted to buy again so they asked me to sign for home. I am the only one on both title and mortgage. Credit is good now and they want me to transfer home to their name by quit-claiming deed and having them assume... View More 
answered on Aug 17, 2015
Whether or not it's taxable depends on your specific situation. A gift tax return may need to be filed. Best to talk to a good CPA about this.
Please Take Notice: I am not your lawyer unless we enter into an engagement agreement in writing. This is general information that is given... View More
When I sell my home and purchase another home, will the profits from the sale of my home be exempt from taxes if I use the money to renovate, fix up my next home purchase or use the profits for down payment on new home?
answered on May 29, 2015
Not enough information to answer. Talk to a qualified CPA. Be well.
answered on Nov 16, 2013
Seems like you may be out of luck by exhausting the legal courses of action you described. Consult a tax lawyer for advice and perhaps for an offer-in-compromise or an installment plan if your circumstances merit.
answered on Feb 5, 2011
I some cases, yes. The returns have to have filed more than 3 years ago to even begin being possible. If that is met, you have to some other requirements, too.
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