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It was also my year to claim our kid upon the court ordered agreements.
answered on Mar 21, 2020
I am sorry to hear about your situation. You could ask your ex to amend the tax return and if not , then you can file a motion for contempt of court for a failure to comply with the court order.
The vacant land is located in Colorado. The property taxes were itemized deductions 1995 through 2016.
answered on Feb 24, 2020
Your cost BASIS is what you paid for the land.
You do NOT add the property taxes.
How is this legal, given the fact that Lyft does not disclose the full fare amount to the driver? Drivers are "agreeing by contract" to pay taxes on an unknown amount? How is this even close to legal? If state tax is included, a driver can pay more than 50% of their actual income to... View More
answered on Feb 23, 2020
It all depends on what is being deducted from the Lyft driver's gross income. If it is something that the employer is required by law to deduct, then most likely the Lyft driver will need to report the gross amount, not just the net amount received by the driver. That of course is true of all... View More
Married, no ead card yet but I do have an uscis alien number from paper work.
answered on Feb 14, 2020
No, you can't use USCIS number for the purpose of your federal tax return. You have to apply for tax ID with the IRS for your wife and child or just wait until their I-765 are approved so they can receive SSN.
We filed our taxes and the IRS said we needed more proof of address an relationship to our kids. We sent it it in and we received a notice of denial for rest of tax refund prematurely on the IRS end . We notify the IRS and they have never responded to 3 seperate faxes all papers requested and now... View More
answered on Feb 4, 2020
You should speak with a tax lawyer who can clearly explain the law to the IRS and provide proper documentation to obtain your refund, assuming you qualify. That’s a lot of money to leave on the table. Hire someone who will do the work on a fixed fee, contingency basis so you get that money.
I was looking to take cash out and avoid the closing costs. All cash out would be for home improvements, but minor improvements like new countertops, carpet, appliance replacement, paint. If I do this, I would not be able to claim any tax benefit from the interest paid over the life of the loan?
answered on Jan 30, 2020
Interest on the amount you borrow to pay off the mortgage would nit be deductible. Interest on the amount that is used to "substantially improve" the property would be deductible.
We have to amend our 2018 taxes because we received a schedule K1 form 1041 after we had already filed our tax returns and received our refund. ( my husband’s mother passed away and she had a trust out of New York) The question I have is since we are Colorado residents do we have to pay Colorado... View More
answered on Jan 29, 2020
A distribution from a trust is not an inheritance. The K-1 should only include your allocable trust income, not a distribution of trust corpus. The amounts originally placed in trust are not taxable on distribution; only the income of the trust distributed to you is taxable to you. Most accountants... View More
Do I have to pay taxes on the money I got from my farm inheritance?
answered on Jan 24, 2020
You don't pay tax on inherited property. But it sounds as if you inherited the property then sold it which is different.
You would need to determine the basis in the shares when you received them and compare that to the sales price to determine if any gain exists.
Ive been called two times now by an "Unknown number" who is leaving voicemails and leaving a case number as well as saying my place of residence and living is known and if I do not return the call. They will come to me? Can I be notified of something like this Via voice mail? Does this... View More
answered on Jan 10, 2020
Probably a scam. I'd call the El Paso Sheriff's dept and ask if there's a warrant out for you just to be sure.
If they identify who the are, police, IRS, CDOR, etc..., look up the number form a verified source and call in and tell them what happened and see if they are... View More
The county issued a new deed of trust to me. After 4 months I started getting a bill showing that I also owed over $4,000 of the past persons bill as well, before I even requested billing from the water company. The water company is saying that they have a perpetual lien against my property. How is... View More
answered on Dec 19, 2019
Your unfortunate situation is a textbook example why non-lawyers should always ask an experienced lawyer before they do something they have never done before. Unless you can somehow convince the water company to let you off their very sharp-barbed hook you are stuck. And no one else (who has a... View More
No property or savings except a vehicle. Can we donate that vehicle to offset the tax debt?
answered on Nov 18, 2019
The IRS can't go after life insurance paid directly to heirs for taxes due by the deceased or the estate. This is why it's very important to never name your estate as a beneficiary of a policy.
You can donate the vehicle to reduce the estate income tax on Form 1041. This is... View More
answered on Sep 23, 2019
Consumer criminal usury is more than 45% under CRS 18-15-104.
No cap on business rates.
I have a client who was given an $80,000 car from a charitable organization. Will she have to pay taxes on it?
answered on Aug 12, 2019
State income tax can be discharged in certain circumstances. First step is to send them a copy of the discharge.
Called the title company back 3 days later when I realized I needed to pay the 2% tax. They had already sent in the paper work in. They said get with your tax adviser. Did not want to get in trouble for signing saying I live there & not paying 2% right now.
answered on May 28, 2019
There are several different ways to solve this problem--all of which should be documented as fully as possible. Any tax advisor should be able to help you.
Our board is trying to purchase new water meters for everyone in our community. We are trying to upgrade our water system in Falcon Heights. We have a member in our community who was a past president who wants to be at our executive sessions. So he is bringing up the Sunshine Law. And says we... View More
answered on May 20, 2019
Executive sessions are normally just that: not open to the general membership. Look at the C&Rs and bylaws.
That I might owe Colorado student loan or court cost I'm not getting a Colorado refund but I'm getting a federal refund can can Colorado take my federal refund
answered on Apr 20, 2019
Yes. It'll depend on who exactly you owe and what stage the collections activity is at but they can intercept at a certain point.
I would suggest proactively resolving the matter prior to an intercept.
At the beginning of the year, I accepted a job for a company that offered to relocate me. I moved from San Diego to Denver. They paid for everything: household goods, vehicle transportation, temporary lodging, etc. I did not see a single contract or receipt for any of those expenses. They were paid... View More
answered on Dec 27, 2018
Yes, under the Tax Cuts and Jobs Act relocation expenses are now taxable to the recipient whether paid on their behalf or given to the employee in cash.
You also cannot deduct these expenses on your personal return unless you fall within a specific military exemption. This all went into... View More
answered on Dec 11, 2018
Yes, the majority of the provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) took effect 1.1.2018. Some did not, most notably accelerated depreciation took effect 9.27.17 and the ACA penalty is removed 1.1.19.
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