In most cases you should hire an experienced tax attorney. That being said if the IRS sends you an audit letter for something relatively simple i.e. they want proof of one or two expenses and you can easily provide documentation, you may be able to handle the audit on your own. It is impossible... View More

All parties that are listed on the deed are liable for their proportional share of the profit (in tax terms adjusted basis). The one exception is if the transfer occurred at your fathers death AND he included provisions in his will that his estate would pay for the taxes.

Tax fraud (which is not necessarily the same thing as late filings) MAY result in jail time. For most people, jail time does not occur. Penalties, interest, and payment of prior tax amounts are a guarantee, but you can also set up a payment plan (i.e. the IRS will not take your entire paycheck and... View More

Repeat question. See prior answer.

Yes. If the award is over $600, they are supposed to issue a Form 1099. Either way, it's still taxable. You'd report the income on Form 1040, Line 21 "other income."

I have provided a link to the IRS website page on miscellaneous income.

https://www.irs.gov/uac/reporting-miscellaneous-income

I'm not sure what you are asking. Try resubmitting your question again.

The federal requirement for claiming a dependent is that the person makes under $4,050 (2016 numbers), lives over 6 mo. with the party for the tax year, and at least 1/2 of the support is provided.

The... View More

If the lender bid the entire amount owed at the foreclosure sale, then you do not owe them any money. If they bid less than the amount due, you still owe the balance. If there was a second or third mortgage and they did not redeem the property by paying off the first mortgage, you would still owe... View More

You can make non-payment part of the case by motion or request in court. If you are very close to the final judgment a judge may not consider the back support in the modification hearing. You can also file your own case seeking back child support. Claiming a dependent is partially based on the... View More

The 1099 should list the person/entity that submitted the 1099. Contact them to see if there was a clerical error. If there is an assertion that no error was made (and you can prove that you did not receive this compensation), you can file an appeal with the IRS or file a return expecting an audit... View More

You will need to contact a tax professional directly for a full evaluation. These are the general rules:

(1) Basis (value). You should have "carry-over" basis. Meaning that the mineral rights are valued at time of inheritance (which is really the value of the rights for the... View More

If you receive any type of 1099, it means that the IRS has been notified of the income. The income likely comes from debt relief (presumably the negative difference between the value of the foreclosed property and the mortgage). If you disagree with the numbers or valuation you will need to contact... View More

This is a federal tax for light vehicles with below par gas millage. It was passed in 1978 and the system is undated on a semi-regular basis for the increases in average fuel economy.

Here is a link to the EPA, which provides background: https://permanent.access.gpo.gov/gpo46168/420f12068.pdf .

For the agreement, until a document is signed/notarized and approved by a court, any agreement is not locked. The text is evidence of an agreement (and can be admitted to evidence as a prior agreement/performance), but private agreements can always be modified in a court filing (there are some... View More

Yes, however we do not know the specifics. What we do know is the following, based on statistical analysis "model" taxpayers are created based on income, deductions, etc.Taxpayers who deviate from this "norm" are given a number based on their deviation from the mean (average).... View More

You did not provide enough information on the source of the funds you received. The general rule is that distribution of trust income is taxable to the beneficiary (you), but distributions of the trust assets to the beneficiary are not.

Without knowing your specific situation, I cannot say for certain about your potential tax treatment. I can provide you with some general rules.

If you are a: (1) salaried employee or independent contractor for a company/individual; (2) you worked in the US; and (3) you have resided in... View More

Colorado requires a return be filed for all full time or part time Colorado residents (regardless of income). This can result in a CO income tax return filed with all 0s. Note, there is no penalty for not filing IF there is no Colorado tax liability. The rules are similar for business and trusts... View More

It is possible, but this mostly depends on the nature of the audit. If the audit relates to material that you handled it is likely that either (or both) the IRS and the company will contact you (esp. if there are any unexplained items or discrepancies). Unless you willfully did something wrong, the... View More

You will need to contact a real estate attorney directly for advice with your situation. As a general rule, paying taxes and receiving the father's share give you an interest in the property. The mother can force a sale, but you can offer to purchase her portion. If nothing else you should... View More

This question is beyond the scope of Justia's Q&A. You need to contact an attorney directly. As a general rule, you cannot post-fact amend a service relationship to that of an employer-independent contractor without consent of the service provider AND authorization from the IRS.