Get free answers to your Tax Law legal questions from lawyers in your area.
answered on Apr 5, 2016
There are other options. First, you can enter into a payment plan with the IRS. Second, you may qualify for some of your tax debt being forgiven (see a tax attorney for details - the requirements are stringent and most taxpayers that do qualify see a comparatively small reduction in their tax... View More 
I lost my job in Texas, had to move to Colorado where my new job is and I live here currently. But could not get my previous home rented. So I ended up paying rent for two places (one empty house in Texas, one in Denver where I live) for 6 months until previous rental expired. Can I list that as... View More
answered on Mar 30, 2016
Rent is not a tax deduction at the federal level. Some states (e.g. Massachusetts provides a deduction in certain limited circumstances), but most do not (Colorado does not). If any portion of the rent was for the payment of property taxes, that portion can be claimed on a Schedule A of a federal... View More
She got the loan and the home is in her name, I have paid the mortgage from the get go and did renovations on the house. She is selling the house and giving me a portion of the profit, approximately 35K. Are there any tax concerns here?
answered on Oct 5, 2015
Two considerations:
Mother:
Under federal tax law, the profit from the sale of a home that is not transferred into the purchase of another home within 12-18 months (usually). If not the profit is subject to capital gains tax.
Child:
This would be income, so you will... View More
If I claim the exempt property in the amount of $30K, and/or the family allowance of $30K would these items be subject to federal or state income taxes?
answered on Oct 4, 2015
I'm not sure if this question relates to divorce or inheritance, so here are the answer for both.
Divorce:
Alimony (spousal support) is taxable to the recipient and is deductible to the person paying; child support (family support) is not taxable to the recipient and not... View More
answered on Oct 4, 2015
Most lawyers can do this type of search. I, personally, would try to find a tax or banking attorney.
answered on Oct 4, 2015
Colorado, and most states, base sales tax on the physical location of the sale. If the buyer and seller are at two different locations (e.g. internet sales), the "sale location" is usually based on the buyer's physical location. The sale location does not typically change due the... View More
I have 1/3 ownership in a small residential home but was removed from the mortgage/loan during refinancing to get a better rate due to credit score being low. I owe 6 years of back taxes for a self employed business I've been running which I will be setting up a payment plan with IRS here in... View More
answered on Feb 5, 2015
The simple answer is "yes." The IRS can lien any interest in property. The fact you are not on the mortgage does not matter - you have an ownership interest by being on the title. The good news is that if you enter into an Installment Agreement (payment plan), the IRS does not usually... View More
answered on Oct 20, 2013
Generally, yes, it is tied to your trade or business or a requirement of your employment.
The above is not legal advice. It is an illustration of options that can be used in certain situations. I have not examined all of your facts, if I did I might provide a different response.
answered on Feb 5, 2011
I don't know Colorado stae law.on federal level, the taxes can be a bit confusing, because the language of the trust can invoke one of two different tax tables. One table causes taxes at nearly 40% with barely over $10,000 in taxable income. The other is ar more forgiving. You need a trust... View More
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