I was sold a timeshare with false accusations. I have the ability to hire an atty to get the time share nullified and they are saying I will receive a 1099-A to declare the loss. Will this actually provide me any cash savings during the tax process? I have no cap. gains or stock - just basic... Read more »
I'd be wary of any attorney that tells you this. I've practiced law in Florida for many years and when I've helped clients get out of a timeshare, they will often receive a 1099 when the timeshare cancels the loan/mortgage. However, if the loan that was cancelled was $13k, the form...Read more »
Massachusetts towns assess value annually. They calculate property values based on the market activity as well as certain property-specific attributes such as location, size, construction quality, style, and condition. These include the status of outbuildings. Factors may include the usefulness of...Read more »
If the awarded damages were the result of physical injury, then she will not have to pay any taxes related to the judgment award. The only time you will have to pay taxes on the judgment is if there is any part of the judgment that is related to non-physical type pain and suffering damages. (ie....Read more »
I became disabled in 2014. During which time I was already in a payment plan with both the IRS and Massachusetts DOR. I have since paid both in full. Can they continue to accrue both penalties and interest and make me pay those once my only income was ssdi?
Once you have paid your liability in full no more interest or penalties should accrue. If you still owe taxes and can no longer afford to pay your installment agreements due to your only source of income being SSDI, you may need the assistance of an attorney to help you set up a collection...Read more »
It's not illegal to file separate, if you file Married Filing Separately. You would just need to indicate who the spouse is on the return that is filed. There are some rules that you would also need to follow when filing separately, so make sure you file under the guidance of a tax professional.
Usually a creditor can only collect what it is owed, so if the tax offset paid your debt in full, they should not be able to further offset any more refunds. The Department of Education has a good website that is easy to navigate and has a lot of information on questions like these:...Read more »
regarding 433b-----during the period that the IRS is looking at---my business sales has increased significantly -but my business expense----marketing has increased also---dollar for dollar. The 433b is being used as part of a oic or possibly payment plan. Will the irs have an issue if in view of... Read more »
Above ? Is on real estate I purchased recently. Do I need to let assessor come into my home to inspect? All my years in buying and selling I never encountered this infringement on my privacy before or been threatened to be charged money if I don’t comply with the asssessor request.
Under the plain language of the law itself, they do have the authority to charge a $50 penalty if you do not provide them the information required for them to assess the residential property: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter59/Section38D
If the divorce agreement we split the tax exemption on the 2 kids. By getting full custody and the visitation up to me for the ex. Does that allow me to claim both kids on taxes for the exemption? I'm from mass and she pays no child support
You will either need to have a Modification Agreement on that issue which can be filed with the Court as an uncontested proceeding. otherwise you will need to have a Modification on that issue and also should have an appropriate Motion before the Court if this custodial change happened in 2017, to...Read more »
If you do not have taxes withheld or pay estimated taxes you may be charged an underwithholding penalty. If you owe less than $1,000 then you will not be charged the penalty. If you make some payments but not all then you must have paid at least 90% of the tax for the current year or 100% of the...Read more »
You should register it in MA as you are a MA resident. There is no tax advantage in being a DE LLC if you are the sole member of the LLC and reside in MA. Moreover, if you have a dispute and want to engage the MA courts, you will have to register the DE LLC in MA to do so and the cost will wind-up...Read more »
If I understand correctly, the 1065 is an informational filing for the partnership. I receive a K-1 from this to use on my individual return to report my income, losses etc. Is my ex-spouse entitled to see the partnership's 1065 informational filing or is it even relevant to my return? He is... Read more »
That depends. If you filed a return the IRS normally has three years to audit the return. If there is a substantial understatement of tax (25% or more) the IRS has six years. If any fraud is involved there is no time limit.
If the bank has not sent the money to the IRS then you can call the IRS and ask to be marked Currently Not Collectible based on your unemployment status. If they agree they will release all or part of the levy. You can also contact your local Taxpayer Advocate for assistance or a Low Income...Read more »
Massachusetts demands a boat excise tax and several fee's for using their waterways. Regardless the boat owner is not a citizen or legal resident of the state. This also means one cannot vote in the state because the person is not a citizen or legal resident. Examples Here: Boat excise tax; a... Read more »
In the same way you have to pay a highway toll when you're driving on the state roads, you'd have to pay boat taxes and fees for using the state's waters, regardless of residency/ citizenship. The state government is, proverbially, king of its castle. This is the basis of sovereign...Read more »
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