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... View More 
answered on Jan 17, 2019
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... View More
answered on Dec 10, 2018
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... View More
Will she have to pay taxes on it when she is able to access it at age 18?
answered on Oct 29, 2018
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.... View 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?
answered on Sep 7, 2018
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... View More
answered on Aug 17, 2018
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.
answered on Jul 3, 2018
The deduction is limited to $10,000 regardless of married or single status
answered on Apr 20, 2018
If you owe taxes, file as soon as possible. If you are entitled to a refund you can file within 3 years of the due date, but I would still recommend you file as soon as possible.
answered on Apr 6, 2018
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:... View 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... View 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.
answered on Feb 21, 2018
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
answered on Feb 15, 2018
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... View More
So no federal taxes will be withheld and I would send a check when I file at the end of the year.
answered on Jan 25, 2018
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... View More
I filed a legal complaint shortly after quitting in 2015, and filed a MCAD complaint in 2016. The case was settled out of court in 2017
answered on Jan 12, 2018
This irs does allow you to deduct attorney fees paid to recover in a discrimination claim on line 36 of form 1040
https://www.irs.gov/publications/p525#en_US_2016_publink100041600
Hi,
I live in Boston, and I'm about to start a consulting firm, an LLC. My first customer is in Norway. Should I form an LLC in MA or in Delaware? since my business is purely international.
answered on Jan 5, 2018
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... View More
answered on Dec 2, 2017
Yes. See https://www.irs.gov/newsroom/irs-virtual-currency-guidance
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... View More
answered on Aug 8, 2017
You should review your Separation Agreement with your divorce attorney as soon as possible to make sure that you haven't obligated yourself to include this form in the exchange process.
answered on May 19, 2017
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.
Im unemployed since 2011, and practically homeless, and that money was the only thing left for me to survive until I find a job. They had already withdrawn the money in september of 2016,
answered on May 10, 2017
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... View 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... View More
answered on Apr 18, 2017
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... View More
My 2011 tax return was completed but the originals to be mailed were accidentally filed with the copies. The taxes were eventually mailed in November 2016. When the IRS was contacted recently they stated that since the tax return was filed beyond the 3 year limit (which I was unaware of the... View More
answered on Feb 9, 2017
It wasn't clear what you meant by the return was accidentally filed with the copies. It sounded like you sent the return to the IRS. In any event, the short answer is probably "no". If you could somehow prove that you properly sent the returns to the IRS on time, and that the IRS... View More
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