Specifically, I've only one it for 1 year now and if I sell will I have to pay un-needed taxes? I am wanting to sell the property and then use those profits for the downpayment on my new house.
answered on Feb 16, 2023
This is more of a tax question. You would need to talk to a CPA or tax professional about your specific situation. The IRS has a publication to help you to determine if you are subject to federal taxes for the sale of real property. You may also be subject to state or local taxes as well. As... Read more »
Business was greatly affected by Covid and a chapter 7 filing by a customer. As a creditor the business, lost a significant amount of revenue. The tax lien notice does list the EIN for the S Corp, but only my name, is personally listed on the document. I need to know if any personal property,... Read more »
answered on Feb 16, 2023
Yes, it is possible to be personally liable, but it depends on the specific facts of your case. One method is through "piercing the corporate veil." The tax collector is generally an aggressive creditor. You should seek counsel.
The car is only a few months old. I purchased it new.
answered on Feb 24, 2021
Your question doesn't say if your child is an adult or a minor.
Generally purchases/gifts from family members are not exempt from the normal rules. The DMV's website has information about the sale and taxes required to be paid.... Read more »
I owe some back taxes to the IRS from 2009-2012. I haven’t filed taxes since then because I’m 100% service-connected disabled with the VA so my income is tax free. I married my wife in 2016 so she was unaware of my back taxes. — We have been taking care of her taxes by filing ‘injured... Read more »
answered on Jan 4, 2021
Your question is too specific for a general posting board like this. The IRS has some of the most powerful tools of all creditors to collect back taxes. That being said, there are certain exemptions that they cannot garnish from. Even if your income is exempt, your assets may not be or may only... Read more »
answered on Jul 22, 2020
You can file a legal separation action in Nebraska. It is similar to a divorce action in that it addresses property, debt, and child custody issues, but it is different in that the parties remain legally married. Thus, when someone says they are legally separated and mean it in the technical... Read more »
Court papers mailed to us saying we owe taxes on an inheritance. We never received an inheritance. We were told that once my husbands dad and uncle pass away then my husband would get what is left over, however when I call the courts it says that it was tax on an amount down to the penny. I called... Read more »
answered on Feb 25, 2020
The tax is based on the fair market value of what the beneficiary receives, even though the actual receipt may be postponed. The lawyer will need more facts to answer.
answered on Feb 23, 2020
Court ordered payments are allowed. Having said that the IRS will look at any income that will become available after an expense is paid off within the statute of limitations. Unless you have a very simple financial picture, you would be better off hiring someone to help you submit the Offer. I... Read more »
answered on May 28, 2019
The IRS does not allow any taxpayers to deduct interest paid on any mortgage that the taxpayer does not pay. Nor do most if not all states that have an income tax.
I keep getting over paid by my employer. Despite my best attempts at getting in contact with HR and payroll to get this issue resolved, nothing happens. I receive no call back or emails. I have been trying to work with them to give back the over payment amounts. I have been over paid by... Read more »
answered on Apr 14, 2018
Since it's tax filing time this week, the first issue that hits me with your question is they will report the overpayments to the IRS, and it raises your tax liability.
You can write a check to the company for the overpayment amounts, but that will not resolve the fact that they are... Read more »
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