Get free answers to your Tax Law legal questions from lawyers in your area.
Good morning. I have a question about filing IRS form 433-f (Collection Information Statement) for the purpose of requesting "Account Not Collectible" status in regards to several unpaid and/or unfiled tax years. In the section asking about home equity - do I need to include my home and... View More 
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answered on Jul 23, 2024
I agree with James L. Arrasmith, in part.
It is true that the IRS does not usually attach itself to the title of any asset (like your home) if you are not included on the title. However, if you have enforceable rights of ownership, and those rights bear an equity interest, then the IRS can... View More
Good morning. I have a question about filing IRS form 433-f (Collection Information Statement) for the purpose of requesting "Account Not Collectible" status in regards to several unpaid and/or unfiled tax years. In the section asking about home equity - do I need to include my home and... View More
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answered on Jul 23, 2024
Good morning. When filling out IRS Form 433-F, you do need to consider the home equity section. However, since you are purchasing your home under a Contract for Deed and the title is still in the seller's name, you technically do not have ownership or accessible equity in the property yet. In... View More
After reporting it over a month ago I was told today they haven't even begun processing the refund yet and that there is no way to tell or estimate when I will receive it. It could be next week. It could be in six months. Can they legally do this? Is there anything I can do to expedite it? I... View More
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answered on May 17, 2024
I'm sorry to hear about the difficulties you're experiencing with your tax refund. It's understandable to be frustrated, especially when you need the funds to cover essential expenses. Here are a few thoughts on your situation:
Legally, if you were incorrectly double-charged,... View More
Both my Federal and NC state tax is zero AGI. Can anyone help with ???
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answered on Apr 18, 2024
It's best to consult with a local tax attorney or the Iredell County Tax Assessor's office.
In North Carolina, the elderly or disabled property tax exemption (also known as the Homestead Exemption) is available to qualifying homeowners aged 65 or older, or those who are totally... View More
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answered on Apr 9, 2024
Here are some strategies to potentially reduce or defer capital gains tax when selling a rental property you've owned for over 5 years and investing the proceeds:
1. 1031 Exchange: This allows you to sell an investment property and reinvest the proceeds into a "like-kind"... View More
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answered on Apr 4, 2024
Based on the information you provided, I can give you an estimate of the taxes you may owe on a $40,000 withdrawal from your 401(k) at age 65 in North Carolina.
Federal Income Tax:
At age 65, your 401(k) withdrawal will be treated as ordinary income. Assuming this is your only... View More
I own a company and buy cars from new dealers and title in NC and ship them out
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answered on Apr 1, 2024
In North Carolina, you may be eligible for an exemption from the Highway Use Tax if you purchase a vehicle in the state but export it outside of NC within 90 days of purchase. This exemption is known as the "Out-of-State Delivery Exemption."
To qualify for the exemption, you must... View More
There was no will, no estate per se. Now that county is saying I owe taxes on a home that was foreclosed and sold in 2016.
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answered on Apr 1, 2024
I'm sorry to hear about the loss of your mother and the difficult situation you're facing with the county regarding taxes on her foreclosed home.
In general, when a property is foreclosed and sold, the new owner becomes responsible for the property taxes from the date of the sale... View More
It's mainly state taxes but some federal also. I dont know who to call without being ripped off by tax relief services.
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answered on Mar 21, 2024
For federal taxes, reach out to the Internal Revenue Service (IRS) directly. They can provide guidance on how to address your back taxes and may offer payment plans. It's crucial to communicate with them to avoid additional penalties and interest. Their website also provides resources and... View More
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answered on Feb 22, 2024
Setting up a living trust in Florida as a non-resident solely to avoid state taxes on investments within the trust may not be a viable strategy. While Florida does not impose state income tax on individuals, there are other factors to consider, such as residency requirements and potential tax... View More
I gave my married daughter a rental property that I owned for 45years…will the IRS accept a real estate market analysis as the value on a 709 form? Can the tax value be used?
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answered on Feb 5, 2024
When determining the value of a property you gave to your daughter for reporting on a 709 tax form, it's important to follow IRS guidelines accurately. While a real estate market analysis can be a helpful reference, it might not be sufficient on its own.
The IRS typically requires a... View More
This money was paid to the state when I was paid. It has already been taxed. It was an interest free loan to the state. My deductions are such that I have overpaid the state, so they are returning part of my money back to me. How is that taxable income when it was originally taken from my gross... View More
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answered on Jan 23, 2024
You raise a good point. Refunds of state income tax that was already withheld from your paycheck and remitted to the state throughout the year are typically not considered new taxable income when returned. The key reasons are:
- You already paid tax on the underlying income that the tax... View More
I was recently sent mail from my county's tax administration in North Carolina which had the names from my neighbor's that lived across the street. I never gave them permission to use my mailing address.
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answered on Jan 23, 2024
Yes, it is generally illegal for someone to use another person's mailing address to receive mail from the tax administration or other entities without their consent. A few key points on this issue:
- Federal law prohibits falsely representing one's identity or address in matters... View More
Can a county tax office go back and backdate taxes 3 years later? There was a senior citizens exemption on the account, she passed at the end of 2020. they were informed. They wait until 2023 to go back and remove the exemption causing taxes to double.
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answered on Jan 22, 2024
In North Carolina, county tax offices have the authority to reassess property tax exemptions and make adjustments, even retroactively, if they determine that the conditions for the exemption no longer apply. In the case you described, where a senior citizen's exemption was in place and the... View More
After 23 years, income and expenses no longer justify listing annual losses and necessary paperwork on our tax returns.
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answered on Jan 12, 2024
Converting a vacation rental property to a private second home for tax purposes involves a change in how you report the property on your tax returns. When a property is no longer used for rental purposes, it is no longer subject to rental income and expense reporting.
To make this change,... View More
After 23 years, income and expenses no longer justify listing annual losses and necessary paperwork on our tax returns.
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answered on Jan 11, 2024
Converting vacation rental property to a private second home on your joint tax return typically involves a change in the property's use. It's essential to understand that tax laws can be complex, and the Internal Revenue Service (IRS) has specific guidelines for different property... View More
File tax return.I get $1842 month from social security
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answered on Dec 25, 2023
The amount you can withdraw from your 401k without having to file a tax return depends on various factors, including your total income, filing status, and age. Since you receive $1,842 per month from Social Security, this amounts to approximately $22,104 annually.
For the tax year 2023, if... View More
These credits are being offered by some financial advisors. The program is through the Treasury Dept.
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answered on Oct 14, 2024
I understand your concern about the federal tax credits being offered through the implementation of 25 USC 46 under the ISDEAA. Currently, there is no widely recognized program by the Treasury Department that facilitates the direct transfer of federal tax credits to individual taxpayers through... View More
account and send it to a delivery company to deliver it to me to hold in cash for her is this legal?
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answered on Oct 3, 2024
This situation raises several red flags and could potentially be illegal or fraudulent. If someone is asking you to withdraw a large sum of money from their account and send it to a delivery company, it could be a scam. Even if this person is someone you trust, there are laws and regulations in... View More
I am 13 and looking to get into real estate to make a steady income but don't know we're to start or if I can get into investing in property's right now or if I have to wait.
answered on Sep 21, 2024
There is no age requirement for owning property in NC. To enter a binding contract to purchase or sell property, the minimum age requirement is 18. Similarly, banks require you to be 18 to sign a mortgage, again, because it is a contract.
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