Get free answers to your Tax Law legal questions from lawyers in your area.
Can we take those final loan proceeds from the sale of a house and pay off the mortgage on our current primary residence which we are about to make into a rental property?
answered on May 22, 2019
Yes, once you receive the funds you can do whatever you want with them. It's not going to change the tax ramifications.
My grandma wants 120k for her property (free and clear), which I just moved into. I'm also an investor that plans to update the home, possibly cash out refi, and rent it out after purchase. I'm wondering what options I have as far as purchasing. 120k is top of the market price... View More 
answered on May 6, 2019
There is no difference between seller financing within a family and seller financing involving strangers. In either event, to protect yourself and your grandmother from possible trouble later, you and your grandmother should hire a lawyer to draw up all of the necessary papers to consummate the... View More
NCDOR sent a letter that the garnishment for taxes in 2008 and 2010 had been satisfied. Years later, they start sending letters stating that money is still owed for those years. When asked about this, the lady said that it was for an amount that was written off, but later added back on. Is this... View More
answered on Apr 24, 2019
Sure; but before you do, be sure the NCDOR is talking about taxes for 2008 and 2010, and not some other year.
I moved to NC in 2003.
answered on Apr 15, 2019
This question is confusing as written. It appears you are saying you failed to pay Connecticut personal property tax on your car(s) for the past 15 years, then moved to North Carolina; and now that Connecticut has started dunning you for the taxes, you are asking lawyers how to settle? Is that... View More
I have received a K-1 (form 1065) as part of a tax package associated with my investment in iShare S&P Commodity-Index Trust. My financial advisor purchased 256 dollars of the EFT, and sold 2 shares at 16 dollars each. Those are all the actions related to the ETF from my transactions. The... View More
answered on Apr 3, 2019
The reason you have been unable to get any free advice or help from the 5 CPAs and the IRS is probably because the amount of money involved is to small. Asking lawyers is a waste of time too. De minimus non curat lex.
he was driving with out a license and also got dwis (he never had a license) he said last time he went to court i think around 20 years he was told to do dwi assesments he did not finish ( his mom tells me he was told he would never get a license ,,he never had them ) but can he get them in nc... View More
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answered on Mar 30, 2019
It is possible. From your description, he would need to fully comply with the requirements set forth in his DWI's then he would need to request a DMV hearing but their may be other things he needs to do as well.
The NC Dept. Of Rev. has taken my tax return for the last 3years applying it to what they say is tax I owed from my 1999 sole proprietor business.. The IRS says they have no record of it they don't keep records past ten years
answered on Mar 15, 2019
If you owe the IRS a debt that they are collecting on they should be able to provide you with an account transcript. Since they are saying they do not have a record of the debt, ask NC what the debt is for and ask for proof that it is owed.
Should I wait for the IRS to contact me or should I completed a 1040x amended return. I have read online both answers.
answered on Feb 21, 2019
If you amend and pay the difference you can resolve it now.
If you wait for a letter from the IRS there will be interest and penalties.
You should also calculate the tax that would be owed so you know what you're looking at as far as payment interest, and penalties.
I remarried. My husband had a home that was in his first wife's name she was deceased. After our marriage he was in severe accident and foreclosure happened on home. His name was never on deed and I never lived in the house or was not connected to it in anyway. Foreclosure notice went to his... View More
answered on Dec 16, 2018
I assume you are talking about state INCOME tax (not local county property tax, or other type of tax). And, i'm guessing the issue arose from a 1099-C Cancellation of Debt, to the now deceased husband, from the foreclosure, (tax year 2016, based on timing?). Further, I'm guessing you... View More
answered on Sep 26, 2018
You can always go on your own but I usually recommend at least speaking with an attorney first. Frequently it is to your benefit to hire an attorney.
I came to USA 20 years ago, and I bought an apartment oversea before I came to USA, I hold green card 5 years ago, I became to be USA citizen this year. I never own a house in USA since I came to USA, and I rent apartment all the time. I sold the apartment and got less than $ 240,000 this year and... View More
answered on Aug 10, 2018
You will need to declare the income on your 2018 income tax return when you file it next year. If the money was held in a foreign bank or other account, you may also have other filing obligations such as a requirement to file an FBAR or an IRS Form 8938. I suggest you use a professional to prepare... View More
I am an international student and this was my very first time filing taxes, so I was completely confused on a lot of things. I filed using Sprintax and paid the $92 I owe the state of North Carolina online as well. But the problem is, I didn’t know that the next step was to mail the signed... View More
answered on Jul 19, 2018
Assuming that you paid the full amount due on the tax return in a timely manner you shouldn't have anything to worry about. Most states as well as the federal government base any penalties related to the late filing of a tax return on whether or not their is still a liability when the return... View More
answered on Jul 5, 2018
Schedule C has the broad categories of business expenses you can deduct: https://www.irs.gov/forms-pubs/schedule-c-form-1040-profit-or-loss-from-business
answered on Jun 1, 2018
Whenever you have an accession to wealth for services that were provided to another individual, you should report that income on your tax return. Because this job would be considered self-employment, you will be responsible for the income taxes associated with the net proceeds of the job as well... View More
...Medicare. They claim I don’t make enough per paycheck to withhold state taxes. Is that accurate? I know In NC a 1099 doesn’t have to pay state taxes if they make under $600 that year BUT I’m a w2 employee. I’m getting frustrated because I feel like I’m not getting the truth. And if I... View More
answered on Apr 27, 2018
Ask your employer to withhold a specific dollar amount if you are worried about underwithholding. That way it will not be based on a percentage.
answered on Apr 4, 2018
You have to file a VA non-resident return along with an NC resident return.
Hi, I'm an American citizen who lived abroad for two years. Last year, I moved back because of a better job opportunity, but I'm not sure if I can deduct my moving expenses. I keep reading if expenses occurred 'related' to the income. What does it mean? The company I worked for... View More
answered on Mar 26, 2018
For 2017 taxes, you can deduct your moving expenses if you returned to the US to start a new job or to work at a new location for your prior employer. You can find more information about this on the IRS webpage for moving expenses (IRS Publication 521): https://www.irs.gov/publications/p521... View More
jointly or single? He has 5 yrs previous service before 1989 so I know military pension is exempt.
answered on Mar 21, 2018
If you are married you can only file married filing jointly and married filing separately. It is impossible to tell you which is the best way to file. Generally it is usually beneficial to file married filing jointly but that is not true for everyone. Find a good accountant and they should be... View More
answered on Dec 20, 2017
It is sometimes possible for the IRS (or state taxing authority) to hold a spouse responsible for business tax issues their spouse's business has. I would recommend that if your spouse's business is having tax problems, he/she should get competent counsel to assist in dealing with the... View More
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