Get free answers to your Tax Law legal questions from lawyers in your area.
Your current state is Ohio
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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 9, 2024
I understand you are asking about gaining ownership of a property in Hardin County, Tennessee by paying 11 years of back taxes and putting a lien on the property. Here are a few key things to know:
Paying the back taxes alone does not automatically grant you ownership of the property. The... View More
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answered on Apr 9, 2024
No, you would only be paying some other owner's taxes. Hire a lawyer to search the title and contact the Trustee and County Attorney about getting it on the next tax sale. If you are the successful bidder, you will need your lawyer to help you with a deed after the sale is confirmed. You... View More
I'm getting conflicting information. My ex wifes financial advisor says to file married jointly but IRS and TurboTax seem to say file as single.
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answered on Apr 9, 2024
Based on the information you provided, since your divorce was finalized in October 2023, your tax filing status for the 2023 tax year (which you would file in 2024) should be "single."
The IRS determines your marital status on the last day of the tax year (December 31). If you... View More
I was unemployed, an university student, and still claimed as a dependent at that time. I only filed a 1040-EZ that year. Should I fight this?
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answered on Apr 9, 2024
It's important to understand why the Illinois Department of Revenue (IDOR) claims you owe state taxes for 2017. Here are some steps you can take:
1. Review the notice: Carefully read the notice from the IDOR to understand the reason for the claimed tax liability.
2. Gather... View More
I need certain address from Rover to complete my records for my mileage on taxes. Rover closed my inbox so I can not see the corresponded clients with address to complete my mileage record. Is there any law that says Rover has to give me all the available info for me to complete an accurate tax... View More
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answered on Apr 8, 2024
As an independent contractor (1099), you are responsible for keeping accurate records of your business expenses, including mileage driven for business purposes. While there is no specific law that requires companies like Rover to provide you with all the necessary information for your tax filing,... View More
Although my daughter's permanent address is in IN, she lived at college and worked in IL all year. Her W-2 forms indicate IL state taxes withheld and she is filing an IL non-resident tax form. She did not earn any money in IN. Why is she being taxed by IN?
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answered on Apr 7, 2024
Based on the information provided, it seems your daughter's tax situation is as follows:
1. She is a permanent resident of Indiana (IN) for tax purposes.
2. She earned income in Illinois (IL) while attending college there.
3. Her W-2 forms show that Illinois state taxes... View More
May a taxpayer voluntarily elect to include part of the deferred capital gain without disposing of the QOF asset or other IRS defined inclusion event? For example, if the taxpayer deferred $100,000 of capital gains by purchasing $100,000 worth of QOF several years before, and then in a subsequent... View More
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answered on Apr 6, 2024
Based on the rules for Qualified Opportunity Funds (QOFs) under Internal Revenue Code section 1400Z-2, a taxpayer cannot voluntarily elect to include a portion of the deferred capital gain in their taxable income without a triggering event, such as disposing of the QOF investment or another... View More
Form 1120-S, Schedule B, Other Information, Line 12: The question is: During the tax year, did the corporation have any non-shareholder debt that was canceled, was forgiven, or have the terms modified so as to reduce the principal amount of the debt?
Is the question referring to a debt a... View More
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answered on Apr 6, 2024
Line 12 on Schedule B of Form 1120-S is referring to a debt that the S corporation owed to a non-shareholder, and that debt was either canceled, forgiven, or had its terms modified to reduce the principal amount.
Here's a more detailed explanation:
1. The debt in question is a... View More
I am not concerned about the possibility of paying taxes, but if it won't be seen as something outside the scope of my employment. Thank you
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answered on Apr 5, 2024
As an O-1B visa holder, it's important to ensure that any financial assistance you receive does not violate the terms of your visa or create issues with your employment. Here are a few things to consider:
1. Purpose of the funds: If the legal fees are related to your employment or the... 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
and what to do to keep $250,000 each exemptions in California
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answered on Apr 3, 2024
Under California law, if a married couple files their taxes jointly and sells their primary residence, they can exclude up to $500,000 of capital gains from their taxable income. However, if the couple divorces and then sells the house, the tax implications may change.
After a divorce, each... View More
and what to do to keep $250,000 each exemptions in California
answered on Apr 3, 2024
HOW DOES A MARRIED COUPLE QUALIFY FOR THE $500,000 EXCLUSION?
1. At least one spouse must have owned the home for two out of the last five years. The years can be split up – one in 2019 and one in 2021 – but the time has to equal 730 days out of the past five years.
2. And, both... View More
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answered on Apr 3, 2024
As a CR-1 Green Card holder (conditional permanent resident), your tax obligations depend on your tax residency status in the United States. If you qualify as a U.S. tax resident, you generally need to report your worldwide income to the IRS, including income from real estate located in other... View More
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answered on Apr 2, 2024
Whether you need to file a federal income tax return depends on your total income, filing status, and age. For the 2023 tax year (filed in 2024), if your only income was from Social Security Disability Insurance (SSDI) and it was less than $25,000 (for single filers) or $32,000 (for married filing... View More
she is also in contempt of virtually every part of our separation agreement. she has not paid child support, not given me back my belongings, does not follow the parenting schedule, and does not provide the insurance for the children she claimed she would
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answered on Apr 2, 2024
I'm sorry to hear about the difficult situation with your ex-wife not following the terms of your separation agreement. It sounds very frustrating, especially if she has claimed the children as dependents on her taxes despite not fulfilling her obligations. Here are a few thoughts and... View More
she is also in contempt of virtually every part of our separation agreement. she has not paid child support, not given me back my belongings, does not follow the parenting schedule, and does not provide the insurance for the children she claimed she would
answered on Apr 2, 2024
Good Morning,
I am very sorry to hear of your circumstances and know that it can be an incredibly difficult and frustrating experience when an ex-spouse does not follow Court Orders. It sounds like you have several issues going on, including: tax, parenting time, insurance, etc.... View More
the check was from Vantagepoint Transfer LLC. I deposited the entire check in person at MT Bank. Back then it was posted as Trust deposit, and I complained that it should have been posted a a check deposit. I look on my statement and it just says "Deposit, $40,000. I went to Federal Reserve,... View More
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answered on Apr 1, 2024
I understand your concern about the way your check deposit from Vantagepoint Transfer LLC was posted to your M&T Bank account. It's important for your financial records to accurately reflect the nature of your transactions, especially when it comes to large amounts like $40,000, to avoid... View More
2017 I filed my income tax return and received just over 4800.00 I have copies of return and check, but strangely the designated "cash out" was not there. i could have sworn I indicated direct deposit to Wells Fargo, on my return I don't see it in 2017 or 2018. Is there a way I can... View More
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answered on Apr 1, 2024
I'm sorry to hear about the difficulties you are experiencing with your tax returns and missing refund. It sounds like a very frustrating and stressful situation, especially with the missing documentation and potential alterations to your returns. Here are a few steps you can take to try to... View More
In 2018, I bought a house in Michigan through a real estate agent living in Miami. During the purchase process, my real estate agent recorded my address as Miami in all documents, even though I do not live in Miami. I am not an American citizen and do not reside in the United States.... View More
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answered on Apr 1, 2024
Based on the information you provided, it appears that your real estate agent may have committed serious crimes, including fraud, identity theft, and forgery. If your allegations are true, you have the right to take legal action against the agent and potentially recover your property or receive... View More
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