To my knowledge corporation referred to herein files 1120-H first time since its incorporation in 1981. It states it is a residential real estate association and claims exempt function income representing it came from me and others as "owners of real property".
I think I may be... Read more »
Hi:
The form you mentioned, 1120-H is only for a HOA "Home Owners Association" to use for filing. It allows them to claim some exemptions.
I'm not sure why you think that for has any bearing on your status as a homeowner. To be sure, in some trailer parks the HOA... Read more »
The previous homeowner passed 4 years ago and the home has remained empty. The next of kin have shown no interest in the property. Can a neighbor care for the property (agricultural and house) and become the owner using an adverse possession claim?
Yes, if you hold it exclusively for long enough. The minimum period in this situation would be 10 years.
Every time we called for a payment arrangement they said wait 30 days and call us back because they had not processed our returns. In the mean time we paid $350/month towards $29,000 from 2017 audit and 2018 and 2019 taxes. We got a payment arrangement and after that they filed a tax lien. Is... Read more »
The IRS can file a tax lien if your debt is over a certain amount and/or if you are not having the payments direct debited from your account.
• My wife and I own a rent house. We also own an LLC.
• We want to transfer ownership of the house to our LLC and want to understand the tax implications.
• The rent house has had an operating loss, and it currently carries a loss carryover to be applied against future... Read more »
I am not just passing the buck, but you really need to hire a tax professional with this transaction.
The taxes owed are due to claiming more dependents after kids left home and it was not caught until we reviewed w2 form.
If you are paying federal taxes then you can request a one-time penalty abatement. This will abate penalties (not interest) for the first year a taxpayer owes taxes. As the name suggests this is a one-time option. Wait until you have paid the base tax due and then call the IRS and request the... Read more »
I started working this year and filed my taxes for last year. I got a tax refund but I was not employed anywhere last year. I am a F-1 student, will this refund affect my chances of getting green card?
You should consult with a Certified Public Accountant to understand why you got a refund. As long as your taxes were properly completed, the mere fact that you got a refund will not affect your eligibility for permanent residency/green card. You should consult with an immigration attorney though... Read more »
What happens if I don't give her the 3rd stimulus check?
If the check is in her name and you don’t give it to her, you can face criminal charges and civil penalties. Unless your divorce decree awarded you her check, which it doesn’t sound like.
I have paid to have a nonprofit created for me from a trusted source. If it was formed incorrectly and I get audited for not paying the correct amount of taxes... Would this be considered tax evasion(jail time?) or just tax avoidance (legal, so just an extra fine)
It isn't possible to answer your question based on the limited information provided and, because of the sensitive nature, I would recommend having a confidential consultation with an attorney subject to attorney-client privilege. When something is done wrong on your tax return, it not lawful... Read more »
I filed my taxes last yr as married filing jointly bc thats how turbo tax said to file and since we were still legally married and no papers were filed i didnt want to get in trouble for filing incorrectly... so i got the first stimulus and the second and havent given him any... he filed for... Read more »
You filed as married, and you were married. Nothing inappropriate there. Even after the divorce petition is filed, you're still married until there is a final divorce decree. The stimulus payment is community property and you can spend it however you wish. Your soon-to-be ex's... Read more »
My W2 shows a $5000 difference from what was deducted vs what the trustee received. My bankruptcy lawyer has been no help & now my bankruptcy case is being dismissed. Is there anything I can do about this since my money was mishandled by my employer? What/if any law would the employer be... Read more »
Tons of laws! Basically, this would be the equivalent of civil theft. I would first alert the trustee and they may take care of it. If not, I would file a motion to compel in the bankruptcy court to have the money turned over.
My parents gifted us the house in 2020, how to we claim this? We're not going to sell it, rather we will sell our current house and use the equity and remodel the gifted house. We have lived in our current house for over 9yrs and it will be less than $500k, so capital gains tax shouldn't... Read more »
Your parents (the giftor) should file a gift tax return because the amount of the gift exceeds the exemption. The exemption is set at $15,000 per person. If your parents (two giftors) choose to gift split, and the gift is given to you and your wife, this allows for a $60,000 exemption ($15,000... Read more »
Father-in-law giving $250,000 to help purchase a property that is $500,000. This Texas property is 30 acres plus home. Will he be taxed on that "gift" or does it fall under the Lifetime Credit Tax Exemption? Additionally, it's not really a gift as we are leasing him 25 of the... Read more »
Short answer is yes he must file a gift tax return. However, there is a lifetime exemption amount of $11,700,000 per person. That means that your father can gift up to $11,700,000 tax free during and after his life via gifts and his estate. The lease does not matter. It is still a gift if you are... Read more »
Now indiv seeks order of protection to recover home theft of all property while accussed in jail on abuse charges fabricated
I am not clear on your question. It can be tricky throwing accusations at an alleged abuse victim because it can sound like a motive or logical justification for violence. You should also be aware that some prosecutors will consider the fact that a person is a veteran to mean they are MORE likely... Read more »
before the gold is paid for, we need to pay some right to sell tax. It’s a document that’s supposed to have the judge’s signature on it. It’is $45000
is this true or a lie
If you're buying gold, and someone is telling you that you have to pay for a document signed by a judge to purchase it, it's a scam. Buy from someone reputable, and preferably local.
There is no inheritance tax in Texas, and most estates are not large enough to require payment of any estate taxes. Find more information here:
https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-estate-taxes
The income tax code is not tied into voting. Think of childhood stars who had very large income (Michael Jackson, Stevie Wonder, Shirley Temple, etc.) They all paid tax on their income even if they could not vote.
So if I upload a video from US but link it with my homecountry bank...which means I can't get the money in USA but only get money in my home country bank account..is that legal and fine? And what if I know someone who is working in USA and invested and have E2 visa(not green card), can I... Read more »
No! You are living and working in the U. S. in violation of your F-1 student status. There can be remedies to this mistake, but you need an appointment with a competent and experienced immigration attorney, who can take the time to provide legal advice.
The above is general information,... Read more »
If I donate to a 501(c)(3) silent auction one of my seminar's, what are the tax implications?
1) If I price the seminar at $500 and the winning bid is $600, then does the winner claim a $100 donation to the charity?
2) And do I claim a $500 donation to the charity in that case/... Read more »
Services are not an eligible deduction for the charitable contribution deduction. You would have to contribute cash or property.
If the winning bid is greater than the value of the item bid on, that person may receive a charitable deduction for the extra piece, BUT there are many many... Read more »
In 2015 my wife and I moved to Dallas from our primary residence in Austin for a new job opportunity. We rented the house out until 2019 when we then sold it. According to IRS publication 523 if you take a job over 50 miles from your primary residence, you should be eligible for some capital gains... Read more »
Your CPA is probably correct (at least in part). It depends on how long you used it as a rental property. I published a article in the Tax Adviser on this code section (section 121).
https://www.thetaxadviser.com/issues/2019/apr/involuntary-conversion-principal-residence.html
We were married for 20 years and now divorced for 3yrs.
I was a stay at home mom the entire time and my (ex)husband worked in IT- most of his work was contract so when we received his tax forms, they were 1099. Most times he pushed off the taxes to me to file (I had us go to HRBlock) but... Read more »
If neither of you filed for the years in question and the IRS filed for you then you can file married filing separately. This may result in you being able to get back some money if you would have been entitled to a refund. If a joint return was filed then you will likely need professional... Read more »
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