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Virginia Tax Law Questions & Answers

2 Answers | Asked in Real Estate Law and Tax Law for Virginia on

Q: When completing a irs offer in compromise, is vacant land considered real property?

Richard Sternberg answered on Jun 5, 2019

The definition of real estate is land. If something is built on the land, it is developed real estate.

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3 Answers | Asked in Real Estate Law and Tax Law for Virginia on

Q: Can the irs enforce a tax lien on a cash sale for property?

Ross Cameron Hart answered on Jun 5, 2019

The IRS has a motto: "We've got what it takes to take what you've got".

Practical response: IRS has filed a lien on property; the Owner sells it to Buyer and Buyer pays Owner cash. IRS isn't paid. The lien remains on the property and IRS can file a suit to take the property away from...
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1 Answer | Asked in Tax Law for Virginia on

Q: My propett taxes are delinquent. Ad a has been posted. Proceedings will start 6/14/19 Section 58.1-3965. I

I have been told by Powhatan's lawyer that next I will receive a summons; then go to court in August; then property goes for sale in September. Is this correct?

I am raising the funds to pay it off.

Andrew M Steiger answered on May 26, 2019

Based on the statute you cited, this timing may be correct. The statute 58.1-3965 also states that you may be able to work out a deal with the local treasurer to pay off the delinquent tax balance over a period of up to 36 months. You should contact the local treasurer ASAP to try to work out a... Read more »

1 Answer | Asked in Business Law and Tax Law for Virginia on

Q: I own an LLC, and I have 2 houses which I leave for renting. How can I do taxes for my LLC? Thank you.

Do I need to put 2 these houses into my LLC, or I can leave them separated, and then I still can do taxes for my LLC?

D. Mathew Blackburn answered on May 22, 2019

With no tax elections and no partners the LLC will be reported on Sch C.

The rental should be reported on Sch E if not actively managed or Sch C is actively managed.

If you put the rentals in your LLC you still file them on C or E based on active participation.

The...
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1 Answer | Asked in Tax Law and Child Custody for Virginia on

Q: How can I prevent my child's father from claiming her on federal tax return ?

My daughter lives with me she only sees her dad on his days off from work however he's claimed her on taxes the last 4 years. He refuses to let me claim her. He doesnt give me any of the money for her expenses. How can I keep him from being able to claim her!!

Bruce Alexander Minnick answered on May 21, 2019

The IRS does not allow both parents to claim an exemption for the same child. Your child custody agreement should tell both of you who is entitled to claim your daughter; some parents rotate each year; others allow one or the other to claim the child. If you have some written proof that you earned... Read more »

1 Answer | Asked in Education Law and Tax Law for Virginia on

Q: Can you go after The Department of Education for wrongfully taking full tax refund

My student loans were in default but through the department of education I was placed into a rehabilitation program. I made every single payment each month, I never missed a single one. I am out of default and made all required payments to the program. My tax refund was taken in full by the... Read more »

Bruce Alexander Minnick answered on Apr 30, 2019

The Department of Education did not violate any laws by taking your IRS refund check as partial payment on your federally insured student loan. Regardless of whether or not your rehab program is up-to-date, the fact remains that you are still in arrears on the student loan debt. Additionally, since... Read more »

1 Answer | Asked in Tax Law for Virginia on

Q: Tax consequences of adding adult child as Joint Account owner to an elderly parent’s existing savings account.

What are the tax consequences of adding an adult child as a Joint Account owner to an elderly parent’s existing savings account? Would a withdrawal from the Joint account by the adult child fall under the gift tax, or would it be considered a shared asset?

Bruce Alexander Minnick answered on Apr 24, 2019

Yes. Try looking at it this way: If an elderly parent gives the adult child $30,000 in cash, that gift would have to be reported as a gift--on both returns. The same rules apply to savings accounts, or any other gifts.

1 Answer | Asked in Tax Law for Virginia on

Q: Is it legal to be taxed in multiple states for vehicle personal property?

I have a home in NC and VA and do not rent either of them. I travel between the two houses. I am a NC resident and pay vehicle personal property tax to my county in NC. I received notice from the county in VA that I'm being treated as a tax evader because my vehicle was reported as garaged there.... Read more »

Bruce Alexander Minnick answered on Apr 1, 2019

As in all states, there is an administrative appeal process available in Virginia to allow you to challenge the Virginia assessment; it does not require a lawyer. However, it is usually best to pay small tax assessments rather than try to challenge or litigate them. The law even has ancient advice... Read more »

2 Answers | Asked in Contracts, Family Law and Tax Law for Virginia on

Q: What is a valid disclaimer of marital interest in Virginia and how do I go about drafting such a disclaimer?

My wife is in the process of making a business investment, however I as the husband can't be party to the the business and I need to make a disclaimer to that effect. Essentially a disclaimer of marital interest.

James H. Wilson Jr. answered on Mar 30, 2019

Spouses in Virginia can enter into enforceable marital agreements under Virginia Code Section 20-155 of the Virginia Premarital Agreement Act. These agreements take different forms, including prenuptial agreements or antenuptial agreements, marital agreements, separation agreements, stipulations... Read more »

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1 Answer | Asked in Tax Law for Virginia on

Q: how do i install an installment agreement for the payment of taxes ?

D. Mathew Blackburn answered on Mar 28, 2019

You'll need a Form 9465, 433F, and 433D.

Fill those out and follow the instructions for submission.

https://www.irs.gov/payments/payment-plans-installment-agreements

There's a online submission process. It rarely works properly.

1 Answer | Asked in Tax Law for Virginia on

Q: any tax advantages to have a old cemetery on property.

Bruce Alexander Minnick answered on Mar 27, 2019

Probably not--especially if the property owner has no income from the cemetery and no expenses related to it. If the owner is paying state or local property taxes on the entire piece of property containing the old cemetery they may want to look at prorating the R/E taxes attributable to the... Read more »

1 Answer | Asked in Tax Law for Virginia on

Q: I own a house in VA that I have rented out. Now I moved back in and want to sell. Do I owe extra taxes?

D. Mathew Blackburn answered on Mar 27, 2019

You'll have to calculate depreciation recapture on the conversion from business to personal property and pay ordinary income taxes on the recapture. The you'll pay capital gains taxes on the gain on sale. Unless you qualify for the personal residence exemption. It's hard to say you'll qualify or... Read more »

2 Answers | Asked in Tax Law for Virginia on

Q: I need to repay the IRS for having excess income related to the ACA financial guidelines. See below for more info.

I am finding it difficult to locate an attorney with direct experience in that area. How do you best search for a lawyer who has such focused experience ? I live near Front Royal/Winchester but travel to Northern VA frequently.

Background: I have been unemployed for several years and had... Read more »

Linda Simmons Campbell answered on Jan 4, 2019

Any good tax attorney should be able to advise you as to the best way to resolve your liability. You have a few options available to you. Stay away from the places you see advertised on tv. Because this is a federal tax issue you can contact a tax attorney anywhere in the country for help. Most... Read more »

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1 Answer | Asked in Civil Litigation, Contracts, Mergers & Acquisitions and Tax Law for Virginia on

Q: I have recently been robbed of my gift tax inheitence. I have retrieved documents from the tax department recently.

my exhusband forged my documents in 2013. he altered the employer id number and stole the financials using the incorrect years to file them and sold it to google for an award. in 2017 my devices kept having all these wierd things coming up. i just thought it was spam. next thing i know i seen an... Read more »

F. Paul Maloof answered on Dec 23, 2018

This sounds like a criminal case. You need to call the federal or state prosecutors to make a complaint. I do not handle your type of case. Sorry.

1 Answer | Asked in Tax Law for Virginia on

Q: All of my Mutual Funds ans stock accounts are held jointly with my wife. If a die, what are the tax consequences?

Eric Steven Day answered on Jul 18, 2018

If your wife takes over the account at your death, there will be no tax consequences other than the annual tax consequences of the trading activity within the account. You can pass your estate to your wife tax free.

1 Answer | Asked in Tax Law for Virginia on

Q: What is a Tax Ievy deduction on my paystub?

Linda Simmons Campbell answered on Mar 26, 2018

It could be a tax levy. Ask your payroll department. If it is a tax levy, contact an attorney for assistance. Just stay away from the places you see advertised on tv.

1 Answer | Asked in Real Estate Law and Tax Law for Virginia on

Q: Can a county increase real estate taxes based off MLS?

Our real estate taxes increased $214,000 for 2018 - a 45% levy change. We purchased a farm in 2017 that was tax assessed at $548,900 and they now have assessed it at $762,800. We purchased it for $735,000. Their justification was seeing the MLS and the pictures, so they knew of the improvements.... Read more »

Richard Sternberg answered on Feb 14, 2018

You'll have an uphill battle as to using the sales price for the re-appraisal. Many jurisdictions do exactly that, and the fact that you paid $735,000 is going to make it fairly difficult to argue that it isn't worth $735,000. You might have a better shot reversing the $762,800, but you need to... Read more »

2 Answers | Asked in Tax Law for Virginia on

Q: Can a college I never attended put a hold on my tax return?

2010 I went to a college to get info on classes. I saw the prices & instantly left. They unknowingly enrolled me. Nothing was signed by me, no oral contract, never applied for fasfa. The following year on my credit report the school sent me to collections for a semester of classes. I went to the... Read more »

Michelle D. Wynn answered on Feb 8, 2018

You should dispute this item on your credit report with Equifax, TransUnion, and Experian. The Federal Trade Commission has a web page with instructions on Disputing Errors on Credit Reports that can provide you with information on how to dispute this item on your credit report. You can find the... Read more »

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1 Answer | Asked in Tax Law for Virginia on

Q: Ex husband has primary physical custody of kids but I had kids full time first 10months last year. Who claims on taxes?

We have nothing in our separation agreement stating who claims the kids. The primary status is because he has them 4days of the week I have them the other 3 days of the week.

Michael Christopher Miller answered on Feb 5, 2018

In the absence of an agreement, the IRS rules of dependency/exemptions will apply.

1 Answer | Asked in Tax Law for Virginia on

Q: Can I claim my children on my taxes being that I pay 100% of the child support that should be shared between parents?

She lives in FL and I reside in Va she doesn't work, but somehow wants to claim my 2 children, she also is married and has 2 other children which the husband claims, Is there anything I can do to make this fair since she refuses to let me claim any of them?

Matthew Lane Kreitzer answered on Jan 25, 2018

There are limitations the IRS has placed on the ability to claim a child as a tax dependent. This is information that you can obtain by speaking with a CPA.

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