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Gregory M. McCauley

Gregory McCauley’s Answers

30 total

  • If I take a home equity loan out on a rental property to buy a primary residence, is the interest tax deductible?

    Formerly, lived in Chicago and used an inheritance to pay off my house there. Got transferred downstate and was unable to sell for a good price. Ended up obtaining renters who signed a 3 year lease. Now a year later, I am ready to buy a house i...

    Gregory’s Answer

    Mr Curcuru gave you great advice on that issue.

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  • If filing an amended tax return, who pays any monies owed?

    I filed a return alone in 2011 and received a refund. Now, I may be forced to amend that return and file with my ex-husband. In the joint return, there will be a refund, but not even close to what I received alone. So my question is, would we b...

    Gregory’s Answer

    John hit that on the head.

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  • Does the Tax Court have to issue an opinion?

    If the decision is not stipulated, is the Tax Court required to issue an opinion giving its reasons for the decision?

    Gregory’s Answer

    Good answer.

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  • Am I responsible for employment taxes that my company did not pay even though they withheld them from my paycheck?

    I am not in the payroll department, just an employee. Found out that the company has not been paying the employment taxes like they should. Will the IRS hold me responsible even though I never received the money and the company failed to make the...

    Gregory’s Answer

    Rest assured you are not responsible if you are "just an employee" and not an officer or check signer for the business. I agree with the other answers you rec'd.

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  • My hus. Is incarcerated can I file a police report for his income tax being cashed without his consent while he incarcerated

    Tax refund cashed without consent he knows who did it and stole.his identity

    Gregory’s Answer

    Yes you may file a police report and a clam with IRS. File Form 911 with the Taxpayer Advocate who will help you sort this out and possibly get a new check issued. Go to www.IRS.gov and search the form. It is easy to complete.

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  • Can you sell a property if it isn't probated? if so how? I need help because taxes are behind and I have to sell before tax sale

    I have some contractors trying to take it from me. I have gotten excutix of estate done already I just need to know where to start. thank you. there was no will

    Gregory’s Answer

    After the court appointed you Administrator you must go to the Sherriff's office and have the tax sale postponed. Show them you have listed the house for sale and upon the sale the back taxers will be paid in full. alternatively if they say "no" ask for a payment plan for the real estate taxes. That should work. I would get help if I were you.

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  • If I'm separated from my husband and If I collect food stamps, how do we file taxes ?

    I'm separated from my husband for almost 3 months now. We have 2 children together. He gives me $800 a month. I was collecting unemployment up until December 2012. I have used up all my saving for bills and food . I'm thinking of applying for food...

    Gregory’s Answer

    You should file and you must file married filing separate. You want to file first if possible so you can claim the children and get the children's child care credits. I see a big refund coming your way. Move faster!

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  • It is a tax evasion problem?

    My commuter benefit account has been operated by my husband in the past. He took care of the parking reimbursement and he bought train tickets for me. I recently suspected he might use other's receipt to get parking reimbursement. He said 'you do ...

    Gregory’s Answer

    I think a new status is appropriate: Married filing separate. Get a tax preparer.

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  • Are foreign personal holding companies subject to US tax?

    I am a foreigner working in the US, and I currently own a holding company in Singapore. It's closest to a C-corporation (taxed separately from owners), and I own all the shares. Is this company subject to US capital gains tax, personal income tax...

    Gregory’s Answer

    There is not enough informait0on to give a specific answer but it does not appear the corp will owe tax here. Need more information. You need a tax representative to prepare your taxes.

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  • What taxes are paid on employment lawsuit settlement for individuals?

    If you are a low income earner, and you received a settlement from your employer who put you through some really harsh times, what type of taxes do you have to pay? I guess its considered "monetary" damages. If you settled, and taxes are requ...

    Gregory’s Answer

    Your attorney in the settlement must answer the question what did you sue for lost wages or injury to the person? The critical question is what was the settlement of the case for? The 1099 often goes to your attorney because the company is writing the check to his attorney account. So, speak to him and a tax attorney to get it right the first time. Most tax attorneys have amended these types of tax return issues before and (in other cases) handled the audits of unclaimed court case/settlement income. Get advice.

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