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Steven Anderson Leahy

Steven Leahy’s Answers

1,222 total


  • What happens if someone retires with a debt, then sells the house(owes property tax) and moves to Mexico? Can he be pursued ?

    Does the lender really gets to go after them in practice? What about the municipalty tax? Thanks.

    Steven’s Answer

    Generally, in order to close on a real estate transaction all liens must be resolved. If they aren't the property tax would be the obligation of the new owner. Property taxes are attached the real estate. If they aren't paid the county will sell the property at a tax sale and the new owner would lose their ownership rights.

    I hope this helps!
    Respectfully,
    Steven A. Leahy
    www.chicagotaxteam.com

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  • I am now to start working for Uber as a driver...they will 1099 me...i start droning and making money in December 2014... i

    i have not filed taxes for several years ( under the radar ) with little to no income. What should I do ?? A consultation with HR Block ?? I may owe about 10 K.... I would like to get legitimate with my SS number.. Please help ! Thanks ...

    Steven’s Answer

    First - make sure you file and pay your 2014 taxes on time. Next, complete your past taxes. The IRS has records of any 1099s that were filed. Ask for wage and income transcripts and then COMPLETE YOUR TAX RETURNS. If you don't file your tax returns, the IRS may file for you. That may leave you with a much larger tax obligation and even BIGGER IRS problems. You can't fly under the radar with the IRS - Computers follow every taxpayer. If there are 1099s with your name, the IRS already knows.

    I hope this helps!
    Respectfully,
    Steven A. Leahy
    www.chicagotaxteam.com

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  • What can I do after NYS Dept. Of Taxation levied my account that processes my credit card sales?

    My restaurant, LLC, has outstanding debt for sales tax owed from previous years. Fortunately, all current bills and taxes are being paid on time but I haven't been able to completely pay off this old debt. I have been making payments and trying to...

    Steven’s Answer

    You need professional help yesterday. This forum will not be able to resolve your tax problems. Get local, professional help. If you were in a payment plan, they taxing authority should not continue with collection actions. If you go around the levy, you may be creating more problems for yourself. Get help!!

    I hope this helps!
    Respectfully,
    Steven A. Leahy
    www.chicagotaxteam.com

    See question 
  • Real estate question - Can a seller keep a buyer's earnest money if the buyer has an undisclosed tax lien?

    Hi - My house has been under contract with a buyer since mid September. While it was a low offer, I accepted. We discovered a few weeks after closing that the buyer had a tax lien (they did not disclose when the offer was made) and 2 months late...

    Steven’s Answer

    The answers you seek are found in the Real Estate Sales Contract. Do you have an attorney working with you? If you don't , maybe now is the time for you to seek advise from a local, competent attorney.

    I hope this helps!
    Respectfully,
    Steven A. Leahy
    www.chicagotaxteam.com

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  • Does a tax return refund count as income?

    I used my 2013 tax refund to pay for a family vacation. My ex wants me to reimburse a portion of child transportation fees, although our parenting plan states that one's ability to pay is based on income. Am I required to use tax refund money to r...

    Steven’s Answer

    No, a tax refund, in itself, is not income. The refund is money being returned to you from last year's income. So, you reported income, which included the amount refunded to you, and paid tax on it already. Again, the refund is not income in the year you receive it - it was reported as part of last year's income.

    I hope this helps.
    Respectfully,
    Steven A. Leahy
    www.chicagotaxteam.com

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  • My brother is on the tax statement with my dad and mom (both parents have passed) does that give him the right to sell the home?

    My brother said there was no will. I have been living in the home for the last 7 years caring for my parents. My mom said she had a will, but I never saw it. The home has a mortgage of only 2700.00 but has a Line of Credit bal. of 127,000....

    Steven’s Answer

    Generally the tax bill is made out to the owners of the property. Your parents may have placed him on the deed for estate planning purposes. You should go see an attorney to determine your rights to the property, if any.

    I hope this helps.
    Respectfully,
    Steven A. Leahy
    www.chicagotaxteam.com

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  • Mortgage question

    What kind of lawyer do I need to help me make sense of my mortgage? I have had my house 7 years and nothing has been paid on it I actually owe 50000 more than I bought it for and I cannot figure out why not a dime has been paid to principle

    Steven’s Answer

    A real estate attorney can help you review your mortgage and promissory note to explain the terms to you. Interest only or partial interest loans were common some years ago, when property values were rising. These types of loans are not really offered anymore.

    I hope this helps!
    Respectfully,
    Steven A. Leahy
    ChicagoTaxTeam.com

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  • Can a lawyer halt a foreclosure judgment for a client so that the client can sell the property on their own to pay back the bank

    In foreclosure process, but have not been served with the judgment yet.

    Steven’s Answer

    You may have options to sell the house before foreclosure. States generally have a redemption period and often bankruptcy can help you resolve this matter with a sale. This is an important matter - seek out good local help to answer your questions and advise you about the best path to the remedy you seek.

    I hope this helps.
    Respectfully,
    Steven A. Leahy
    www.chicatotaxteam.com

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  • How do I collect surplus funds from a foreclosure in 1999?

    I have contacted the attorneys that handled the foreclosure several times about the surplus and never get any answers. The property was in Kendall county Illinois. We never received any notice after the sale.

    Steven’s Answer

    While I can't give you specific information about your case, I can tell you that surplus funds are generally held by the county court. Contact the Kendall County Court for details about retrieving surplus funds from a foreclosure sale.

    I hope this helps.
    Respectfully,
    Steven A. Leahy
    www.chicatotaxteam.com

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