Unfortunately, there is no standard form contract nor any IRS form that gives you the safe harbor you seek. However, there are many sticks in the bundle called "ownership". The fact your son is not "on the deed" means, he is not a co legal title holder. He presumably did not sign the mortgage loan agreement. However he pays the monthly mortgage and all expenses so it would appear he wishes to claim the mtg interest deduction because he is the equitable owner of the property. He can claim...
Unlike a federal tax lien, the California Franchise Tax Board cannot enforce its debt unless it has a recorded lien and it can only collect an amount in excess of the current Nevada Homestead Exemption ($500k). Personal loans collateralized by Deeds of Trust have priority over tax liens.
Only the legal owner can sell the land irrespective of where the land is located. In your case the corporation must sign the deed. The corporation is not a person and acts through its officers. So you need to determine who can legally act for the seller (corporation) and have that person sign the deed. good luck. Bob
Since you both have a great deal to lose what difference does who loses more? If you committed theft, you have lots to lose, including the risk of incarceration and loss of your civil rights as a consequence of conviction plus a civil suit for repayment. You also must face the possibility of tax charges of unreported income and tax deficiencies. The employer also has issues but your question implies it may refrain from bringing charges because it has tax issues. You need to see a smart...
Filed income tax returns for years more than 3 years old qualify for discharge in bankruptcy absent fraud. However, bankruptcy will not discharge tax liens so be very careful. An offer in compromise may be better unless you desire to discharge consumer debt as well a tax debt. Good luck. Bob
I highly recommend that you select a tax attorney . CPAs are terrific doing what they do which is preparing returns and financial statements. They do compliance work. Your issue to a legal issue and the judge had a very good reason to suggest a tax attorney first. If you use Avvo and seek tax attorneys in your area, you will be able to select just the right tax attorney for you from amongst many. You can shop online and at no expense. Good luck. Bob
Since you file all tax returns under penalties of perjury, you are making a false statement. Perjury is a felony, making a false statement to a IRS official is also a felony. Further, its a felony to "kick sand in the eyes of IRS". Then theres money laundering etc. So yes in many way,s its against the law.
Yes. U.S. citizens are required to pay tax on their world wide income. The fact you do not purchase a home in the same year as the sale occurs is irrelevant. The purchase of a new home even in the same year of your land sale does not protect you from tax. The tax you pay is based on the difference between what your father paid for the land and your sales price less sales expenses. You should pay tax at capital gains rates which is lower than ordinary income rates. Good luck. Bob