Robert Grossman Jr.’s Answers

Robert Grossman Jr.

Las Vegas Tax Lawyer.

Contributor Level 6
  1. I received a Form 1099-A for a foreclosure from my mortgage lender. Do I need to report this information on my return?

    Answered 3 months ago.

    1. Robert Grossman Jr.
    2. Dorothy G Bunce
    3. Cindy Lee Hill
    3 lawyer answers

    The following Debt qualifies for EXCLUSION from Gross Income: 1.Debt canceled in a Title 11 bankruptcy case 2.Debt canceled during insolvency 3.Cancellation of qualified farm indebtedness 4.Cancellation of qualified real property business indebtedness 5.Cancellation of qualified principal residence indebtedness Generally, if you exclude canceled debt from income under one of the exclusions listed above, you must reduce certain tax attributes (certain credits, losses, basis of assets,...

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  2. I am inquiring if there is a formal contract I can fill out so my son can claim mortgage interest deduction.

    Answered 5 months ago.

    1. Robert Grossman Jr.
    2. Kirk D Kaplan
    2 lawyer answers

    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...

    3 lawyers agreed with this answer

  3. Real-estate and taxes

    Answered 6 months ago.

    1. Kirk D Kaplan
    2. Robert Grossman Jr.
    3. Bruce Givner
    3 lawyer answers

    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.

    2 lawyers agreed with this answer

  4. My mother died in 1994, her land was put in a corp, the paperwork wasn't kept up but taxes were paid. How can the land be sold??

    Answered 3 months ago.

    1. Robert Grossman Jr.
    2. Donald Erich Lowrey
    3. Steven M Zelinger
    3 lawyer answers

    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

    1 lawyer agreed with this answer

    1 person marked this answer as helpful

  5. Evasion of taxes!?

    Answered about 2 months ago.

    1. Judy A. Goldstein
    2. Robert Grossman Jr.
    3. Jeffrey L. Cohen
    4. John Russell McGuire
    5. Tristan James Lloyd
    5 lawyer answers

    The internal revenue code has many penalties ranging from failure to pay, negligence, civil fraud and criminal fraud. Filing an amended return does not automatically atone for the above, but its a good start.

    3 lawyers agreed with this answer

  6. If I was paid by my employer "under the table" and there is an accusation of theft, who has more to lose? My employer or me?

    Answered 4 months ago.

    1. Neil Pedersen
    2. Patrick John Phillips
    3. Robert Grossman Jr.
    3 lawyer answers

    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...

    3 lawyers agreed with this answer

  7. I need a bankruptcy lawyer to give me consultation

    Answered 5 months ago.

    1. Theodore Lyons Araujo
    2. Michael Hal Schwartz
    3. Elisha Wellerstein
    4. Robert Grossman Jr.
    4 lawyer answers

    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

    3 lawyers agreed with this answer

  8. IRS |receiving money $3,000 worried about taxes. Money laundering

    Answered about 2 months ago.

    1. Garrett Sutton
    2. Kirk D Kaplan
    3. Robert Grossman Jr.
    3 lawyer answers

    Gifts are specifically excluded from income so you have no tax consequence on your receipt of same. So long as you deposit the full amount of what she sends you, you should have no problem and there is no reason to have your husband "receive" the funds.

    1 lawyer agreed with this answer

  9. Tax attorney or a CPA With family law background?

    Answered 3 months ago.

    1. Courtney McIver Devine
    2. Robert Grossman Jr.
    2 lawyer answers

    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

    1 lawyer agreed with this answer

  10. Is it against the law to tell the IRS you earned more money than you really did?

    Answered 4 months ago.

    1. Robert Grossman Jr.
    2. Charles John Zimmerer
    3. Ronald J Cappuccio
    3 lawyer answers

    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.

    1 lawyer agreed with this answer