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,...
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
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.
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
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.
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.