Sanford Irwin Millar's Answers

Filed bk in 2008.left our house in NM. now we are short selling it. it was rented. Will we have to pay taxes on a 1099?

You need to look into whether you meet the insolvency test under IRC Section 108e. This is a balance sheet test applied at the time of the short sale. To the degree you are insolvent at the time of the short sale you may be able to exclude the Cancellation of Debt Income. This analysis should be done by your accountant to be sure that it is done correctly and then if the exclusion applies your account will create a disclosure statement for your return.

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Chapter 7 bankruptcy - back in March or April my wife and I received 10k income tax return. How long do we need to wait.

As a general matter, the refund due for a period pre-petition should be the property of the trustee in your bankruptcy case. You should call a bankruptcy lawyer in your area and get advice, making the wrong move could be a big mistake. Nothing contained herein is intended to and does not establish an attorney client relationship.

Is Wife's credit card debt community?

If the debt was incurred during the marriage the court will likely consider the debt a community debt.

Has there ever been a federal income tax amnesty program?

There is avoluntary dislcosure program which is intended to provide relief from criminal prosecution if the taxpayer makes a full disclosure. The program is initiated by having a lawyer make contact with the Criminal Investigation Division (CID). This is a criminal penalty relief only. The issues to be determined prior to contact with CID is whether the taxpayer has simply failed to file or has filed false returns. The answer to this question is fundamental to determination of civil and...

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Enter your question here. e.g., Do I need a real estate attorney?What are the penalities for tax fraud?

You need to contact the police in your jurisdiction and file a police report to document the identity theft. Then you need to check your credit report to see if there are any other instances of identity theft and report them all to the credit bureaus and the police. You should also contact the Criminal Investigation Division of the IRS in your county and provide them with a copy of the police report and reports to the credit bureaus. Finally, you do need a lawyer to help you dealing with the...

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Can I Sue my parents for back taxes, lawyer fees, and condo payments? Can i remove their name from the title deed?

First, you need to contact a lawyer in your area. Second, a lawyer in your areas will ask how title was taken. How it was taken could affect your rights to succeed to the property on the death of your parents. If you are on title a failure to keep up the payments could result in foreclosure and affect your credit. An alternative may be to sell the property assuming your parents cooperate. Get a lawyer!

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I need an international lawyer

Ws the loan in writing? If so what were the repayment terms? What was the agreed or stipulated jurisdiction and method of dispute resolution? If it was a governmental obligations is the same government in place or has the monarchy been replaced by another government. If replaced did the new government(s) assume the old debt? These are questions that will be asked by competent international counsel. These are expensive cases to research and prosecute.

Making an offer in compromise to the IRS, do we still make monthly payments?

Take a look at the Offer in Compromise instructions at IRS.gov. FIrst, if you are on an installement agreement now, you cannot just stop making the payments without the consent of the IRS. Second, if the tax liability is old enough, (more than three years have passed since a timely return was filed or two years since a late return) then you may want to consider bankruptcy. Check with a local bankruptcy lawyer. Third, there is a filing fee for making an offer in compromise. Finally, whether...

Can a shareholder of a private corporation get a line of credit against their shares?

Most properly structure and organized closely held corporations will have a shareholders agreement that prevents "alienation", (which includes share pledges) without the consent of the other shareholders. The rationale is that in small privately held businesses, that equity holders want to know there co-investors and not have either a lender take over a position or have a stranger become a shareholder without consent. There are also state and federal securities laws to consider.

I live in a house owned by someone else. There is no written agreement. They are wanting me to pay the taxes. Do I have to?

You need a local lawyer. If you have invested in the property your decision is more complicated than if you are a tenant. The relationship you have with the owner is also influential in determining how you act. You also need to determine if there is avaiable alternative housing and do the cost benefit analysis.