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Henry Daniel Lively’s Answers

Henry has answered 4,537 questions

  • Will I be taxed on settlement awards for personal injury?

    Asked by a user in Antioch, CA - almost 3 years ago.

    Compensation for physical injuries is not taxable. There is no such thing as the bank reporting you if you have a check over $10,000. If you have cash you are depositing over $10,000 in a single...

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  • My attorney has a tax lien by the IRS against him and it is preventing me from being paid my settlement.

    Asked by a user in Pasadena, CA - almost 3 years ago.

    Part of these funds are obviously trust fund money that does not belong to your attorney and cannot be used to pay his debt with the IRS. Your attorney, or you may need to hire a tax attorney for...

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  • Regarding tax

    Asked by a user in Lakewood, CA - over 2 years ago.

    You can each deduct the car for only the portion that you use it for business. This does not include commuting mileage or personal usage.

    13 lawyers agreed with this answer

  • Tax, Immigrant

    Asked by a user in San Francisco, CA - almost 3 years ago.

    If you have United States source income you will be required to file income tax returns and pay taxes on the income. Money that was transferred from your father would not be income. If you rent out...

    11 lawyers agreed with this answer

  • Are there advantages to going LLC rather than staying 1099? (Tax-wise and overall legal-wise)

    Asked by a user in Brooksville, FL - almost 3 years ago.

    An LLC is a pass through entity and will not offer you any significant tax advantages. In fact, it will probably cost you more due to the extra tax return preparation costs and potential state fees.

    13 lawyers agreed with this answer

  • Can my husband claim our children on his tax returns?

    Asked by a user in Cadiz, OH - almost 3 years ago.

    Since your child lives with you, you are the custodial parent. You are correct that he would need a Form 8332 release from you to take the deduction. If he claims the deduction too the IRS will send...

    12 lawyers agreed with this answer

  • Filing Taxes

    Asked by a user in Sunnyvale, CA - over 2 years ago.

    If they do not have any income they may not need to file. You do not provide enough facts to make a determination. You should see a local tax professional to evaluate their specific situation.

    11 lawyers agreed with this answer

  • I suspect my previous boss of tax evasion

    Asked by a user in La Mesa, CA - almost 3 years ago.

    I think your first stop should be the Labor Board. Next use attorney Larsom's link to the IRS.

    10 lawyers agreed with this answer

  • Can I deduct the interest I am paying on my late husband's loan ( Bank is still listing loan under his social security number)

    Asked by a user in Bedford, MA - almost 3 years ago.

    According to IRC Publication 936 you would need to be obligated on the loan. IRC Reg 1.163-1(b) says that you need equitable or legal ownership to take the deduction. Which you seem to have. There...

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  • Tax question....Tax return

    Asked by a user in Dallas, TX - almost 3 years ago.

    The IRS uses a matching process to determine whether they believe you should file a tax return. They also look to your filing history. If you received any 1099's or W-2's you will receive notice...

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