Video posted by attorney Henry Lively, 12 months ago.
Short Sales of Real Estate can have devastating tax consequences for the unwary. There can be capital gains, income from the cancellation of debt, and other consequences to the seller of the property. Each transaction should be reviewed by a tax professional to ensure that the se...
Written by attorney Irina Goldberg, 2 months ago.
Since 2008, the IRS has been adjusting its collections practices to help struggling taxpayers during this difficult financial climate. Part of these efforts is the "Fresh Start" initiative,... more
Written by Avvo Staff, almost 4 years ago.
Tax fraud occurs when people or corporations seek to avoid paying the state, federal, or local tax they owe. Tax crimes include failing to file tax returns; evading payment of employment, sales,... more
Written by attorney Henry Lively, over 1 year ago.
If you are in a Short sale or are contemplating such a transaction make sure that you know the tax consequences first. When you sale a property short this means that you are not repaying the debt on... more
Written by attorney Henry Lively, about 2 years ago.
If property taxes are not paid when due, they become a lien on real property. If the taxes remain unpaid, the property can ultimately be foreclosed and sold at a tax sale. The proceeds of that sale... more
Written by attorney Henry Lively, about 1 year ago.
There has been a lot of discussion surrounding cancellation of debt income. Particularly with regard to the cancellation of debt with regard to Short Sales of Real Estate, Forclosures, and deeds in... more
Written by attorney Gerald McNally, over 2 years ago.
Make sure you filed your returns:. If the IRS or state files a substitute return for you, they will assert you never filed a return and you may have to pay in Chapter 13.
Written by attorney Stephen Dunn, over 1 year ago.
Suppose you have negotiated settlements of your credit card debts. Or maybe you have executed a short sale of your house. You are concerned about tax on discharge of indebtedness income. The... more
Written by attorney Henry Lively, about 1 year ago.
In you have cancellation of debt income and the loan that was canceled was a non-recourse loan, the income from cancellation of debt is not taxable. This is true because when debt is non-recourse and... more
Written by attorney Steven Fromm, about 1 year ago.
Injured Spouse Is Not Legally Obligated To Pay Past Due Amount in Question. To be considered an injured spouse, you must have made and reported tax payments, such as federal income tax withheld from... more
