How can i reduce the amount of tax i need to pay on the cancelled debt of a short sale?

If, at the time of the forgiveness you were insolvent (liabilities exceeded assets), then the cancelled debt "income" is excluded under the...

Can I claim the interest I am paying on my late husband's loan , on my income tax ?

I disagree with the other attorneys' answers. First, I believe it's deductible under IRC Regulation Section 1.163-1 even where the taxpayer isn't...

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My father pass away 3 years ago and IRS is asking for some unpaid taxes

Your question isn't clear as to what taxes the IRS is asserting (estate or income). If income, and your father's probabte estate is insolvent, it's...

While the answer is that they could possibly arrest her but what I believe you are asking is if that's even a remote possibility. I don't think so,...

As a babysitter, I work for many different families on an 'occasional' basis. Instead of doing the nanny tax route, can I

There are a number of issues raised by you multitude of questions. I regularly advise people such as yourself about how to properly set up this...

How can I look up a company's EIN?

Some company ID's are on the websites for the Secretary of State where they are formed. You should not need a company ID for tax reporting purposes...

Gift money

US residents and citizens who receive gifts if under $100,000 from a foreign individual do not need to report the gift not pay any taxes on such...

Can we claim this as a gift? how? or do we each have to claim this as capital gain?

If your father merely deeded the house, but lived there and paid the bills there until he died, it's not treated as a transfer while he was alive...

Can the IRS make a substitute for return for joint filers?

The previous answer is correct. The IRS will file you as single with no dependents, no decuctions and will not take into account anything you filed...

Under Massachusetts laws, the buyer owes the sales tax and the seller merely acts as a collector for the Commonwealth. Therefore, absent any...