1099-c for a short sale is taxable in massachusetts

Massachusetts (in general) follows the federal rule of no income if you are otherwise insolvent at the time the debt was forgiven. These are more...

Debt forgiveness in Massachusetts

Massachusetts generally follows the federal rules that forgiven debt is not income if the taxpayer was insolvent at the time the debt was forgiven...

How do I negotiate a 1099c from a short sale on an investment property, is this possible?

There's little you can do now to mitigate this but if you are insolvent (assets are less than debts other than this property) then the gain is not...

I have a 1099c on a short sale in 2009 and don't know how to input it into my tax form for the state

Income from forgiven debt is not recognized, federally or in Massachusetts, if, at the time the debt was forgiven, you were "insolvent". This is...

Severance Repayment, Post tax payment, why pre tax repayment?

The better way to handle this is to have your sister work at the Co. for the "unused weeks" for no compensation (she's already been given the money...

To whom do I pay taxes as a dual-citizen (US/Italy) working self-employed in Portugal?

As a US citizen, you are required to pay income taxes on your worldwide income. You can get a foreign tax credit for some or all of your taxes paid...

How Long should employer keep tax records?

My general rule of thumb for record retention is a minimum of 7 years and I also suggest 10 years as being safer and better. The IRS has varying...

What tax do I owe?

I am a local attorney who handles these types of questions. The previous answers are correct that US Citizens are taxed on worldwide income based...

The IRS and the Mass. DOR can prepare a tax return (income tax and estate tax) based upon what knowledge they have and then the assets which pass...

Why did I receive a NIA from the MA Dept of Revenue that included out of state income while living out of state?

You certiainly have appeal rights even after the NIA is issued. I can ask for a delay but that requires a fee agreement and a power of attorney...