What does it mean to sign a "Consent to tax increase?

In the first place, you were provided incorrect information about the 10% taxes. As a first-time home-buyer, there had been an exemption to the...

The question you did not ask, but is obvious, is whether or not you can deduct the interest on the 2nd mortgage. The answer depends on what you...

What if any tax must my adult son pay because I gave him my 2013 Huyandi

Your son will not pay any federal or state income taxes. There is no tax on gifts. If your gift value was over $15,000, you would be required to...

How do I write a promissory note that satisfies the tax codes?

If you are planning to forgive the note over a period of years, aren’t you truly making a gift? In such case, why not just make the gift and file...

Upon the surrender of your green card, you are deemed to have sold all of your assets at fair market value and pay an exit tax on such gains. This...

Tax on Money sent oversea

Your questions raised issues in two areas: 1) Gifts and 2) Foreign Bank accounts. 1. You may make gifts to anyone. If a gift is more than...

Generally, after ten years after the tax is assessed, the ability for the IRS to collect the debt expires. The ten years starts when the tax is...

Do the agencies contracted by the IRS settle for less than the taxes owed if I return their call?

The private collection agencies have no ability to approve the payment of a lesser amount to resolve your tax debt. Note that they also have no...

See publication 4681 which can be filed on www.irs.gov . It should give you clear guidance. Good luck.

Can I claim the full monthly rent price of my apartment lease if I have a roommate for purpose of IRS collection data?

In doing the IRS budget for purposes of your ability to pay the IRS, I believe you can claim all of your expenses. But, you should also declare...