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E. Martin Davidoff's Answers (1160)

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Archived

Can a real estate professional (tax election) pay himself?

E.'s answer | Answered on June 09, 2019

You may pay your wife a management fee so long as the facts support the reasonableness of that management fee. However, other factors, such as...

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What do I do if I found out a distant relative or in-law claimed me on taxes without my permission?

E.'s answer | Answered on May 27, 2019

File your own personal taxes for each year properly. If you cannot file electronically, file by mail so that the IRS will receive and ultimately...

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What do i do when i have been tricked by my spouse on taxes for years?

E.'s answer | Answered on May 27, 2019

Go seek advice through both your matrimonial attorney and a tax Lawyer.

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What do I do if someone ran a bussiness under my name and my tax id and refuse to file taxes

E.'s answer | Answered on May 27, 2019

The question is who receives the benefits and burdens of the business. If you, it is your obligation to report it. If not, it is not. Also, if it...

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Why would a tax return be pending.?

E.'s answer | Answered on May 27, 2019

You should be asking the IRS. However, a spouse cannot file for another spouse without consent of such spouse. Consent is by signing the return...

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Hi i am in the process of receiving a workers comp settlement and i owe back taxes can my settlement be taken garnish?

E.'s answer | Answered on May 27, 2019

Lots of information is missing: 1. To whom do you owe back taxes? 2. How much do you owe? 3. Are you already in an installment agreement...

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What is the consequence when transfer ownership to the family member?

E.'s answer | Answered on May 27, 2019

First of all, you should invest in a one hour consultation with a tax attorney to go through all the consequences. If you make a gift to him, you...

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Does the IRS tax hobbies differently than self-employment? I cannot find the hobby tax rate/bracket anywhere.

E.'s answer | Answered on May 27, 2019

The “Hobby” rules for IRS relate to tax losses under section 183. There are no different rates. What happens, effectively, is that deductions...

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Why are attorneys telling me I owe 16% tax on retirement money once split if I’m not touching it?

E.'s answer | Answered on May 12, 2019

I need more information to properly answer. If this is in connection with a divorce, there are rules for judges issuing Qualified Domestic...

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When 3 parcels purchased together, for one price, can there be a division of properties when sold, and still utilize a 1031 exch

E.'s answer | Answered on May 12, 2019

Section 1031 requires there to be an exchange for one piece of real estate for another. How you acquired the property you are giving up is not...