Are legal expenses tax deductible?

It depends. Truly, this is one you need to be much more specific. Some legal expenses are deductible as part of a business, some must be...

Do I have a $250k tax exemption or $500k exemption

$250, 000. As previous attorney mentioned, the $500,000 is only available to spouses filing a joint return. However, you do not have to be living...

Will an amended state tax return be sent to collections

Based upon your additional comment: The collections office wants to see the amended return, possibly, to determine whether there will be money due...

Do we owe taxes on a rebate for a home purchase?

The reality of the transaction will control the taxation. The "rebate" is simply a reduction of your cost in the real estate. It is not taxable. ...

Self employed schedule, tax and sale of the home

Unless you are in the trade or business of buying and selling homes, you cannot treat as self-employed. This is an investment. But, your...

File a form 940 showing now tax due and $800 paid in and requesting a refund. That should do the trick. If not, bring the matter to the IRS...

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Tax audit: How late in the process can the examiner add penalties?

You have a right to appeal. Follow the instructions carefully and appeal timely. You can, and probably should, speak to the manager prior to...

1099k for a personal injury settlement

Some personal injury settlements are subject to taxation and others are not. For example, compensation for physical injuries are not taxable,...

If I sell a home within one year of receiving the home as a gift, do I pay the short-term or preferential capital gains tax?

You inherit your parents tax basis and holding period. Thus, this will be treated as long-term capital gain. However, you may want to consider...

With a S Corp can the IRS place a levy on the corp for an officer's personal back taxes owed?

In most circumstances, the answer is no. If the Vice President is not an owner, the IRS cannot go after the corporation for sure. However, it can...