Questions answered by E. Martin Davidoff

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Can my son's father claim him on taxes even though my son lives with me?

E.'s answer | Answered on September 07, 2012

See IRS Publication 501 at www.irs.gov Good luck.

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If a relative or friend loans you 250,000 dollars to purchase a home can the IRS tax that? and how would they take?

E.'s answer | Answered on September 07, 2012

I agree with the previous answers. However, if the loan is forgiven by your friend, your friend may have gift tax consequences. Also, calling a...

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Is there a way to get around paying capital gains taxes

E.'s answer | Answered on September 07, 2012

There are legal ways to minimize capital gains transactions. For example, section 1031 of the Internal Revenue Code deals with like-kind exchanges...

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I owe $ 101,000 in 941 witholdings. The IRS has a lien against me personally. I have not filed taxes for the last four years.

E.'s answer | Answered on September 07, 2012

You get this under control very simply. First have your tax returns prepared for all years and bring them up to date. Then, commencing now, start...

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Can the irs take my parents stuff?

E.'s answer | Answered on September 07, 2012

YOu should consult with a tax attorney. Your parents are not liable as a result of there opening their own store. HOwever, if the taxes due...

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Does the work I do qualify as a job so that I have to pay taxes?

E.'s answer | Answered on September 07, 2012

You are required to report your income and pay taxes on all income. There are some minimum thressholds. HOwever, you are earning more than those...

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The IRS sent me a letter saying I had to file a return even though i don't owe them any money. Why do I still need to file?

E.'s answer | Answered on August 25, 2012

Mr. Daymude's advise is right on. Also, if you wait too long to file, you will lost that small refund. The law REQUIRES all who have income in...

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My ex wife (at the time married) filed a single tax return for 2006 .It was filed late in 2008. Can we refile ?

E.'s answer | Answered on August 25, 2012

Presumably, you are looking to change your filing status to secure a refund. It is too late. The rule is 3 years after due date or two years...

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Cash in life insurance

E.'s answer | Answered on August 24, 2012

Generally, if you have built-up cash value in your insurance policy, the excess of the value over your tax basis in the policy will be ordinary...

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Wife e-filed income tax return and had IRS deposit refund in bank account I have no access to.

E.'s answer | Answered on August 24, 2012

If your wife filed your joint returns without your permission or signature, then you could file your own separate return, as married filing...

E. Martin Davidoff's Answers (1160)

Can my son's father claim him on taxes even though my son lives with me?

If a relative or friend loans you 250,000 dollars to purchase a home can the IRS tax that? and how would they take?

Is there a way to get around paying capital gains taxes

I owe $ 101,000 in 941 witholdings. The IRS has a lien against me personally. I have not filed taxes for the last four years.

Can the irs take my parents stuff?

Does the work I do qualify as a job so that I have to pay taxes?

The IRS sent me a letter saying I had to file a return even though i don't owe them any money. Why do I still need to file?

My ex wife (at the time married) filed a single tax return for 2006 .It was filed late in 2008. Can we refile ?

Cash in life insurance

Wife e-filed income tax return and had IRS deposit refund in bank account I have no access to.