Archived
What will happen if we don't settle? Should we try to settle? Will we owe taxes on debt forgiveness?
Eric's answer
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Answered on April 13, 2016
If I understand correctly, you are concerned that if the bank forgives your loan, in full or in part, you will owe taxes on that forgiveness. That...
Archived
Can the state take my financial aid refund like they did my state taxes?
Eric's answer
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Answered on April 13, 2016
If I understand correctly, you are a college student, and you have taken out a student loan in excess of tuition. The excess will be given to you...
Archived
Is attorney w/a MA in Taxation who regularly prepares income taxes, likely to be as successful getting penalties waived as CPA?
Eric's answer
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Answered on April 13, 2016
A CPA could represent you in this, but I suggest you seriously consider a tax attorney. Its my opinion that CPAs do their best work in tax...
Archived
Is it a capital gain or ordinary gain when selling a investment property?
Eric's answer
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Answered on April 13, 2016
Generally speaking, any gain from the sale of investments is capital gain. If you own an asset for less than one year before selling it, the gain...
Archived
Is "earned income credit" is the same as getting a refund for filing 1040?
Eric's answer
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Answered on April 13, 2016
The EITC, in its current form, is a refundable tax credit (meaning you can get a refund in excess of the the taxes you owe without the credit). ...
Archived
As has US not resident a fiscal importance there to choose a state rather than an other one?
Eric's answer
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Answered on April 13, 2016
The Wyoming state government has a website with information about starting a business (link below). That may be a good place to start. I doubt...
Archived
Is it legal to report 1099-C, Cancelled credit card debt to IRS and still report the balance to credit reporting agencies?
Eric's answer
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Answered on April 13, 2016
One, in the future, avoid naming names in public posts like this. Its bad manners, and you might be sued for slander.
Two, credit reports are...
Archived
Do I have to report my foreign accounts within my US Taxes?
Eric's answer
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Answered on April 12, 2016
I suggest you take a look at the IRS Guide to U.S. Taxes for Aliens (meaning persons who are not U.S. citizens, not little green men from Mars). ...
Archived
I am one for 14000 cases that happen a year where the SSA wrongfully marks a person as deceased. Do I have a case ?
Eric's answer
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Answered on April 11, 2016
Keep plugging away at SSA, and keep records of your efforts (when you talk to them, who you talk to, etc.)
You may also want to call your...
Archived
Is it REALLY possible that I get a tax refund?
Eric's answer
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Answered on April 11, 2016
It is possible that your family qualified for the Earned Income Tax Credit. The EITC is a refundable credit (meaning you can get a refund in...
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