If we file taxes separately, who takes the gain of the jointly owned home? Can we divide the gain in two?

I believe that for joinly owned assets that are sold, the proceeds and the basis are split with each of you taking half. I would take great care...

Yes you can sue. However, keep in mind that bringing a lawsuit can be costly and there is not guarantee you will win. Also, you must keep in mind...

Fix tax refund

This is one of the problems of filing a joint return when you do not know the tax history of your new spouse. There are numerous things you can...

Had 2009 foreclosure, received a letter of forgiveness for 2nd mortgage in 2012 , now have a (1099 c)form. what do we do?

Speak with a tax preparer or CPA about your taxes. There are exceptions, but you have to document them. One such exception is insolvency when the...

Money paid into joint account after mother's death. Who reports the income & pays the tax

Distributions fron traditional IRA accounts are generally taxable whenever they are distributed. You will owe taxes on the amounts distributed. ...

My ex-husband paid spousal support before required to. He wants to claim this expense and me claim this income on taxes. Help!

I am assuming you have an attorney representing you in this matter. If not, I would confer with one. Alimony is deductible for him and taxable to...

Yes there is. Under some circumstances, it is not necessary to require a tax return. Typically they related to having a very small income. ...

Multiple delinquent form 5471 and BAR I own 16% of a uncontrolled foreign corp . I live abroad . Can I file noisy disclosure ?

You should contact a tax attorney right away. To assess your situation, you would need to provide notices received from the IRS to the attorney. ...

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Hi, my friend started a divorce on 12/6/12 than after a month he got court date , he didn't know if he got the papers delivered

I know you are interested in your friends well being. However, it would be futile to speculate on his particular situation or the final outcome. ...

I have been named executor of my late sisters will, and there is a minor involved. i would like to know how to proceed

I am very sorry to hear of the loss of your sister. It is good that she left a will to give you and others guidance. As already mentioned, you...