Jeffrey L. Cohen's Answers (2581)

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How does a non-profit corp affect other businesses and property taxes?

Jeffrey's answer | Answered on April 15, 2015

Mr. Lloyd is correct. You can have as many businesses as you want at your address. Please consult with a corporate attorney about the differences...

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I rented my house and so had rental income in 2014 as my first year. Do I must take the Depreciation Deduction when filing tax?

Jeffrey's answer | Answered on April 13, 2015

You will want to consult with an experienced CPA. There are several situations in which depreciation is mandatory.

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Can Social Security or VA Pension (Aid & Attendance) be garnished if the person receiving these benefits owes back Fed taxes?

Jeffrey's answer | Answered on April 13, 2015

If you owe taxes, the Internal Revenue Service can take 15% of the taxpayer's Social Security payments each month.

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Divorce tax

Jeffrey's answer | Answered on April 13, 2015

Look at copies of your jointly filed tax returns.

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What is the tax basis in a residential rental property obtained through foreclosure?

Jeffrey's answer | Answered on April 13, 2015

Because this involves a relatively complicated series of transactions, I recommend you consult with an experienced CPA to determine basis. Likely...

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Can additional credit card debts be used to declare insolvency against 1099-C's received for other defaulted credit card debts?

Jeffrey's answer | Answered on April 13, 2015

Your tax return preparer should complete Form 982 to include with your tax return, which will likely wipe out the income from the cancelled debt.

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Capital gain on down payment

Jeffrey's answer | Answered on April 13, 2015

You will not be able to do this. There is no write off of any kind in this transaction.

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Joint tax return with spouse when living in different states for the tax year.

Jeffrey's answer | Answered on April 08, 2015

We have researched this issue for a client recently. The issue is very fact intensive, and will depend on the exact circumstances. Rarely will...

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Incorporation for multiple web-based brands with multiple possible investors

Jeffrey's answer | Answered on April 07, 2015

You can use the "find a lawyer" tab on the top of this page to search for someone to consult with. You are quite wise to get this advice before...

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Do I have to wait on amended return to be adjusted in order to return my state refund? I already paid the amount due.

Jeffrey's answer | Answered on April 07, 2015

Yes, send it back certified mail, and keep copies of everything, including the letter you write to them explaining the situation.

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