I am sorry for your troubled situation. If there is a will, it is very important, regardless of how simple it may be. Who is named as the...

Do we need to pay taxes on inactive dissolved Corporation?

This is a good question, but it deserves more than an online response. Perhaps ignoring the old corporation and organizing a new entity would work...

Should I change my tax election?

Mr. Lyons is correct. There may also be an additional tax deduction for 20% of your "dividend" income depending on the type of business you...

Who has majority ownership of a company?

No competent attorney will attempt to answer this type of question online. It is fact intensive and complex. You owe it to yourself and your...

Gift Amount from Parents for Buying Home. Would it affect in anyway?

If it is truly a gift, then there should be no tax repercussions based on your fact situation. If your two parents are giving the $30,000...

My cars engine blew. Can I sell the car to the junk yard and keep the money?

Given the relatively small amount a person would receive for a sale of used personal equipment, the IRS would not object to your selling it. If...

Without knowing any other facts surrounding your situation, there is no obvious tax that would accompany your transferring your interest in the...

How to remove a irs lien from my late husband. I’m in Tennessee ?

There is a chance that the debt cancellation income can be abated due to insolvency at the time. Please consult with a tax attorney to discuss...

You have not lost. You can challenge every IRS position in the audit if you have kept your documents and proof. Plenty of audits are completed...

What document is needed to exempt me from a gift tax bill for sale of my mother's (portion of my) home in the US?

If your mother owned a portion of the house, there is no gift in sending her the proper amount of the sale proceeds. Before you do so, I suggest...

Selected as the best answer