Is it legal to report 1099-C, Cancelled credit card debt to IRS and still report the balance to credit reporting agencies?

A credit report can be viewed as a historical document. It is used by potential lenders to determine your credit worthiness. The fact of the...

CAPITAL GAINS

The following link may help you understand capital gains and how they are reported: https://www.irs.gov/uac/Reporting-Capital-Gains I recommend...

How to carry over expenses & income due to me?

Since you are most probably a cash method taxpayer your commissions will be included in income in 2016, when you actually receive them. The answer...

Should i enter "0" because i don't owe anything or should i enter the value i got from Income X 25%(my tax bracket)?

On line 4 you will put what you estimate your tax liability to be. On line 5 you will put the amount of payments you have during 2015 towards this...

What is the allowed amount of time a creditor can ask for items to be surrendered after discharge and closure of chapter 7?

Since the creditors were secured creditors, they can pursue the collateral at any time. The fact that you did not reaffirm simply means that they...

Can payroll change my exempt status without my signature or my telling them?

Fill out the required form (W-9) to instruct your employer regarding your status so that they can withhold appropriate amount.

Should a caregiver for his parents pay tax on money they give him or consider it a gift?

Although it could go both ways I think you have to determine whether your parents' intent to give you a gift. If it is then you should consider it...

Wld my Dad's bnifciarys pay full CG tax on the "business" part of the house, or wld the cst basis b upped to FMV as of his DoD?

Per the IRS: Inherited Property The basis of property inherited from a decedent is generally one of the following. 1. The FMV of the property...

Yes you may file bankruptcy even though you are in a debt relief program. The trustee may have some avenues to collect from the company, but that...

Will my being on these accounts put my mother's money at risk from the IRS?

Placing your name on the title of the account as a joint owner may put your mother's investments at risk with the IRS since they will garnish/levy...