Archived
Can she file her taxes as a Single when she is actually married? What could be the consequence of doing so?
Magda's answer
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Answered on February 02, 2016
For federal tax purposes living in separate homes is not sufficient and the parties must file as married filing separately. However, if the parties...
Archived
Chapter 7 bankruptcy amendments
Magda's answer
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Answered on September 25, 2015
You state that "if the trustee finds errors" that you "didn't realize you made"....odd. Will the trustee in fact find errors you made? Why would...
Archived
Just lost my job in which I was making close to 70k. Will I qualify for chapter 7.
Magda's answer
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Answered on September 25, 2015
Your IRA is protected from creditors so it is not a good idea to use the IRA to pay creditors.
Also, it is possible that by taking IRA...
Archived
Just lost my high paying job and now Im unemployed can I file for chapter 7?
Magda's answer
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Answered on September 25, 2015
Bankruptcy is not a decision to be made without fully considering many different factors.
What debts do you have?
What assets do you have?
What...
Archived
If I sign a quit claim deed giving my home to my sister, What would be the financial repercussions with property & sales taxes?
Magda's answer
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Answered on September 25, 2015
Quitclaiming the property to your sister could result in federal gift taxes to you or the reduction of your estate and gift tax unified credit.
I...
Archived
I am uncollectable on the IRS books but I have a lien on my credit report - is there a way I can get the lien removed?
Magda's answer
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Answered on September 25, 2015
I assume by your statement that you are uncollectable to mean that you do owe the tax and are unable to pay it. Under such circumstances the debt...
Archived
HELP! 2 Week Deadline! Got a Failure to File Tax Audit I'm not responsible for. It lists a 1099 discharge belonging to Ex-Spouse
Magda's answer
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Answered on September 25, 2015
This question has been asked and answered previously.
Archived
If you owe back taxes on a defunct Inc. from 2005-2007 can the IRS still collect from me personally?
Magda's answer
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Answered on September 25, 2015
What kind of taxes are you referring to? Was this a regular corporation which incurred income taxes in 2005-2007 and did not pay? If so, generally,...
Archived
A surprise 1099 has come to my knowledge due to a failure to file tax from Massachusetts state revenue.
Magda's answer
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Answered on September 25, 2015
I recommend that you immediately contact a reputable and knowledgeable CPA or tax attorney. You can amend your 2012 federal tax return until April...
Archived
For tax attorneys/experts: Is money received from a deceased grandparent taxable as income in the state of New York?
Magda's answer
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Answered on September 25, 2015
Funds that you receive as an inheritance are not income for federal income tax purposes.
