No, that is not necessarily true. Omission of more than 25% of your income and fraud are two of the exceptions to the 3 year rule. There are other...

You should discuss this matter with the attorney who handled the Chapter 7 bankruptcy as there are many issues such as was the second mortgage lien...

Gross income does not include damages received on account of personal physical injuries and physical injuries. IRC 104 A taxpayer may exclude...

Bankruptcy is a complex procedure. From your question, it appears that you are trying to do it yourself. I discourage it as you have no idea what...

You need to be speaking to your bankruptcy attorney.

In 2023, you can gift $17,000 to an individual without having to file a gift tax return. If you gift amounts higher than $17,000 you will be...

Whether or not there are taxes due on the sale of property is not a question that can be answered in this forum as that determination depends on...

Gain on sale is determined by sales price minus basis. If you were supposed to receive $X on sale but received less than $X, the gain will be...

Bankruptcy trustee's have a lot of power to "undo" transfers and claw back assets. Creditors do not take kindly to fraudulently incurred debt....

Per the IRS: The law requires trades and businesses report cash payments of more than $10,000 to the federal government. Cash includes the coins...