When the finance company writes off the remaining $8000 on its books, they will send you a 1099-C for the amount of the debt that was cancelled. ...

No one can advise you without knowing your personal situation. However, this is a good time to think about your estate planning, if you have not...

This is not really a tax question --- more of a divorce question. Best to run this by the attorney who prepared your divorce agreement --- he/she...

It's not unusual for states to impose severe monetary penalties on non-filers & late filers. Ohio also imposes stiff penalties on late filers ---...

From an income tax perspective, things are much better for you as a W-2 employee. 1) tax reporting is simpler -- no Schedule C and you don't...

Agree with previous two answers but would also recommend that you hire a title company to prepare the closing documents and do a title search. ...

A lemon law settlement is only taxable for any amount that exceeds your loss, You need to report the 1099-Misc income to avoid getting...

I have changed the category of your question from "Tax" to "Bankruptcy & Debt." You need to consult a bankruptcy attorney --- nobody on this...

This is just one example of the problems associated with "probate avoidance." If your parents' estate had been handled through probate, your...

I'm assuming that you received a 1099-INT showing the interest earned on an insurance policy or annuity? If the 1099 has the tax ID # for an...