You should consult a CPA to determine whether you qualify for any of the exceptions for reporting income for cancellation of debt.

Although Pennsylvania has an inheritance tax, the tax rates are very low --- just 4.5% for transfers to direct descendants. Capital gains tax...

One's legal obligation to file an income tax return is solely dependent on the amount of income for the year being filed. If income is above the...

It sounds like for tax purposes, someone else will be gifting you the property. So no income tax implications for you. Donor will be required...

I doubt that a lawsuit would be successful, but you should notify the bank. Close the account and write a letter to the bank explaining why you...

If you are not allowed to access your 401K or borrow against it, an expert taxpayer defense attorney would argue that the 401K is not an...

Sure. You can file such a request, It probably won't be granted, but you can always ask. And FYI, except in unusual circumstances, fiduciaries...

Nobody can answer your question without more information. The exclusion for capital gains on the sale of a principal residence is limited to $250...

It is not the responsibility of your husband's employer to provide their employees with tax advice. It sounds like there was a problem with the...

Agree with Mr. Ertle. While property "improvements" can be added to the cost of property in computing tax basis, maintenance and property taxes...