I meet the "Substantial Residency Test" for 2012. Should I fill my taxes as a US resident alien or non resident alien?

To file as a U.S. resident you have to reside in the U.S. for 183 days during any year. To calculate if you reside in the U.S. for 183 days in any...

Selected as the best answer

Only one parent can claim the child each year. It is the custodial parent who can claim the child. Generally, the custodial parent is the parent...

Selected as the best answer

As for the tax implications, if he is transferring the land to you without receiving any payment it will be a gift. As long as your father's gifts...

If I take a home equity loan out on a rental property to buy a primary residence, is the interest tax deductible?

Unfortunately, the interest will probably not be deductible. Home equity debt and home acquisition debt are normally deductible, but only if...

Can the IRS make a substitute for return for joint filers?

The IRS may create a substitute return with either a single or a married filing separate status. The IRS cannot create a substitute return with a...

I received a final notice of intent to levy from the IRS. How do I find out what property they intend to levy?

Ultimately, the IRS will specify the specific property it will seize. You will be notified ahead of time when the IRS tries to withdraw from your...

I'm separated and my tax refund was taken to pay for my husband's tax bill - what can I do?

You may want to talk to a tax practitioner about filing an equitable innocent spouse claim. Normally, innocent spouse relief would not apply to...

80/20 foreclosure, deed in lieu, short sale? Best option in Michigan?

As for the tax consequences: debt forgiveness on home acquisition debt of up to $2 million will be exempt from tax if the foreclosure/deed in...