Your taxes are made exponentially more complicated by possessing foreign accounts and assets. I agree it make sense to discuss your case with a...

I don’t know what the balance is but perhaps you should discuss with a lawyer whether there is any opportunity to reduce the balance owed before...

No you are outside the Statute of Limitations of 3 years to claim a refund. This would have expired on or around April 15, 2019.

The conservative route, and the one the IRS would likely say they require at this point, is to say "Yes" and to report the Fair Market Value of the...

Your friend will have to file a gift tax return as the gift is over $15,000, but you as the recipient will not have an obligation. THIS ANSWER...

My initial question for you is are you actually operating out of Delaware or are you just registered in Delaware but operating out of Illinois? ...

As you received a gift, you receive the donors cost basis in the land, which, in this case is zero. You also takeover the donors holding period,...

You should seriously consider whether or not it makes sense to enter the Voluntary Disclosure Program to file your delinquent tax returns. There...

First, I'm very sorry to hear of your loss. If you are going to be the administrator of his estate, then you will have to complete an IRS Form 56...

No I can't imagine that the 1098-T having the wrong address will impact your parents tax return. With that said, they should have been given that...

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