Do the IRS take out of your settlements, do they know about them?
Typically, the IRS does not know about your pending litigation settlements. Of course, the various tax authorities WILL become advised later. So...
Naperville, IL
Tax Lawyer at Naperville, IL
Practice Areas: Tax, Tax Fraud & Tax Evasion
Typically, the IRS does not know about your pending litigation settlements. Of course, the various tax authorities WILL become advised later. So...
People, enough with this silly fighting over the dependents! Hey look. The dependency exemption -- and the legal entitlement to claim such on a...
I agree Attorney Davidoff.
Another point: Bonus relates to the full basis in assets placed in service, and not just for liability owed on the asset. Nor for payments made...
That's too broad a question. What are some of the other facts?
You should NOT report your dependents income on your return. 1) Your dependent claims his/her own income, and probably will pay less tax than...
Come on. Really? Ask him to send the funds Western Union, or something like that. If he's, well ... "uncomfortable" with sending you money over...
I agree with both prior answers. You may want to check with your tax prep vendor first. I have heard of a similar scam, where those debit card...
But another note: If mom is anticipating death soon (sorry to be so blunt), and the house does not have much, if any equity, then maybe it makes...
Wow. Attorney Harrington's was one heck-of-a great answer!