You guys can agree to alternate years for taxes if you desire. However, outside of a formal agreement (filed with your taxes), the parent that has...

How screwed am I?

You need to hire an accountant to do your taxes as best you can. If you never file, the IRS can go after you indefinitely. The dependents will...

Yes you will have to pay capital gains tax on the appreciation, which is quite substantial. My suggestion is to sell it soon as the new...

Can closing papers not filed be redone?

Section 1031 only applies to property held for business or investment use. If your property was held for this purpose you could qualify for 1031,...

You will pay taxes on the gain if the appreciation occurred prior to becoming a Puerto Rican resident (and it did in this case) and the recognition...

The IRS also has the ability to sue the your employer for money not withheld from you and remitted to them. The penalties are steep, and the IRS...

You need to file a form 1065, partnership return if more than one person is acting jointly to run a business. It does not matter if you have...

I am not aware of any exception to exclude it. However, the word "financial aid" is broad. Is it a loan or a grant? If it is a loan, that is not...

Is money from a relative's insurance claim: an inheritance, or insurance claim?

This is a loaded question and requires further research by a professional. Was the money included in his estate at death? Was it probated? Were you...

The rules for determination of how gets child tax credits are somewhat convoluted. However, outside of an agreement to the contrary, the credit...