Archived
How are capital gains treated for tax purposes on the sale of grantor/beneficiary's primary residence in an irrevocable trust?
Nicholas's answer
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Answered on July 13, 2015
Maybe. A trust can use the same tax exemption that individuals can on the sale of a home if it is a "grantor trust" which means the income from the...
Archived
Is setting up a 501(c)(3) in Washington, DC governed by federal or local (Washington, DC) law?
Nicholas's answer
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Answered on July 13, 2015
All charities are governed by both federal and local law. Local law allows you to create an entity, a non-profit corporation, which allows you go...
Archived
Can I sue the IRS in IRS Tax Court?
Nicholas's answer
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Answered on July 10, 2015
To file in tax court you need a notice of deficiency issued by the IRS. It sounds like you may have received one, but it's hard to be sure. You...
Archived
Are taxable benefits funded by a third party considered taxable?
Nicholas's answer
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Answered on July 10, 2015
Income isn't restricted to cash, it includes anything with a monetary value. Based on what you've said I can't think of a reason why any of that...
Archived
I have a IRS lien. I and my 2 brothers own an investment property outright. If we sell will the IRS seize the proceeds?
Nicholas's answer
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Answered on July 09, 2015
If you're planning to sell this property you should consult with a tax attorney. This is a complicated enough situation where you need more...
Archived
I'm a US citizen living abroad married to a non-US citizen. Am I suppose to be filing my tax return as a single or married?
Nicholas's answer
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Answered on July 09, 2015
When you're married, regardless of the citizenship of your spouse, you should file as either married filing jointly or married filing separately....
Archived
My dad signed over his house to me 6 yrs. ago when I moved in to care for him. Will I be hit with a tax?
when & how much?
Nicholas's answer
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Answered on July 08, 2015
When your dad signed over the house to you that was a gift to you. Because it is a gift you should have no income tax consequences. Your dad have...
Archived
Received a CP2000 notice with taxes due which were not paid with a penalty. Is it possible to negotiate a settlement?
Nicholas's answer
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Answered on July 07, 2015
This is certainly something a tax attorney can assist with. Without knowing the details of your situation it's hard to say what can be done. It...
Archived
Can my husband prevent me from using our joint tax return to refinance a rental that is in my name?
Nicholas's answer
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Answered on July 06, 2015
If you are in disagreement about this you may not have a legal problem as much as a relationship problem. Although, if things are bad it might not...
Archived
Can I be financial resp. for taxes or new home purchases on a gifted home to my wife. I'm not on closing docs never lived in hom
Nicholas's answer
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Answered on July 06, 2015
Probably not, but if you do get a divorce this is something your divorce attorney will need to know about. It wouldn't hurt to talk to a divorce...
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