Current law for 2018 allows each parent to gift up to $15,000 to each child without incurring any gift tax or using any amount of the parent's...

Interesting question. There should be no income or capital gains tax as the cost basis of the vehicles is stepped up to the fair market value due...

What can i do if the IRS has audited me and is penalizing me for 2 separate reasons?

Your narrative is confusing, but it appears to me you are saying that the IRS incorrectly denied your tuition deduction and personal exemption...

How correct omitted gifts on old gift tax returns?

I don't see how the premiums of $50,000 a year for eleven years would exceed the estate and gift tax exclusion limitation, as the total of $550,000...

If I owe 264000 in taxes from 2008 is my ex responsible for half of it since we got divorced in 2016?

If the return was filed married filing joint, you are both liable for the full amount. It is possible however if the return was filed in 2009 that...

How is the best way to solve this matter quickly?

The good news is that your payment of the $14,000 is a valid business expense and is deductible. You could do nothing about the situation, and wait...

It appears from your question that your rental property income and expenses would be reported on Schedule E of your Form 1040 income tax return.

Can a person use chapter 7 for student loans and be able to reduce or have cancel?

Student loans are dischargeable in Bankruptcy, but only if the Debtor has "undue hardship". Undue hardship is not ordinary, but a more severe...

If you can't get the two to agree to transfer the property to you or your daughter, for compensation or otherwise, your remaining option is a...

My wife is on F2 and she is a pregnant ? She want have her mother here in USA to take care of her?

You should consult with an immigration issue on this matter.