Based on what you said you will owe capital gains tax from the sale of this property. It does not really matter how much cash you netted from the...

This is a fact specific question that cannot be answered without knowing exact dates of residence in each property, purchase prices, sales prices,...

It is hard to know the correct way to handle this without having a power of attorney on file and being able to talk with the IRS directly. My...

This issue is likely the result of an error by the law firm when entering the W-2/1099 that was reported to the IRS. If not an error then there is...

It is common for the IRS to take 180 days or more to respond to these types of situations. It can depend on if your employer provided you with an...

If the returns were prepared on a married filing joint basis, which it sounds like they were, then you have equal rights to them. The easiest...

Yes, but not the entire amount. In an offer in compromise amounts held in a retirement account are discounted to 70% of actual value to account...

You need to claim the 1099C cancellation of debt income in the year that you received it but it may not be deemed taxable income in certain...

A 401K balance is considered an asset for the Offer in Compromise (OIC). You are allowed a 30% reduction in it's value although. Meaning if you...

I would add that it sounds like you're thinking about the capital gains calculation wrongly. It has nothing to do with the loan balance remaining...