Claiming parents as dependents on tax return

To clarify the residency requirement, for your parents to be a dependent, they must either be a US Citizen, a US national or a resident of the US....

I have a Irs lien. My wife is a innocent spouse. Is she able to secure a loan and be alone on the deed No commingled funds..

The problem with what you propose is 1) you already an ownership interest the house and 2) the lien has already attached to your interest in the...

Do I have any chance of fighting full year property tax on a summer home that is incapable of year round living?

I suspect that it is unlikely. Property taxes are typically based on the fair market value of the property. Since your property is summer only, the...

18 years +- of unfiled federal tax returns

I would definitely work with a tax lawyer that is experienced in tax relief. Not only can they help you get your tax returns filed resulting in the...

If I give a rental condo to my adult son, can its value be counted towards the $14,000 IRS annual gift exemption; how to do it?

Dealing with the gift tax question, you have an annual gift tax exclusion of $14,000 per year. Additionally, you have a lifetime maximum gift tax...

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Do US citizens who live abroad have to file income tax return even if they make very little or no mony?

There are a lot of factors that go into whether or not a person has to file a return. Since US citizens and residents are taxed on their worldwide...

Taxes of which state would apply on L.L.C, running on-line business

This first question would be whether or not you have any US Sourced Income. Most states base taxable income on the Federal Adjusted Gross Income....

According to Khalayleh v. INS, 287 F.3d 978 (10th Cir. 2002) (See link below), if there is a "single scheme to defraud" or likely in this case, to...

Business purchase/assets/sub chapter S

I would have some additional questions for you. For example, what is the tax election of the corporation - is it an S-Corporation or a...

I set up LLC at Delaware to run e-com store. Do I need to apply more than 1 resale cert if I have suppliers from different state

Each state is different in what they require for the issuance of a resale certificate. It is highly unlikely that another state will accept Ohio's...