Questions answered by Bruce Givner

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What is the best way to transfer OR property between mother and daughter in avoiding paying gift tax. Property is paid in full.

Bruce's answer | Answered on September 13, 2014

Your mother has a $5,340,000 lifetime gift and estate tax exclusion. Has she filed any federal gift tax returns (IRS Form 709) to use up any...

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Would I be eligible for the full $250,000 tax exemption when selling a house if I lived in it for 2 years and rented out 20%?

Bruce's answer | Answered on September 13, 2014

The IRS has a lot of information on this on its web site: http://www.irs.gov/publications/p17/ch03.html. If you meet the residency requirement for...

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Buy a second house and it rent to parents: what kind of tax deductions are available? Is it considered investment property?

Bruce's answer | Answered on September 13, 2014

If you want to rent the residence to your parents then you can claim depreciation on it. If you don't want to rent the residence to your parents...

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Is my ex entitled to half of the child tax credit for our son in a 50/50 custody?

Bruce's answer | Answered on September 13, 2014

You cannot split the credit. However, you can agree between the two of you what it is worth and the one claiming it can pay money to the other...

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Using a TAX Agency to clear up an Audit that came up for 2011 & 2012 returns.

Bruce's answer | Answered on September 13, 2014

The audit does not stop just because someone submitted an IRS Form 2848 on your behalf. If you are getting letters from the IRS auditor, call the...

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A previous employer reported my income incorrectly and now the IRS thinks I didn't pay all of my taxes.

Bruce's answer | Answered on September 13, 2014

If you have many other employees in the same situation, then you are in good luck. If the auditor refuses to agree with you, then stop talking to...

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Can unmarried parent claim child on tax return without the existence of a custody order?

Bruce's answer | Answered on September 13, 2014

You can check out the IRS rules on claiming a child as a dependent at http://www.irs.gov/publications/p17/ch03.html. If you are the proper person...

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Would this form affect my dad's income tax at the end of the year?

Bruce's answer | Answered on September 13, 2014

As the other fine lawyers have already told you, the cancellation of a debt creates income. Talk to Barry Krowne, CPA who is in Northridge:...

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Annual Tax Form 1098 - Mortgage Interest Annual Tax Form 1098 - Heloc Interest

Bruce's answer | Answered on September 13, 2014

You need to talk to your family law attorney. These are not so much tax law questions as questions that should be resolved in the context of the...

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Went Bk in 2012, all debts including taxes owed were to be included. a year after the BK the IRS took 6000 for taxes 2006

Bruce's answer | Answered on September 07, 2014

You should hire a tax lawyer who is an expert in tax procedural issues in the geographical area that is most convenient for you. I suspect your...

Bruce Givner's Answers (3187)

What is the best way to transfer OR property between mother and daughter in avoiding paying gift tax. Property is paid in full.

Would I be eligible for the full $250,000 tax exemption when selling a house if I lived in it for 2 years and rented out 20%?

Buy a second house and it rent to parents: what kind of tax deductions are available? Is it considered investment property?

Is my ex entitled to half of the child tax credit for our son in a 50/50 custody?

Using a TAX Agency to clear up an Audit that came up for 2011 & 2012 returns.

A previous employer reported my income incorrectly and now the IRS thinks I didn't pay all of my taxes.

Can unmarried parent claim child on tax return without the existence of a custody order?

Would this form affect my dad's income tax at the end of the year?

Annual Tax Form 1098 - Mortgage Interest Annual Tax Form 1098 - Heloc Interest

Went Bk in 2012, all debts including taxes owed were to be included. a year after the BK the IRS took 6000 for taxes 2006