I owe back taxes and might get garnished what's the percentage they can take from me

Garnishments are not allowed to exceed 25 percent of your gross weekly income.

Federal Tax Lien vs house in foreclosure

The first in time first in line rule applies here. Therefore, the mortgage would take priority over the tax lien since it was recorded after the...

How can I tax write off a mortgage that is not under my name?

To deduct the interest you must be on title of the property and responsible for the loan. If just one of these criteria is not met you cannot take...

Should we file our taxes separately if we want to give all of our assets separate in our marriage?

This is a tough question to answer without more facts. There are tax reasons and non- tax reasons for filing either Married Filing Separately or...

Transferring stock to my spouse for estate planning purposes

No, you do not incur any tax liability gifting to your spouse. There is an unlimited amount that you can gift to a spouse. It is not a taxable...

This cannot be discharged in bankruptcy since it is a fiduciary type tax. The first thing you will want to do is make sure you are actually a...

I agree with attorney Smith. However, the first thing you will want to determine is whether you were a responsible party for this business and...

If i live with my mom and i receive child support food stamps and medicaid and i do not work do i have to allow her to claim my

To qualify to take the dependency deduction a taxpayer must qualify to take the deduction. You can not just pass it around to whom ever you want...

I got a discharge from ch.7 earlier this year. Included are 2 rental properties. What's the implication of capital gain tax?

If these properties were both discharged in your bankruptcy you do not have an issue of Cancellation of Debt Income regardless of whether these...

What should i do when i have forgotten to report my rental income on my tax return?

When you notice an error on your return you need to file an Amended Tax Return to correct the error (Form 1040x). You may incur a penalty and...