Is a settlement resulting from a personal injury case subject to taxes?

Any portion of your settlement that is compensating you for physical injuries is not taxable. However, just about everything else is taxable, such...

Any asset you own, including your interest in this LLC are fair game for the IRS to levy upon to collect a back tax debt. The key to avoiding this...

This is a complex question and since this appears to be a considerable capital gain, I would immediately seek the counsel of a tax professional in...

Alternating tax seasons

Regardless of what your parent agreement states, you cannot claim a dependent unless you are the custodial parent without the consent of the...

Approved IRS form 8832 with effective date October 1st 2017

Yes, you will file two "short-year" returns. One for the LLC for the first three quarters and a second return for the C-Corp for the last quarter...

Can I deduct my home rental in Florida?

Based on the facts you present, I believe this to be an aggressive position that would not likely withstand audit scrutiny. You rented out your...

Are class representatives fees taxable ?

It depends on what type of award you received. Most likely this is taxable, but it can not be determined with certainty without knowing more facts...

Will my boyfriend have to pay gift tax for selling a house to me for under market value?

Yes, this transaction is part gift and part sale. Further, since the annual exclusion for gift taxes is exceeded a U.S. Gift Tax Return will have...

File your tax return and if you owe taxes and it causes a penalty for you, explain your situation to the IRS and ask for an abatement of any...

Unfortunately, the stock certificates only prove that you hold the shares. They are not sufficient evidence of the tax basis in the stock. This is...