Can we claim this as a gift? how? or do we each have to claim this as capital gain?
When you received the property by quit claim deed it was a gift and you received a carry over basis in the property equal to your fathers tax basis...
Newport Beach, CA
Tax Lawyer at Newport Beach, CA
Practice Areas: Tax, Estate Planning
When you received the property by quit claim deed it was a gift and you received a carry over basis in the property equal to your fathers tax basis...
If you filed a joint tax return for the years in question, you were jointly liable for the tax. You will have to file for innocent spouse relief...
You can ask the IRS to put you on uncollectible status or you can make an offer in compromise. Any individual seeking legal advice for their own...
If you are not familiar with these matters it is best that you hire a tax attorney to represent you in this matter. Any individual seeking legal...
You need to talk with a local attorney to determine if this penalty can be abated, and whether this penalty creates any personal liability for you....
Since someone else used your credit cards you should be able to claim this as a theft loss. See a local tax professional to review your judgment,...
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Your question is unclear. If you have US income you will have to file a US income tax return. See a qualified tax professional to assist you with...
If there were any reportable transactions then the form must be filed. Any individual seeking legal advice for their own situation should retain...
If this is in fact a loan it is not taxable. You need to document the loan with a note. If you do not pay the loan back or pay interest on the...
You should see a tax professional to analyze your specific situation. That being said, if you do not have any income you most likely do not have a...