Henry Daniel Lively's Answers (4728)

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My partner took a $436k profit from a commercial property and now I owe taxes on money I never received.

Henry's answer | Answered on March 18, 2011

I agree with attorney Martin. Hire a good litigator and forensic accountant to represent you in this case. Your partner breached his duty to you...

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Property Taxes

Henry's answer | Answered on March 18, 2011

You are not personally liable for property taxes in CA. They become a lien on the property only. Any individual seeking legal advice for their...

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What do I need to do? Got a call from the IRS saying we were "picked" for an audit for

Henry's answer | Answered on March 18, 2011

They will not necessarily come to your home. It depends on the type of audit. The written notice you receive for the audit should tell you what...

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What legal expenses can be deducted on my tax return?

Henry's answer | Answered on March 17, 2011

This would be a non-deductible personal expense. Any individual seeking legal advice for their own situation should retain their own legal...

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Taxes

Henry's answer | Answered on March 17, 2011

This is not an option if you have a filing requirement. Any individual seeking legal advice for their own situation should retain their own...

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Can I claim deductions for property tax, mortgage interest on a home that I inherited mid 2010? I've been paying these bills

Henry's answer | Answered on March 17, 2011

You should change the title on this property so that you or your trust is the owner. You can then continue making the payments and take the...

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What form do I need to fill out for the IRS concerning inheriting property in year 2010?

Henry's answer | Answered on March 17, 2011

Actually, it is more complicated than this for 2010. There was no estate tax and no need to file a Form 706. However, with this came no step up...

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I received a notice from the IRS that they are disallowing my claim of Family Support on my 2008 tax return.

Henry's answer | Answered on March 17, 2011

This will depend on what Family Support is comprised of in your court order. The child support portion is not deductible, the alimony portion is...

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My husband is a Leukemia patient, and we jointly own many businesses. We own an LLC, 3 S Corporations, and several properties.

Henry's answer | Answered on March 17, 2011

You are quite correct that you should address this issue now. To wait could cause your estate to be distributed other than the way you intended. ...

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How can a petitioner force a trial in U.S. Tax Court?

Henry's answer | Answered on March 16, 2011

Ask the court to set a trial date and do not give any extensions to the IRS. Any individual seeking legal advice for their own situation should...

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