Taxes - When preparing your tax returns if a deduction does not affect refund is it better not to report it?

This is a judgment call by the taxpayer and their tax professional. It is difficult to answer this question without taking a look at a specific...

What do I do to close my business Federally? Do I have to say anything on my Federal taxes?

This is a disregarded entity for federal income tax purposes since you only have one member of the LLC. File a final Schedule C with your...

Deficiency in short sell be taxed?

You do not indicate the amount of debt forgiven. The Mortgage Debt Forgiveness Relief Act of 2007 allows you to exclude income from the...

Can my husband and I claim his children from a previous marriage on our taxes this year

You will still need to follow the court order as to claiming the deduction every other year to avoid being held in contempt of court. Since your...

Taxes - Since inheritance tax is exempt in 2010, is there a need to report an inheritance?

The law has recently changed in this area to complicate things further. Now, there is an estate tax again with a $5 million exemption, and the old...

Is there a way to transfer a tax ID number from sole proprietor to a newly formed corporation in Texas

No, this is a new entity and will require a new tax ID number. You can obtain the number online with the IRS at www.irs.gov. Any individual...

How to avoid paying capital gain on a foreclosed rental property?

You do not state the potential tax problem here properly. When debt is canceled, the amount of debt that is canceled is cancellation of debt...

My cousin's daughter had her tax return taken by the state of California, for excessive welfare payments made to my cousin

The payments were made to your cousin's daughter. The were distributed to her mother since she was a minor. If the payments were excessive the...

Yes, the government has a right of offset on this credit card. Therefore, they are allowed to attach your refund. Any individual seeking legal...

Who gets to claim my son on Taxes for 2010?

It sounds like you were the custodial parent for 2010. If that is the case he cannot claim the deduction unless he obtained a signed form 8332...