Can I take a deduction on schedule E if the mortgage is on someone else's name

Just because it is under someone else's name does not mean you don't get the deduction. If you make the payment you get the deduction. Keep all of...

Do I get a tax break, or a write off?

Not federal taxes. If the $14k is a state tax that can be a deduction at the federal level. The $19k in penalties cannot be deducted anywhere.

Do I need to have 1065 or K-1 for my tax return?

I am guessing you probably retained a Tax ID number for the LLC, which means it will be less hassle to simply file the tax return as both an...

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Can an LLC or corporation provide liability protection for a creative professional such as a photographer, composer or writer?

Yes. The liability shield provided by an LLC or corporation does not discriminate between professions or industries. The shield can likely be...

Remember that you only need to file the FBAR report if both of the following exist: 1. You have a financial interest in, or signature authority...

Unfortunately yes. It still must be paid. Disclaimer: This answer does not create an attorney-client relationship. The answer should not be...

Can mother omit one adult child from receiving partial inheretance upon her death?

Yes. The disinherited child will have to prove that the mother was essentially incompetent, which is likely an uphill battle. Disclaimer: This...

In an S Corporation, can there be different percentages of ownership stock?

Yes. You just can't have two different types of stock. All income, deductions, and distributions must be allocated in accordance with the...

My husband and I own an S Corporation. Can I sell my shares to a third party? If so, do I have to split the proceeds with him?

Any well written S-corp agreement would restrict any shareholders ability to unilateraly sell to a third party. The main reason for this is to...

Is there a gift tax on being blessed with power before a judge

No.