Tax on Gifts

"If I give a monetary gift to anyone, how much that should be to avoid taxes. And if that gift is returned to me will I be giving any taxes on it?...

I have a 1st mortgage and a Credit Line. Chase forgave my $140k LOC. I have a specific tax liability related question

It matters when you receive the 1099-C. The year you receive this document will be the year that you have income. If you receive one for 2012, you...

IF I FILED MARRIED ON MY TAXES, AND I NEED TO AMEND WILL MY EX BE RESPONSIBLE FOR PAYING BACK HALF OF THE REFUND?

Keep in mind, if you filed jointly, and amended your return to deduct your alimony payment, you would be required to add them to the income of your...

In U.S. Tax Court, do we have to accept a settlement?

This is not a Tax Court action based on the underlying liability. This is called a CDP hearing. You need to get a tax attorney. It is not your...

Can i claim my 22 year old friend on my taxes?

You can if they made less than about 4k for the entire year, and lived with you, it might be possible to claim them as a qualifying relative....

Can I claim my sister on my taxes?

Is she a full-time college student? If so, she could be a qualifying child to you. If not, she would need to make less than roughly 4k per year,...

My sister prepared my 2012 tax return she made an error. I get a couple of letters saying I owe 750.00 dollars.

Sounds like you need to get on an installment agreement to pay that $750 if you cannot pay it immediately. Christopher Larson Insight Law <a...

Can i report my boss for not charging sales tax in Illinois

Yes. But you cannot keep him from going out of business if things head south as a result. Christopher Larson Insight Law <a...

Income tax with holding

He is probably a little nervous if you want him to withhold no taxes for you. If he thinks you are trying to avoid paying taxes, he might be doing...

Is there a statute of limitations on federal taxes?

Your question is not clear. If you filed a tax return, and you did not include this income, they generally have three years from the filing due...

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