I bought a rental property for 110,000. I refinanced for 169,000. The house went to foreclosure I also filed for bankruptcy

It sounds like you might have an issue with Cancellation of Debt Income. You will likely receive a 1099-C that reflects the amount of debt...

Tax breakdown for a multi member LLC?

There is no simple answer to this question unless there is no operating agreement. By default, the income is split according to ownership %. But...

I live in Illinois. When my Mom died she left me $43,000 from a IRA. do I pay income tax on that money?

The IRA will be taxed once when withdrawn. It does not receive a stepped up basis because it passed from your mother to you at her death. This is...

Do i need 2 report money obtained through garnishment 2 the I.R.S. or file taxes on it?

Attorney Weston is 100% correct. The type of income will be the same as if you were paid the money and didn't have to garnish their wages. Method...

Can I reopen a company I had to shut down because of tax liabilities?

If you shut an entity that owed employment taxes, they would immediately look for the responsible party and make them personally liable. In most...

My wife will soon buy house in her name alone. If we file taxes jointly, does she then become liable for my student loan debt?

She can file a Request for Injured Spouse Relief. This will allow her to keep her portion of the joint refund. Christopher Larson Insight...

I have over $38,000 in IRS Tax debt dating back to the year 2000. Majority of the balance is due to interest. Any solution?

You will need to look into an Offer in Compromise or something of that nature. You cannot abate interest like you can penalties except under just a...

Can my income tax return be garnished

There is no state tax refund in Washington. I am not sure what type of creditor it is, but the vast majority of creditors cannot directly take your...

I own internet domain names. Some are money making websites and some are parked. Is parked name revenue self-employment income?

Sounds to me like you are in the business of doing this. Somebody is contacting you and paying you to perform a service. People that are in the...

Your biggest risk is unpaid employment and state taxes. It is unlikely that you will ever be personally liable, but as the previous attorney points...