What are the financial penalties after a foreclosure?

The answer is it depends. With Judicial Foreclosure, like the one you described, the lender has two options. The lender can seek a deficiency...

Do I have to claim my income from working 2 months?

Yes, you are required under form 1040 to claim all income that you received. Your temp agency, or the employer you worked for has a duty to report...

Receiving gifts from foreigner's US account

Your parents may wish to consult with a US International Tax attorney to determine if they have sufficient contacts with the US that would subject...

What determines whether or not my mortgaged home has "subordinate financing" attached to it?

I agree with the previous two attorneys statements. I would add, that if you wish to review each of the mortgages you took out, you can look at...

How do i find out how much the taxes will be on a one time timber sale of $5600?

Timber sales are treated under section 1231 of the Internal Revenue Code as the disposition of a capital asset as a long term gain. In layman...

Can the California state tax board garnish my Washington state wages for back taxes in California?

I have worked with clients that had similar issues with the California Tax Board. The CTB will continue to try to collect the debt and under...

Can a person who has filed chapter seven bankruptcy instruct his

If you have already filed your tax return and there is a refund coming out, then you must list it as an asset and disclose it to the trustee. If...

What needs to be done in order for my loan to be considered a mortgage?

You may want to discuss with your trustee that Washington is a deed of trust state, which by law treats the combination of the promissory note and...

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Why would a bankruptcy trustee in a chapter seven case not even try and take social security money away?

Certain funds, like social security, are a protected income source meant for the support of the individual's necessities, and not for paying...

Do I need to report to IRA about oversea income / bank activities after receiving immigrant visa but before obtaining greencard?

Your CPA needs to look at the requirements for the FBAR, Foreign Bank Account Reporting. See...