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Mortgage rental property foreclosed on. FMV on 1099 greater

Mortgage rental property foreclosed on. FMV on 1099 greater than principle payout. Therefore, gain from sell computed. Nocod income. Taxpayer, is still insolvent after gain from from sell of foreclosed property. Short of declaring bankruptcy, is there a provision in the Code to exempt the gain from foreclosure?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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I will stop working later this year and my partner will

Hello, I will stop working later this year and my partner will continue working. His salary will pay for our living expenses. Can he claim me as a dependent? If he does, do we have to file taxes jointly? I ask because I'm on the income based repayment plan for student loans, and I need to keep filing separately to lower the monthly payments.

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Robin D.

Vocational, Technical or Trade School

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I am filing a federal 941 tax form. three, I must enter

I am filing a federal 941 tax form. For line three, I must enter federal tax withheld. Does this include social security and medicare tax withheld?

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Mark Taylor

Certified Public Accountant

Masters

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Greetings, In relation to my son filling out w 4 form...on

Greetings,In relation to my son filling out w 4 form...on page 2, does he have to itemize anything? Line 1 estimate of itemizations;he is renting, does not give to charity, we pay his medical expenses, state and local taxes?? what does that mean??..as he does not own a home. ....He is single with an income of 15 to 20 K annually. The only thing he is paying is interest on student loans.Given these circumstances, does he need to put anything on line #1 under Deductions and Adjustments worksheet? thanks much... Dee

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
I've been a 1099 employee months, and I haven't had any

I've been a 1099 employee for 3 months, and I haven't had any taxes withheld. I'm trying to figure out how much money I should be withholding from my paychecks going forward so that I don't owe money at the end of the yearJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: My salary is 35000

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
I live abroad in the UAE and haven't filed in 4 years now.

Hello there, I live abroad in the UAE and haven't filed for taxes in 4 years now. Do I need to pay tax if I earn less than $30k? Are there any penalties that I should be worried about? I can obtain most of my pay stubs to document my earnings.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I have a question about a commercial real estate

I have a question about a commercial real estate transaction. I need to know the tax implications.

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
A friend filed MFJ in 2014. They had a refund which they

A friend filed MFJ in 2014 . They had a refund which they left for the following year. The estranged husband filed MFS 1st and claimed all the refund. Is there a solution or some kind on income based calculation that she can use for her share. Or is it to late? There was no previous agreement. They are not legally separated. Just seems wrong to me. Chris

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Robin D.

Vocational, Technical or Trade School

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20,638 satisfied customers
I am not quite sure how to record journals fees,:

Hi Pearl,JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am not quite sure how to record journals for tuition feesJA: Is there anything else the Accountant should be aware of?Customer: For Example:

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Dr. Fiona Chen

President

Ph.D.

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