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Recent Lien questions

A client has a sole prop LLC and the are buying and renting

A client has a sole prop LLC and the are buying and renting properties and also buying tax liens and getting interest through the LLC. Do Schedule E's need to be completed for each property and then a C for the tax lien piece of the business or can everything be done on a Schedule C?

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
I went through a short sale on my home in 2016. Needless to

I went through a short sale on my home in 2016. Needless to say, tough, but over. I am now preparing to get my taxes done. I have not received a 1099-C from either my first nor second mortgage company. I contacted my first mortgage company today and they are 'processing' it and will get it out to me in the next day or two. My second mortgage company said there is no 1099-C and that I won't be getting one. That just doesn't sound right to me. Is there any recourse or anything I can do to make sure I am doing the right thing this tax season? Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
We received a letter from a collection group on non payment

We received a letter from a collection group on non payment of employer withholding tax in the year 1996. The company filed bankruptcy has been out of business since. The Federal Tax placed a lien on my husband and he made faithful payments until they released it (about 10 years later). He never received any notice on the Employer Withholding Tax from the state of Ohio in those 20 years until now. Isn't there a statute of limitations on fees owed after that amount of time since we were never notified of the default back then?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: It was my husband's business as he was listed as the Sole Proprietor. He filed Bankruptcy and it was after that the Federal Government placed a lien on his credit and did make payment arraingment which he religiously met. He and I are both living on Social Security and the amount of $ 2322.62 is not going to be possible if we are not released from this.

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PDtax

Owner

Master's Degree

7,428 satisfied customers
I have some lines showing on equifax that were released

i have some lines showing on equifax that were released years ago. I need to expedite the irs procedure for getting them withdrawn. can't wait 90 days.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have five IRS liens that were released in 2010,2011 and 2015. Experian and transunion are no longer reporting them on my credit report. But equifax has not removed them. Those items on equifax are preventing me from opening a line of credit for my business that i really need because of growth spurtJA: Is there anything else the Accountant should be aware of?Customer: i have copies of all the lien releases.

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CFEPro789

Fraud Analyst

Master's Degree

1,040 satisfied customers
I wasn't able to pay my taxes in 2004, 5, & 6 & ended up

I wasn't able to pay my taxes in 2004, 5, & 6 & ended up owing approximately $30,000 in taxes which I haven't been able to pay. I don't have anything (home, property, etc.) that they can take from me as I'm now retired & only get about $1200 in Social Security & about the same amount in retirement every month. The IRS has been taking about $180/month out of my social security check for 6 months every year and keeping my tax refund which is about $1200 every year and this has been going on for 10 years now so I have paid approx. 30,000 as of April or May of this year but they say I still owe $18,000 so this must be all penalties & interest. About 25 or 30 years ago I owed a large tax bill but was unable to pay it & the tax lawyer I went to told me that since it had been so long that if I didn't rock the boat for a few more months and didn't sign anything that it would fall off and it did. What I want to know is can the IRS continue to take this money out of my SS check ad infinitum since I've paid the amount of the taxes? I'm having trouble renting an apartment because of this tax lien and would

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kenneth Krantz

CPA

Bachelor's Degree

8 satisfied customers
In my divorce decree, my ex husband was court ordered to pay

In my divorce decree, my ex husband was court ordered to pay a tax debt to the IRS. The IRS seized my tax refund last year and will do the same this year, applying my refunds to the tax balance because the tax return was filed jointly. How do I recover the money from my ex husband?JA: What state is this in? And just to clarify, when was the purchase made?Customer: FloridaJA: Has anything been filed or reported?Customer: The IRS has filed a federal lien against me.JA: Anything else you want the lawyer to know before I connect you?Customer: No

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Mark Taylor

Certified Public Accountant

Masters

3,298 satisfied customers
I bought a house, and my ex-girlfriend was put on the deed

I bought a house, and my ex-girlfriend was put on the deed of trust. When I sold the house $76,000 was paid to liens she had on her alone. Can I deduct some of this money as a loss since I none of the debt was mine?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Yes, $60,000 of it was paid to the IRS on her behalf for past tax years.

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
I had a construction company that went out of business in

I had a construction company that went out of business in 2011. I have kept the construction LLC alive and file annual licenses, but it is essentially defunct and insolvent. I had 5 remaining unsold houses, with construction loans that I personally guaranteed. The bank foreclosed on 4 and put a lien against me for ~$500K in 2011. I converted the 5th house from a construction loan to a personal mortgage and rented it. In 2016, the bank took over that house via abandonment and I received a 1099-A. Loan Balance is $140K, FMV is $123K, and by adjusted basis is $114K. So I have ordinary income and a gain. My question is can I avoid taking the income and gain since the construction LLC is insolvent. Or if the $500K personal liens are above by personal net worth, does that then allow me to use the insolvency argument to avoid taking the income/gain.

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Lev

Retired

Bachelor's Degree Equivalent

24,314 satisfied customers
I have a tax lien on a property. If my equity is sufficient

I have a tax lien on a property. If my equity is sufficient to pay off lien, can I simply sell the property and pay off the lien at closing. Do the banks and realtors have an easy way of handling that, or does it require I do something different.

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Lev

Retired

Bachelor's Degree Equivalent

24,314 satisfied customers
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