Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

As POA for my Mother, In May of 2011 I had to sell the final

Customer Question
80 acres of original homestead...
As POA for my Mother, In May of 2011 I had to sell the final 80 acres of original homestead to cover my mothers Nursing home care. The property was in my mothers' Trust. I had researched and seen the possibility of a one time waiver may be granted by the IRS on Capital Gains, so In July of 2011 I requested a one time waiver to capitol gains as the property has had inheritance taxes etc.for several years, and also my mother was 96 yo.Neither myself or 5 siblings knew the original cost of the property, but research showed $50 to $60 per acre. Knowing that, I had a tax person figure out what the capital gain would be close to, so that we could file Income Tax as an estimate until we had an exact. On 30 March 2012 my Mother passed away-hence I was no longer POA but the tax estimate was sent in b4 16 Apr 2012 with an $80k check. IRS cashed the check but then sent a check back to us. when we had an amt for original sale My Mothers final taxes were filed and the amt was $72,125.79 the check sent in by Trustee was $176. We have waited while IRS lost files-even when registered mail-now they are demanding an additional $20k+ failure to file $16,228.30 failure to pay: $2,524.40
Interest $1,949.83 by 30 Sept. 2013. I still have not heard from my July 2011 request.
what is our next step---I feel everything was done with information available.
Submitted: 4 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
9/8/2013
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

NPVAdvisor :

HI, First I'm sorry for you loss

NPVAdvisor :

Secondly, this really sounds rip for sitting down with a good tax attorney or EA (Enrolled Agent) ... Enrolled Agents don't WOKR for the IRS, they work for you, but have been trained by, and are enrolled in a special program, that lets them work "before the IRS." THis can get you past the folks on the ront lines

NPVAdvisor :

(sorry for the typos) ... A tax attorney, who also is an EA would be ideal

NPVAdvisor :

IF you want to go it alone (even though you haven't gotten to the point of LEVY or LINE would be to file an appeal ... this also "stops the locomotive" ... and gets you past those front line collectors and to the appeals office .... SEE THIS:

NPVAdvisor :

FROM IRS NOTICE 1660 (Collections and Appeal Rights): ... "You may appeal many IRS collection actions to the IRS Office of Appeals (Appeals). Appeals is separate from and independent of theIRS Collection office that initiated the collection action. Appeals ensures and protects its independence by adhering to a strict policyof prohibiting certain ex parte communications with the IRS Collection office or other IRS offices, such as discussions regarding thestrengths or weaknesses of your case."

NPVAdvisor :

Once they get the form that starts this process (The collections appeals process) the collection calls and letters stop and you get the chance to sit doen with someone that's reasonable and explain everything at one time ... the form is IRS FORM 12153, Request for a Collection Due Process

or Equivalent Hearing

NPVAdvisor :

And here's publication 1660:

Publication 1660 (Rev. 10-2012) - Internal Revenue Service

NPVAdvisor :

I still don't see you coming onto the chat here ... I'll moveus to the "Questions and "Answer" mode ... Maybe that will help (We can still continue a dialogue there ... just not in real-time chat as we can here in "Live Answer)

NPVAdvisor :

Please let me know if you want to discuss this more, or have further questions

NPVAdvisor :

Again, ... let me know ...

NPVAdvisor :

Lane

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 years ago


Hi Linda,

...just checking back in here, as I never saw you come into the chat.

Let me know if you have further questions;

Lane

Ask Your Own Tax Question
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
12,855 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
How can IRS collect Short term capital tax. I had to sell
I had to sell mom's property because of her illness to acquire funds to hire help for her. The tax property worth was 40,000 and it sold for 70,000, but netted 65,413. It was on the tax filing documents. How long does the IRS have to lookback at accounts to see if it was processed correctly. A CPA did it. … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
What is the taxable capital gain for each 50% owner
What is the taxable capital gain for each 50% owner (divorced couple) on a 1031 Exchange property where only one owner meets the 2 of 5 years occupancy test and one of the 50% owners is now remarried?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
For capital gains tax can a payment plan be set up? I took
for capital gains tax can a payment plan be set up? … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Figure out how much is my tax liability + my capital gains +
Figure out how much is my tax liability + my capital gains + depreciation recapture tax … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is the sale of customer list a capital gain or ordinary income?
Is the sale of self-created intangibles, such customer lists, digital files, web sites, etc subject to capital gain or ordinary income treatment?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm in need of assistance with a Capital Gains matter, does
I'm in need of assistance with a Capital Gains matter, does your company handle this area? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
On a property sale which 4 members have a 1/3 interest on
On a property sale which 4 members have a 1/3 interest on the sale. … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Are you familiar with Capital Gain taxes on rental property?
Are you familiar with Capital Gain taxes on rental property? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about the capital gain tax on the real
I have a question about the capital gain tax on the real estate property. Property located in New York City. My parents and I are the joint owners with the right of survivorship. Mortgage is in their … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
31 satisfied customers
I sold a rental property at a loss (no capital gains);
I sold a rental property at a loss (no capital gains); however should I pay the $133,000 on the principal of my house I owe 166,000 at 2.8% or buy another rental? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
The IRS has sent my back tax debt to a collection agency.
The IRS has sent my back tax debt to a collection agency. When i call the debt collectors am I still negotiating with the irs or them?… read more
abci168
abci168
Principal
27 satisfied customers
Tax question is there anyway to offset a capital gain of 60
Tax question is there anyway to offset a capital gain of 60 to 70k by buying another commercial property… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I need to know how to calculate capital gains tax on a
I need to know how to calculate capital gains tax on a rental property I am selling so I know how much i will have to pay on my 2017 tax return. Can you help? … read more
Lane
Lane
JD, CFP, MBA, CRPS
12,855 satisfied customers
Estate capital gains tax rate for 61, single, unable to
estate capital gains tax rate for 61, single, unable to work, is claimed as a dependent form sister,only income collects $500 month stipend from gov., which pays for health insurance and meds. is gett… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
What is the capital gains tax on proceeds of the sale of a
What is the capital gains tax on proceeds of the sale of a home? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
Capital Gains Question: My parents have a rental property
Capital Gains Question: My parents have a rental property they bought for $150,000 several years ago. The property is now worth around $500,000 dollars with a $350,000 mortgage. They want to gift me t… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,855 satisfied customers
Will I have to pay capital gains taxes on a home I owned for
Will I have to pay capital gains taxes on a home I owned for less than a year? I purchased my home in September 2016 for $140,000 and sold it last month, August 2017 for $175,000. After it was all sai… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Does an IRS agent qualified to prepare capital gain taxes, I
Does an IRS agent qualified to prepare capital gain taxes … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x