I am not concerned about receiving a refund. I am most concerned that the IRS is garnishing my pay Aug 15 due to the $94,000 I owe in back taxes. IRS says I owe this amount because of 3 homes I bought and held for under 1 year. There were 2 hurricanes that hit in 2004 and both hurricanes were considered a presidential disaster.
1. Home 1 was bought as an investment for $380,000 on 10/2004 and sold for $460,000 on 5/2005.
2. Home 2 was new construction and bought as an investment. I bought it for $345,000 on 10/2004 and sold it for $410,000 on 3/2005.
3. Home 3 was bought as a primary home that I lived in. The home was purchased for $824,900 and sold for $1,070,00.
The IRS sent me a tax bill for the gains on each home. I did not claim in 2004/2005 any of these homes on my federal income
taxes. The IRS filed a federal lien
in 2007. However, here are my questions. My wages have been garnished.
4. If I file chapter 7 as a non consumer I only have promissory notes that were not filed with the court that show I borrowed business loans. I called the Bank to get the cancelled checks of the loans but the bank doesn't keep the records After 7 years because by law
they don't have to keep them. Will the courts accept a promissory note?
5. Is it too late to file an ammendment to show the money we put into repair the 3 homes that needed repairs not covered by insurance in 2004/2005. Both hurricanes were considered a presidential disaster. Or did we need to claim these repairs that year?
6. I forgot to claim a loss in 2007 of a $150,000 preconstruction deposit on a home that I put a deposit on with the intention to buy. I could not close on the mortgage. Can I ammend my 2008 tax return to show this $150,000. I owe the IRS $94,000 from 2004/2005 taxes.
8. If I file chapter 7 as a non consumer can I amend the 2004/2005 taxes that have the federal lien and still be able to file chapter 7.