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I have a client who flips properties as his business and
For LaneHi Lane,I have a client who flips properties as his business and everything is reported on a schedule C. He just received a letter from IRS for 2016. He sold one of the houses in early 2016 an… read more
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If I inherit a house from parent after she passes and she resided in the house for 11years. Do I pay taxes on the property if it was not over 250,000 in profit? This is in Texas … read more
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I live in California, a non-recourse state. Our house is in
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Im unemployed since 2015 and withdrew about 60 of the 100 k
Hello im unemployed since 2015 and withdrew about 60 of the 100 k i had in an ira account. I havnt filed for 2015 because i did not want to give up the rest of my ira to pay the irs. The taxes owed. m… read more
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My parent's bought a house in 1973 for about $40,000, in
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Last year I sold a house in Hawaii as a non resident and
Last year I sold a house in Hawaii as a non resident and paid a Harpta Tax ($27,500) and received a rebate ($23,530) the same year (2016). I received a 1099-G for the rebate amount with a 2016 for the… read more
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A friend of mine "forgot" to file his taxes last year, and
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A taxpayer has a rental property and spends money preparing
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I did the 60 day IRA roll ($90,000) over to buy a house till
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I wrote a check to the IRS last week taxes that was
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I closed an old IRA in 2015 ($23K) because I needed the cash.
I closed an old IRA in 2015 ($23K) because I needed the cash. I was unable to re-open one within 60 days. I'm over 60, AGI over $100K with a 401k at work. Is there anything I can do at this point to m… read more
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I'm aware of the Fresh Start IA option for $50k or less in
Hello, I'm aware of the Fresh Start IA option for $50k or less in tax debt. On the IRS site it states "Taxpayers in need of installment agreements for tax debts more than $50,000 or longer than six ye… read more
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In 2005 my husband and I sold our house for $20,000 less than what we owed. We divorced in 2006. In 2006 we received a 1099-C in both of our names. We filed our taxes seperatly in 2006. I claimed half… read more
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The state took a small corner of our land by eminent domain ...
The state took a small corner of our land by eminent domain for a highway improvement project. We were paid $2,700, which was reported to us on a form 1099-S. Is this considered capital gain? If so, d… read more
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