Taxes Legal Questions and Answers

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Is a Rebate By a Contractor Reportable as Income?

As a General Contractor, is it legal to give a rebate on a product and installation sale back to the customer without giving a 1099. The amount is over $600

02/13/2012   |   Category: Taxes   |   State: California   |   #25616

How Do I Avoid Gift Taxes in Texas if My Parents Give Me a House?

When I graduated college, my parents purchased a house for me to live in. If my parents own the home that only I live in, and they would like to give it to me. How would we avoid the gift tax? Would I need to somehow purchase the home from them in order to avoid said tax? And if so, how would we go about it?

09/08/2011   |   Category: Taxes   |   State: Texas   |   #25479

Will I Be Liable For Property Taxes if I Walk Away From my Property in Indiana?

We filed for Chapter 7 bankruptcy two years ago; due to my husband's extended unemployment because of the recession. The case was discharged on August 18, 2009. We had every intention of reaffirming our mortgage and signed our end of the paperwork, but someone screwed up; we don't know whether it was the attorney or the mortgage company (we suspect it was Wells Fargo, since we ...

07/09/2011   |   Category: Taxes   |   State: Indiana   |   #25161

How Can I Respond to a Treasury Offset Notification?

I just recieved a letter address from the U.S. Department of Justice, connecticut, U.S_ Attorney's Office 157 Chrurch Street, 23rd Floor, New Haven, CT 06510. Subject: U.s. Department of Justice Administrative Offset Notice. Notice of Intent to Offset. My question is what is my legal options?

06/21/2011   |   Category: Taxes   |   State: New Jersey   |   #25073

Who Pays the Employment Taxes of an S Corporation?

ARE S CORP STOCK HOLDERS LIBIAL FOR S CORP 941 TAX IF SO TO WHAT EXTENT

06/21/2011   |   Category: Taxes   |   State: Alabama   |   #25071

Can a Net Operating Loss Be Carried Forward?

For Tax Attorney:Facts:1.I am being audited for the years 2004 & 2005, which are _open_ years for me.2.The IRS is auditing me only for the years 2004 and 2005.3.I have a net operating loss (NOL) carryover (which results from _S_ corporation losses supported by loans) from the years 2003 and 2002. 4.Both of these years (2003 & 2002) are _closed_ years for me.5.The IRS agent indi...

06/16/2011   |   Category: Taxes   |   State: California   |   #25042

If the Government Makes a Mistake in a Tax Bill Can They Bill For More Later?

The town I live in issued our taxes at a rate of (x amount). The town then realized about a month later that they did not issue the taxes at the appropriate rate. They are now issuing a Supplemental Tax Bill to make up the lost revenue. They are requiring the bill to be paid in one month. Is this legal?

06/16/2011   |   Category: Taxes   |   State: Vermont   |   #25040

What Are the Tax Consequences of Adding a Domestic Partner to a Deed?

I am adding the name of my domestic partner to my property deed in pennsylvania. The home is worth about 250K. What are the tax implications?

04/28/2011   |   Category: Taxes   |   State: Pennsylvania   |   #24737

Will Transferring a Deed Trigger a Gift Tax?

My mother has been transferring interests in property (as part of estate planning) to her four children, using updated appraisals and the maximum allowable 'gift transfers' every two years. Unfortunately, they have not been kept current on the deed. Will updating the interests (and recording them), trigger a tax liability ?. Our Corporate accountants have full documentation of ...

04/26/2011   |   Category: Taxes   |   State: Maryland   |   #24721

How Much Inheritance Tax is Due in New Jersey?

I am selling a house that I inherited from a friend. We are having a closing without an attorney. I must pay inheritance taxes before the closing. The house is selling for 51,000.00. I do not know how much I will owe to make payment at closing. Where can I get this information?

04/26/2011   |   Category: Taxes   |   State: New Jersey   |   #24719
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