Frank W. asked
Can I claim the Head of Household exemption if my brother lives permanently in the house I own, is my dependent, but I do not reside there?
September 18th, 2024
Matthew R. answered
No, you cannot claim the Head of Household exemption under these circumstances. For head of househol...
September 18th, 2024
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We lived in Wisconsin until 2012, when we lost our job and our house went into foreclosure. We moved back to Minnesota and filed appropriate taxes for both states in 2012 and just Minnesota taxes in 2013. Our house was sold at sheriff's auction in March 2013. In August of this year, we received a letter stating that as nonresidents, the sale of our house must be reported on a Wisconsin income tax return. We sent a letter to the Wisconsin Dept of Revenue explaining why we do not need to file but received a notice estimating individual tax owed for 2013. We contacted the Dept of Revenue, who told us this is an error and to disregard the notice. Can/should we disregard this notice, and what should we do at this point?
June 4th, 2023
I have a tax liability of $55K with the IRS, including late fees. The IRS recently asked for a $9K payment by next week and a monthly payment plan of $760. I am concerned about my savings being at risk and want to know if I should make the lump sum payment and set up the payment plan, or if there are other strategies to handle this situation, such as filing a form 911 or an Offer in Compromise, especially given my medical issues and the potential for a tax refund from prior years.
February 12th, 2024
I am a consultant for an LLC and the owner is offering me 10% of the LLC with voting rights. The company has $2,000,000 in revenue but also $2,000,000 in debt, with no hard assets and very little inventory and receivables. The company has some value in intellectual property. How will I be taxed when I take ownership in the LLC? Can I mitigate taxes by having another LLC take ownership of the shares? Is there any way to mitigate the tax liability?
July 27th, 2023
My daughter is 33 and I have her listed as a dependent. She earns no money and didn't file for healthcare for 2015. Will I have to pay a penalty?
April 14th, 2023
I inherited my mom's house in 2012 and am now thinking of selling it and buying a mobile home. Will I have to pay taxes on the home when I sell it, and if so, how do I figure out how much?
November 6th, 2024
