If someone born in the USA but moved as a child to another country and only recently found out they had to file taxes in the USA even though they never worked there, would there be a significant penalty?

January 16th, 2024

I own several rental properties and am struggling to keep up with mortgage payments, taxes, and insurance. If I default, the bank will foreclose, and the IRS treats foreclosure as a disposition of property, potentially subjecting me to income tax liability. Other than making an offer in compromise, is there any process by which the IRS will consider excusing a tax liability that a foreclosure sale might generate, especially if I will likely be insolvent?

June 26th, 2024

I bought a house, and my ex-girlfriend was put on the deed of trust. When I sold the house, $76,000 was paid to liens she had on her alone, including $60,000 to the IRS for her past tax years. Can I deduct some of this money as a loss since none of the debt was mine?

April 29th, 2023

I am the co-beneficiary of an IRA recently inherited from my mother. I understand that I have to be careful before I do anything with claiming this IRA. I do not want to lose it all to taxes. What do I need to do to avoid a huge tax bill?

April 1st, 2023

Is there any way I can write off my horses, tack, feed, hay, truck, horse trailer, and vet bills? Are there any tax write-offs for this at all?

November 19th, 2024