My husband took a loan against his 401k between 2001 and 2005. He was laid off in 2006 and apparently defaulted on the loan, which he was unaware of until 2010 when the company sent him a tax form reporting the distribution to the IRS. The social security number on the form was incorrect, and his 401k plan had no record of any outstanding balance. We did not report this income in 2010 because we were married and in a higher tax bracket. Now, we received a letter from the IRS about not reporting this income. Can they come after him all these years later? Do we have to pay taxes at the 2010 rates when he would have been in a lower tax bracket 5 to 10 years ago? We live in MA if that's a factor.

January 7th, 2023

I live in the US Virgin Islands and worked in 2010 without taxes being taken out of my check. I owe Social Security money. When I filed my income tax, I was due a refund of over $7000, but the Virgin Islands Internal Revenue Bureau (IRB) is withholding my refund because I owe Social Security in the US. Can the IRB legally withhold my refund for a debt to a different government agency?

January 10th, 2024

My parents' house in California, held in the family trust, was sold at a loss in 2011. The house was appraised at $650,000 at the time of the owners' death and sold for $550,000. We were told the new owners would be responsible for property taxes, but I am now receiving a property tax bill a year later, which is significantly higher than what we paid in the past. Why am I being billed, and what should I do about it?

May 16th, 2023

As foreign investors living in France, would we have to pay the 30% tax on the gross rent for an investment property in Florida, or is there any way to pay less?

August 30th, 2024

I sold a company to another and was given shares of stock in the other company instead of cash. Do I have to pay taxes on the shares?

December 1st, 2023