My spouse and I have just sold a home and split the proceeds. He is using his share to pay off a loan from his mother but still has a lot of debt in his name that he cannot pay off. He is financially struggling and intends to file for bankruptcy in the future. I want to get my share out of my name. If I give it to my mother to put into an account in her name, how does it affect her and me taxwise?

February 26th, 2023

How should I account for various expenses related to a real estate transaction, including pre-closing expenses like property inspections, mortgage broker fees, attorney fees, and post-closing expenses like mortgage application fees and repair credits, in QuickBooks for tax purposes?

August 15th, 2023

When filing income tax returns, how much do you get back from the IRS per child?

November 24th, 2024

If I gave $2500 to my son who is 17 as a uniform gift to minors, can I deduct the entire amount on my taxes? If so, what form do I need to claim the deduction? Is it on Schedule A? And, can he use the money for anything once he turns 18 (Oklahoma)?

February 22nd, 2023

We live in Utah and have a pending short sale of our home for $225k. The mortgage balance is $320k, leaving a deficiency of $95k. The PMI is asking for a promissory note of $20k over 10 years or $10k upfront to erase the deficiency and allow the sale to go through. Are we liable for taxes on this $95k (or for possibly the amount we pay to the PMI)? And if the IRS considers this deficiency forgiveness as taxable income, would bankruptcy eliminate this liability?

September 8th, 2024