asked
I bought a home in 2005 for $1,194,000 and lived there for 2 years. After renting it out from March 2008 to March 2009, I transferred the deed and mortgage to a renter in March 2009, who then defaulted on the mortgage in 2012. The bank foreclosed on the home for $587,692, and the mortgage amount due was $837,827.93. I believe I will receive a 1099-C for the difference of $250,136 along with $50,000 in penalties and interest. This looks like I'll need to pay $100,000 in federal taxes and $28,000 in California taxes on this 1099-C. Is there any way to reduce this tax burden?
September 21st, 2024
Several years ago, I was supposed to claim my settlement from my divorce on my taxes and did not do it correctly. The IRS automatically revised my tax return and gave me a liability of about $30,000, which is now $40,000 with interest and penalties. I make a decent living but have significant expenses. Is there anything I can do to get out from under this debt without paying a lawyer thousands of dollars?
April 22nd, 2023
I am on SSDI and receive my benefits on Direct Express, but I did not receive my $1,400 stimulus today. Can you tell me what is going on?
January 5th, 2024
I filed my 2020 tax form and am waiting for my stimulus checks. I am 54 years old, single, and made around $5,000 this year. Can the accountant help me with my unemployment claim, which I'm having trouble with?
February 28th, 2024
I was supposed to receive a six-digit code in the mail from the IRS, but I haven't received it, and I haven't received any stimulus checks. I am entitled to all three of them. I also need to know if my daughter claimed me on her taxes, which she was not supposed to. I do not file taxes as I am on disability, but my daughter's tax preparer had me fill out a form for my stimulus checks. I have tried using the IRS tool to access my account online, but it tells me it has nothing on me.
March 29th, 2024
I might have to sell my 2-family home worth $780,200, which I owe $179,000 on. I am over 65, and the profit will go towards a new condo or small single-family home. My income was zero last year due to house repairs and $36 the year before. How much capital gains tax would I have to pay, and how does my status as an owner-occupied landlord affect this?
December 9th, 2023