I am finalizing my divorce and we both owe back taxes from 2007 to 2011 to the IRS and the state of CA. I plan to file for bankruptcy (BK 7) in October 2013 for tax years 2007 to 2009 without my ex. How do I protect myself in the final divorce decree wording so my ex can't come after me later when the IRS and state go after her for the balances due? What is the best way to list the community debts under petitioner and respondent with all the tax years 2007 to 2011 to protect myself from her coming after me?

November 7th, 2024

I have sold houses using a 'wrap note' in Texas. I have gross income from the buyer and then I have a payment to the bank. How do I account for that?

June 15th, 2024

Concerning the new 3.8% Medicare Tax, do we need to pay it? I believe we should be considered Real Estate Professionals. My wife and I have two retail shopping centers and four residential houses. We spend over 751 hours per year dealing with insurance issues, visiting properties, and managing property managers. Our net income from these properties is our only income plus social security and some income from stocks. When we sell a property and search for a compatible 1031 exchange, we work 15-16 hours a day and travel extensively. If you have any questions, please ask.

December 31st, 2023

For a S Corp with E&P, how should distributions be treated if there is negative AAA and positive Accumulated E&P, and how should past errors in treating distributions be corrected for future tax returns?

August 8th, 2024

Do I send my 2021 1040-ES payment vouchers with separate checks along with my 4868 form for an automatic extension of time to file my U.S. individual income tax return in the same envelope?

November 9th, 2023