asked
I received a 1099-C from a loan consolidation finalized in January 2011. During the 18-month loan modification process, I filed bankruptcy, which was discharged in June 2010. Can I claim that 1099-C 'income' under my bankruptcy? My home was in foreclosure during the bankruptcy process.
June 15th, 2023
Can the IRS impose a levy on my unemployment wages?
March 28th, 2023
If Social Security is your only source of income, are you required to pay income tax on $1475 per month?
March 1st, 2023
My AGI was over 162k last year, and I have over 21k in rental losses. Since I am not a real estate professional, is there any exception that allows me to claim my rental loss on my taxes? If not, should I consider opening a business to claim the loss as a business loss in future years?
March 2nd, 2024
I owe $2,400 in New York State and New York City income taxes but do not have the funds to pay. I was unemployed for a large part of 2011 and cashed in some retirement assets, which were reported on a 1099R. I would like to set up a payment plan but do not want to adversely affect my credit rating. Should I file the return electronically and send a letter to the NYS tax department asking for a payment plan?
April 5th, 2024
I have an LLC taxed as a partnership with $180k in liabilities (one loan) and a negative capital account balance of $180K. There are no assets. Can I transfer the loan to another LLC taxed as a partnership since the partners on both partnerships are the same? Would there be any tax consequences? How would we do this?
September 23rd, 2023