asked
My father received a letter from the IRS stating that his house is exempt from any obligations, even though he owes back taxes. The house was later gifted, and the IRS now claims they can demand the value of the house from the recipient, despite their previous letter stating they had no legal right to the house or its value. How can the IRS claim they have no legal right to the house and then demand its value from the recipient after it was gifted?
September 18th, 2023
We are selling our primary residence for $900,000 and purchasing another for $750,000. Does this mean we would have to pay capital gains on $150,000 because our new home won't be of the same or greater value? (We have lived in this home for 7 years.)
November 21st, 2023
I have 3 cleaning ladies that come once a week. I leave $65 for them, and they use their own cleaning supplies except for my vacuum cleaner. I want to take the position that they are not employees. Is this reasonable and do I need to issue a 1099?
November 25th, 2024
H&R Block advertises that there are new tax laws that increase a personal tax refund. Is there a notification of these changes and where can it be found?
August 8th, 2023
I withdrew $50,000 from my deferred comp account in early 2010 after retiring in November 2009. I paid a 20% tax on that amount. Even though I already paid taxes on that amount, is it counted as part of my total earnings for the year and taxed again?
August 30th, 2024
My parents just sold some stock and sent me a check for $48,000. Will I have to pay federal tax on this gift? Will I have to pay state tax on this (in New Mexico)? How much for each?
August 21st, 2023