asked
My husband owes back taxes to the IRS and we recently received a letter threatening levy. We file separately, so the taxes are technically owed by him. We have a lien on our house and own another rental property we would like to sell but can't due to the economy. We owe a significant amount of money to a relative and agreed to repay them with the proceeds from the sale of the rental property. We're concerned the IRS will attach a lien to the rental property, preventing us from repaying our relative. We want to make a payment plan with the IRS but are afraid a financial disclosure would make the rental property vulnerable. How should we respond to the Intent to Levy letter? Should we file an appeal? Should we go to our local IRS office for help?
June 28th, 2023
We sold our cabin (never rented) and we owned it for 34 years. What deductions are allowable and is it considered capital gains?
November 22nd, 2024
How can I file last year's income tax with this year's income tax at the same time, and if I owe, how do I pay?
October 4th, 2024
In 2005, I placed a bid on a home pending a house inspection. The inspection results were unsatisfactory, leading to a total bid retraction. Can I deduct these home inspection fees for the year if I file long form?
August 24th, 2023
As a subcontractor filing as a small business owner, how do I write off my newly purchased truck and the mileage?
March 21st, 2023
My spouse did not receive her W2 for an employer in 2013. The business was under federal investigation and was subsequently closed. How do I report the income? I do not have the company's EIN number but know how the payment was received. We are trying to file online.
June 14th, 2024