asked
We just sold our house via short sale. We lived in the house from June 2007-October 2009. We moved for a job opportunity to FL and have lived here since. We rented the property out until our tenants stopped paying and we had to evict them. This put tremendous financial strain on us so we decided to do the short sale and it was just approved. For 2013 taxes, will we qualify for the mortgage debt relief act or will it become income? If it becomes income, what can we do this year to ensure we don't get hit with a big tax bill? We have two kids and my husband is a student. Thanks! ($67,000 in forgiven debt)
April 18th, 2023
My husband has been incarcerated in prison for more than 12 months. He keeps telling me that there is something I can file that is, to use his words, "like injured spouse" which would entitle me to more of a refund. Is this true or is he just falling victim to more 'jail talk'?
January 13th, 2024
I sold all of my mutual funds that were in stocks and over the life of the long-term funds took a $19,000 loss. How do I report this on my 2012 taxes?
January 22nd, 2024
I own company A in the USA and started a new company B in Hong Kong. I want company A to loan company B about $1M over time to build an online social network, which company B will own. The loan might be interest-free or low-interest, with payments deferred for 12-24 months. In exchange, company B could give company A stock options. Can I do this, and what do I need to consider from a US tax or corporate law perspective?
August 31st, 2023
A home was in a revocable trust and the original owner of the trust has passed away. She left the home to 4 children. The home is now being sold and split between the four of them. Is the income taxable and what form do you have to claim it on?
November 4th, 2023
As a co-signor on a student loan for my daughter-in-law, who is not my dependent, can I claim the interest on my tax return if I have been making all the payments on the loan?
January 3rd, 2023