You are here:
I can answer anything with regard to the following: Preparation/Tax Law regarding Individual Income Tax (IRS and California), Audit Representation/IRS Procedures of personal and corporate income tax including appeals, IRS Collection procedures for individuals, partnerships and corporations, offers-in-compromise, payment plans, penalty abatement etc.
21 years in tax preparation and representation
National Association of Enrolled Agents
4 years of accounting at Woodbury University/UCLA Extension
| User | Date | K | C | T | P | Comments |
|---|---|---|---|---|---|---|
| Jeanine | 11/13/09 | 10 | 10 | 10 | 10 | thank you |
| Amy | 11/10/09 | 10 | 10 | 10 | 10 | Thank you not only for answering so ..... |
| Nick | 11/10/09 | 10 | 10 | 10 | 10 | hardly seems fair Bruce, but it is ..... |
| Sheila | 11/02/09 | 10 | 10 | 10 | 10 | Thanks so much! |
| John | 11/01/09 | 10 | 10 | 10 | 10 | Thank you for taking the time to ..... |
Connie, Once the property is sold, there are 2 transactions. The first is the sale of the property which will result in a loss. The second is the possible cancellation of debt income. If the loan
Hi Shelly, We all make errors - if we didn't we would not be human. I am confused about a few things -- 1.I am not sure what you mean by "compensated herself without paying taxes on the compensation"
Scott, For 2009, you will be out of luck. However, for 2010, you can most likely claim the kids as dependents. Here is a link regarding the claiming of dependents that are not related to you: http://www
Jeanine, Have an attorney review the loan docs on the rental to make sure the loan is non-recourse. Sometimes, if investment property, it can be a recourse loan (a purchase money loan is never recourse
Jeanine, Depending on whether or not the loans are recourse or non-recourse loans, you may have a tax liability for the banks loss on the loans. There is also new legislation that, in certain circumstances
Answers by Expert:

©2009 About.com, a part of The New York Times Company. All rights reserved.