 I just turned 18 and i still live with my mom when she files her taxes she is gonna claim me ? |
| now does this mean that i cant file my taxes at all or does it mean i can file them but not claim ... |
|
 I have a question regarding transfer of money from business to personal accounts.? |
I recently set up a sole proprietorship because I was receiving funds from my friends business, kind of like a consulting fee, however the fees will bring in between 10k and 20k per year.
... |
|
 What happens if you filed as single but should have filed as married? |
| I got married outside of the US to a foreign national. I lived and worked in the US up until August of last year then left the US to move to my husband's country. My parents filed my tax claim ... |
|
 I haven't filed my taxes since 2004 ? |
| I haven't filed my taxes since 2004. I always got a w-2 but I never had to pay into it. I always got a refund back. I never made over 3,000 dollars in any of those years. My boyfriend always ... |
|
 How can I make my CPA happy? |
| I itemize deductions and have hundreds of receipts. My CPA always complains that I send my return in too disorganized to complete in a timely fashion. What can I do to organize more efficiently for ... |
|
 W-2 situation. Please help!? |
| I was supposed to get my W-2 in the mail, but it never came. I found that I could check it up online so I did, but now W2 eXpress changed the store information so my login and password don't ... |
|
 Can my spouse claim me as a dependent? |
| I was wanting to know if my husband could claim me as a dependent, because I don't have a job and current attending school. I can't seem to find the information on the irs site. Any info ... |
|
 Can I sue the government (IRS) for emotional stress? |
| every year I get splitting headaches at tax time because of the unfairness and unnesassary paperwork. Then I worry for the next month that I will get audited or that I paid too much. Is it normal ... |
|
 Can someone ever deduct a capital loss against a traditional ira? |
| are there any provisions in the tax code that would allow me to deduct a capital loss against a traditional ira account? say some one had purchased an american common stock at it's high's ... |
|
 How can they? |
| How can a company take taxes out of your paycheck if they didn't have you fill out any tax forms??... |
|
 In 1988-1987 I worked head of house hold single parent never filled taxes by that time? |
| In 1987 and 1988 I worked then i moved to another state but never filled out the taxes for those years, is there a way i can claim it or is too late by that time i was single and had 2 kids.... |
|
 Is it true that a "full-time student" will get all of the taxes they pay back? |
| I am 18 years old and am currently attending college with 14 credit hours per semester; I am also working around 20+ hours per week. My parents claimed me as a dependent for the 2007 tax year, but I ... |
|
 Who should claim our daughter in our taxes? |
| So my fiance has been working since Oct of 07 steady income but not as much as we will like he will be filling a years worth of 12,000 (roughly). I have been working since July of 08 and will be ... |
|
 Who should claim the baby? |
| I live with my boyfriend. We are kinda disagreeing about who should claim our son, who was born in September. I am not working right now and he is. I only worked about 3 months this enitre year but I ... |
|
|  |
elizabeth | Can you sell a house & keep the $ gained from sale or will IRS take it even if there isn't a lien or levy? |
If you owe the IRS money and there isn't a lien or levy put against assets yet, can you walk away from the sale with the $ gained or will the IRS automatically take it? |
 |
 
Charles G
 |
Depends.
If there is a lien (or a notice of lien), then the house cannot be sold without "dealing" with it in one of several ways.
If there isn't a lien, then the money, if any, goes to you.
The IRS could still issue a levy on the money if it is held in some bank account. Wheathe they wil or not depends on other factors not listed in your question,like, how much?, has the IRS contacted you or not? has proper legal notification been given? etc. |
|
Mathew
|
If there is not a lien or levy on the property or on you they would not learn of the sale and you would be in the clear. You need to carefully determine what steps they have taken to collect the arrears payments. Get on a payment plan and make the payments is the best protection. |
|
Judy1
|
If there is no lien on the house, you can go ahead and sell it and they won't take it at closing. The sale will be reported to them at the end of the year though, and you might or might not owe any tax on the sale, depending on the amount of the gain and how long you have owned and lived in the house. The rule that one responder mentioned of putting the gain into a more expensive house has been gone for over 10 years.
If you have a payment plan set up and are following it as scheduled. you'll most likely be OK. If you don't, then at some point they'll come after the money, and would take the money from the sale from wherever you put it.
If you are in the process of dealing with the IRS and haven't set up a payment plan, and sell a major asset like a house, you'd be wise to apply a good portion of the proceeds toward what you owe. The revenue agents work with people who are trying to cooperate and get their debt paid off, but can be pretty harsh to someone who looks like they're selling off assets and trying to hide the money.
|
|
v b
 |
If you are on a regular installment agreement, the IRS will probably leave the sale alone. After all, if you are making the regular payments, you may be living up to what you agreed to. (It would be wisest to pay the debt and get on with your life.)
However, if you are avoiding paying the IRS, paying less than the minimum, failing to have an agreement and then the IRS finds out that not only did you not pay them, you may owe even more tax money, the IRS stops being so nice.
PS, the person who suggested you buy a bigger house apparently hasn't read a tax book in years. That law changed in 1997. |
|
chatsplas
|
. . . .wouldn't try it. . . .
you'll get a 1099 and have to report it. . . .they'll get the 1099 too. . . .and maybe right away, not at year end
IRS is not quick, but dogged once you're in their sights. . . .
Use the proceeds and pay them off and settle your tax debts because they only grow while you delay |
|
Dan B
|
Eventually, the IRS will get their money from you unless you convert to a strictly cash basis (no bank account, employer pays you cash under the table, etc) and disappear from society. This may be very difficult to do. |
|
Renaissance man
 |
The IRS will definitely come after the proceeds from the sale of your home. Agents may even show up at the closing, though I'm not sure.
Why don't you retain the services of JK Harris or Freedom Financial to work out a negotiated settlement with the IRS? These firms are often able to settle your case for a fraction of the funds you owe the IRS.
|
|
Cat
 |
It becomes taxable income. You report it on your tax return. They'll know if you don't.
However, if you buy an equal or bigger house, it's deferred, and there is no tax on it now. If you buy a cheaper house, there's tax on the difference.
There is also a one-time exclusion you may be able to take.
Bottome line - see a professional tax preparer about your circumstances. They'll be able to tell you what your options are. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 36 minutes(s) ago
| | | |
7 | 3 hour(s) ago
| | | |
8 | 4 hour(s) ago
| | | |
8 | 9 hour(s) ago
| | | |
8 | 1 day(s) ago
| | | |
8 | 4 day(s) ago
| | | |
8 | 6 day(s) ago
| | | |
8 | 1 week(s) ago
| | | |
8 | 1 month(s) ago
| | | |
8 | 4 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
