Tag Archives: Law

Carrying a Mortgage

Today TaxMama® hears from a couple of people in the TaxQuips Forum, with this problem this week.  They have sold real estate on an installment sale. They have been the mortgage-holder. And after a while, the buyer defaulted and they had to repossess the property. Let’s look at the problems arising when carrying a mortgage.

Recipient Gift Tax

Today TaxMama® hears from RJ in the TaxQuips Forum, with this question.  “I just came across TaxMama’s 2012-09-04 TaxQuip to “Ivan” entitled “Late Gift Tax Return” (at TaxMamas TaxQuips : TaxMama’s Free Daily Tax Podcasts or Late Gift Tax Return | taxmama | taxquips), which says (in part): … 2) Did you know that if a gift tax […]

Interest on Refund

Today TaxMama® hears from Stan in the TaxQuips Forum, with a valid question. “In October 2011, an amended Estate Tax return was filed. The IRS did not complete their review until the beginning of April 2013. However, they are only showing interest payable for 53 days.”

Renting to Roommates

Today TaxMama® hears from Ellen in the TaxQuips Forum, who is getting conflicting information.  “I had no idea, when we decided to be responsible parents to my son and the son of a family friend, that we’d have such a headache at tax time when we decided to start charging “rent” after they graduated from […]

Trust Income

Today TaxMama® hears from Grandma in the TaxQuips Forum, who tells us.  “We have a rental, which was left to us in a trust. It only brings in $500.00 a mo which is $6,000 a year. It is very old and has quite a few repairs each year. We have always filed under the trusts […]

Parents’ Rental Property

Today TaxMama® hears from KH in the TaxQuips Forum, with this question.  “My parents are willing to give me a rental property they own. The house is in their name and they currently claim it on their taxes. There is a mortgage on the property as well. We are currently trying to refi the house […]

IRS Intensifies National Crackdown on Identity Theft

Courtesy of the Internal Revenue Service [TaxMama note: Did THIS ever happen to you? If you were the victim of tax identity last year, make SURE you get your special Identity Protection PIN (IP PIN) from the IRS so no one can steal your refund by pretending to be you.] WASHINGTON — Continuing a year-long enforcement […]

Common Law Divorce

Today TaxMama® hears from Susan in the TaxQuips Forum, with an unusual question.  “PA recognizes common law marriages if they started before ’05.  So, if they are now separated, are they doomed to the MFS status until a judge signs a divorce decree? Or, since nothing was filed with the state to begin with can […]

S Corporation Overview

Today TaxMama® hears from someone in the TaxQuips Forum, who keeps asking similar questions about California LLCs and Canadian Limiteds owning an S Corp.  So, let me tell you a little bit about S Corporation rules.