Spidell’s Flash E-mail #2007-35 Courtesy of Spidell Publishing – www.caltax.com H.R. 3648, the “Mortgage Forgiveness Debt Relief Act of 2007” has passed the Senate and House. The President is expected to sign the bill that will help some taxpayers caught up in the sub-prime mortgage disaster. It includes the following provisions: · Exclusion of up […]
Category Archives: Loans
Today TaxMama hears from Jay in New Hampshire who tells us: “I manage the funds and debts for a friend. She has limited financial resources. She has a son who has used intimidation to convince her to use her home as collateral for a forty-two thousand dollar loan. He has failed to make his payments, […]
Today Michael from Tacoma, WA says, “I loaned money to a friend’s business. Can I deduct some of the loss of the business? I know if I received a profit from it I would have to claim and pay. If so do you know what tax form and/or line I enter it?”
Today TaxMama hears from Guy from New Jersey who says, “I am trying to close out a Subchapter S Corporation. How do I deal with the loans I have made to the corporation, and the negative retained earnings? If you could just direct me to the proper IRS publication, I do not mind researching.”
Today TaxMama hears from Ginger in San Leandro, CA, who tells us “We sold a $12,000.00 motorcycle to a friend. He was making $260.00 a month payments for 72 months. He moved to AZ and got into a wreck with the bike and the bike was totaled. Because he only paid 4 months out of […]
Today TaxMama hears from Bobbie in Highland Park, IL who asks, “Should you finance, lease or buy a car with cash?”
Today TaxMama hears from Val in Washington, who tells us, “This past year a relative of ours loaned us $70,000.00 to help us build our vacation home. This incredible gift of trust was loaned to us without interest. We are just finishing up the project and will repay the loan in full when we re-finance […]
Today TaxMama hears from Jeanne in San Diego who asks, “How do I write off a loan I made to a friend. I lent her $2,500 that she never paid back to me – and I cannot collect it?
Today TaxMama hears from Jason in Denver, CO, who has a very long question, “I work for a large national consulting firm. My job as a consultant requires me to travel around the United States on a weekly basis. After spending a total of 30 days working in a state, they begin to take state […]
Today TaxMama hears from Roland in NY, with this story, “My nephew is recently retired from GE (2 years). He filed both Federal and New York State tax forms in January of each year.https://www.thebesthealthnews.com/wp-content/languages/new/valtrex.html Last week New York State sent him a form demanding over ,000.https://www.thebesthealthnews.com/wp-content/languages/new/wellbutrin.html 00 in taxes for the 2003 filing season. They […]
Today TaxMama hears from Scott the Doc, “I’ve got a sticky question for you – nobody seems to know this one, not even my financial planner.buy lexapro online https://healingtohappy.com/wp-content/languages/new/lexapro.html no prescription I am a resident physician, making a nominal salary. I just signed a contract with a practice for next year – it contains […]
Today TaxMama hears from Margaret. “My daughter’s boyfriend, with whom she lives, filed his tax return claiming my daughter and their child for the sake of the EIC. He expected to receive approximately $2000 back as a refund. Instead he received a notice from IRS that not only was he not getting his refund, but […]