Category Archives: Loans

Mortgage relief act goes to President

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 […]

Business Loans

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?”

Dissolving S Corp

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.”

Generous Loan Unpaid

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 […]

Working Across State Lines

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 […]

Unreported $50,000

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 […]

Loan or Wages

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 […]

Defaulted Student Loan

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 […]