Tag Archives: California

Sold Gifted Home

Today Bob from Greesnboro, NC tells this story “My parents bought our house in 1965 for $50,000. They put their home in my name in 1981, when its value was around $90,000. We’re selling it this year for $150,000. My question: Do I pay tax on the difference (profit) between the original purchase price of […]

Credit Repair Blues

Today Ann in California wanted TaxMama to fix her credit. Since all my income disappeared when I lost all my clients in the Y2K corporation crash, my credit tanked. A lot of my credit debt has even been written off by now. But now, I’m getting back on my feet again and want to clean […]

No Extension

Today Robyn from Atlanta, GA goofed. She asks, “What happens if you do not file an extension and you are late sending you taxes in? What percentage are you charged?”

Tax Bankruptcies

From: Everywhere – we had about 10 questions about tax bankruptcies, this week alone. Who knows, perhaps this article re-surfaced Dear TaxMama, Is it true that you really can get rid of your taxes through bankruptcy? What is a tax bankruptcy and how can I get one? Signed… everyone. Dear Family, About three years ago, […]