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How to Declare Your State of Residence for Tax Purposes

Posted in Tax News on October 27, 2013

    Some taxpayers will have more than one home.  For them it’s important to declare their state of residence. There are no specific rules to follow to declare your residence. Establishing residence is actually what your intentions are.

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How to Save $267,892 of Income Tax, Penalties and Interest

Posted in Tax News on April 14, 2013

A new client came to us late last summer. She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I don’t know about you, but…

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When (and How) to Declare the Sale of Your Primary Residence

Posted in Tax News on August 21, 2012

Recently a new client came to us.  The Internal Revenue Service (“IRS”) was looking for $262,532 in back taxes.  This was from the sale of their home two years ago. Form 1099-S Reporting Requirements Attorneys that handle real estate closings…

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3 Reasons You Likely Won’t Pay Income Taxes When You Sell Your Home

Posted in Tax News on July 10, 2012

1) You Don’t Have a Capital Gain   Due to the housing market, many homeowners no longer have a gain in their home. A gain is the sales price minus the cost basis. The cost basis is generally the purchase…

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When is Cancelled or Forgiven Debt Taxable?

Posted in Tax News on January 25, 2012

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. This type of debt includes mortgages, credit cards, car loans and student loans. Lenders are required to send Form…

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