Recent content by rbrown100

not filing return when no tax due Michael's right: the penalties for late or non-filing are based on the amount due, so no amount due, no penalty. (The IRS once imposed a $100 minimum penalty on a return over 60 days late, but lost in Tax Court since the person owed no tax.) But Michael 's...

Melissa- Thanks for your reply. A couple of quick reactions: 1. Your husband's name on the deed should give him legal title to the house, even if he never gave his sister any money. Either his guaranteeing his sister's loan was the quid pro quo for getting his name on the deed, or his...

Dear Poster: I hope this reply isn't too late to be of help. As usual, it seems to me that michael has given you excellent advice; your sister-in-law's Estate would be primarily responsible for the loan, but since the loan is secured by the house the bank may be able to foreclose on it if the...

All gambling winnings, in theory at least, must be included in gross income on line 21 of Form 1040. The fact that information returns go to the IRS if a payout is big enough and the odds were high enough can make it inadvisable to ignore this rule. Now, gambling losses are only deductible on...

tax preparer under 18 years of age You pose 3 questions, but as another poster noted it's not clear whether you're referring the minor filing his own tax return or preparing a customer's return for pay as an employee of a tax store. If you mean the former, the answers are: 1. No. A working...