Taxes
Can a Net Operating Loss Be Carried Forward?
For Tax Attorney:Facts:1.I am being audited for the years 2004 & 2005, which are _open_ years for me.2.The IRS is auditing me only for the years 2004 and 2005.3.I have a net operating loss (NOL) carryover (which results from _S_ corporation losses supported by loans) from the years 2003 and 2002. 4.Both of these years (2003 & 2002) are _closed_ years for me.5.The IRS agent indicates that I did not have enough basis from the years 2003 & 2002 to support my NOL to carry it forward to 2004 - which is correct. When the NOL were created, I believed that I had adequate basis, but on review now I can not support the basis of the NOL.Question:Since the years when I established the NOL are _closed_ years - Can my NOL still be carried forward and used to offset income in years 2004 & 2005, even if I did not have enough basis in the NOL in the years of 2003 & 2002 (when the NOL was created) since they (2003 & 2002) are _closed_ years? I
If the Government Makes a Mistake in a Tax Bill Can They Bill For More Later?
The town I live in issued our taxes at a rate of (x amount). The town then realized about a month later that they did not issue the taxes at the appropriate rate. They are now issuing a Supplemental Tax Bill to make up the lost revenue. They are requiring the bill to be paid in one month. Is this legal?
What Are the Tax Consequences of Adding a Domestic Partner to a Deed?
I am adding the name of my domestic partner to my property deed in pennsylvania. The home is worth about 250K. What are the tax implications?
Will Transferring a Deed Trigger a Gift Tax?
My mother has been transferring interests in property (as part of estate planning) to her four children, using updated appraisals and the maximum allowable 'gift transfers' every two years. Unfortunately, they have not been kept current on the deed. Will updating the interests (and recording them), trigger a tax liability ?. Our Corporate accountants have full documentation of the transfers as shown on all tax returns yearly.
How Much Inheritance Tax is Due in New Jersey?
I am selling a house that I inherited from a friend. We are having a closing without an attorney. I must pay inheritance taxes before the closing. The house is selling for 51,000.00. I do not know how much I will owe to make payment at closing. Where can I get this information?