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Are Transfers between Spouses Taxable?

Transfers between spouses are generally nontaxable, but some exceptions exist. Generally, no gain or loss is recognized on a transfer of property from an individual to (or in trust for the benefit of) a spouse or, if the transfer is incident to a divorce, a former spouse. The following questions and answers describe more fully...
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How to remove an IRS lien

A taxpayer who has a lien from the IRS may question how to remove the IRS lien. A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. In addition, a lien is a legal claim against your property to secure payment of your tax debt, while a levy...
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IRS Innocent Spouse: Equitable Relief Rules

If you do not qualify for innocent spouse relief, relief by separation of liability, or relief from liability arising from community property law, you may still be relieved of responsibility for tax, interest, and penalties through equitable relief. If you request any of these types of relief, and the IRS determines you do not qualify...
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Taxation of Virtual Currency

Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns. Moreover, the taxation of virtual currency is a developing field of law. What is Virtual Currency? Virtual currency is a digital representation of value that functions...
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Do I qualify for IRS Innocent Spouse Relief?

Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows them. When filing jointly, both taxpayers are jointly and severally liable for the tax and any additions to tax, interest, or penalties that arise from the joint return even if they later divorce. Joint and several liability...
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