QUESTION

Am I liable to file taxes for the business?

Asked on Jun 29th, 2021 on Income Tax - New Jersey
More details to this question:
I recently got married in March of this year and shortly after found out that my husband's father has his business in my husband's name. I was shocked to find this out and my husband told me his dad put his business in his name bc they were in jeopardy of losing their house. I didn't really understand how putting the business in my husband's name saved them from losing their house but I don't really understand mortgages and things like that since I've always rented before I met my husband. So now I'm worried that this may affect ME and my taxes when I file next year. I've already filed for this year but since we got married this March, I only included the income I earned in 2020. I'm worried my husband's dad has bad credit and it is spilling over to my husband and now me. I called the IRS to try to inquire anonymously but they didn't seem very helpful and only asked if it affected my filing status but I'm not sure. That's precisely why I was calling THEM. This whole thing has gotten me
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1 ANSWER

Criminal Defense Attorney serving Toms River, NJ at Edward J. Dimon
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We have an attorney who is both a tax attorney and a CPA. He is immediately available to discuss the issues. The 'devil is in the details'. We need the tax filings, the legal actions taken and documentation for same, etc. Please call. Ed Dimon, esq. 732-797-1600 ext 235
Answered on Jun 30th, 2021 at 11:47 AM

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