Texas Tax Legal Questions

Generally, you can take a loss on a bad debt to a partnership only to the extent that you have basis in the partnership, such as contribution of capital or income to the partnership. I do not know offhand if a bad debt for wages would qualify, but would guess it does. However, if you don't have a basis in the partnership, you could not claim the loss. ... Read More

You can claim head of household status even if married if "considered unmarried" ie: spouse was a nonresident during the year legally separate under decree of divorce or separate maintenance spouse was not a member of household for last 6 months of year and household was the principal abode of at least one dependent  ... Read More

Fortunately, as a former Enron employee, I sold my stock when I left the company before its collapse. However, in your unfortunate case, I believe you can claim the stock loss in 2015 because the 1099_B is substantial evidence your loss was incurred in 2015, assuming you did not claim the loss in prior year(s). The general rule for claiming a stock loss is that it must be claimed in the year in which the stock becomes completely worthless.... Read More

Your income will be considered in his ability to pay back taxes in Texas. This is a community property state and it is the fact that you are married that counts, not filing taxes together or having joint accounts. I can not address your last question as the circumstances to which you are referring are not clear.... Read More

If you gave cash to a charity, then you can take a deduction provided the charity gives you a receipt for the gift.  If the amount of the cash gift exceeds $250, then the charity must give you a special receipt.  Cash gifts to non-charities are not deductible, so if you gave your children $3500 in cash none of that is deductible.  The same would apply to noncash gifts given to your children or any other non-charity.... Read More

Angel - Texas is a community property state.  As such, half of everything you earned is your wife's and half of everything she earns is yours.  Although she did not work last year, half of your wages are deemed to be her wages, so legally she owns half of any tax refund that you get.  Now whether she can sue you if you do not give her half of the refund is another story, but legally she does own half of the refund.... Read More

Dorothy - any money you take out of your deceased husband's 401(k) will be subject to income taxes.  It will be taxed as ordinary income.  Since your husband died in 2013, you will be able to file as married filing jointly with your deceased husband in 2013 provided you do not get remarried by the end of the year. Since he passed away in 2013, you have some time to determine whether to leave the money you don't need to pay bills in his 401(k) or move it to your IRA. I highly recommend that you talk to a CPA or tax lawyer concerning what you should do with the 401(k) funds.  Again, any distributions from the 401(k) will be taxed as ordinary income regardless of what you spend the money on, but there will be no penalties for taking the money out in 2013.... Read More

Alan - I.R.C. section 382 limits the ability of a corporation to sell itself to another person and allow the buyer of the corporation to use the corporation's NOL.  I would proceed very cautiously before I accepted any money from the group.  You should talk with someone locally, like your CPA, before entering into any agreement.... Read More