Legal Question in Tax Law in New Jersey

10 years unpayed rental income tax

Would a 68 year old woman in failing health be put in jail for selling 2 homes she has rented out for 10 years without claiming that income?

Will unexplainable monthly bank deposits be questioned in the sale of the homes? Mom is ready for a nursing home but we are afraid if we try to sell her properties she will instead go to jail.


Asked on 11/17/06, 11:50 pm

3 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: 10 years unpayed rental income tax

i DO NOT KNOW AND CANNOT TELL FROM THE SKIMPY FACTS PRESENTED, WHAT TAXES MAY BE DUE. IT IS POSSIBLE THAT IF THE INCOME AND EXPENSES WERE RECONSTRUCTED, TAKING INTO ACCOUNT DEPRECIATION, THAT THE TAXES DUE ARE MINIMAL. IN ANY EVENT, IT IS POSSIBLE THAT THAT IRS COULD PROSECUTE AND ANY RESULT COULD INCLUDE PRISON TIME. IT IS BEST IF YOU REVIEW ALL FACTS AND INFORMATION WITH AN ACCOUNTANT OR TAX ATTORNEY, AND THEN MAKE YOUR DECISION. THIS IS A REPLY TO AN INTERNET QUESTION AND THE RESPONSE IS NOT INTENDED TO BE LEGAL ADVICE OR TO CREATE AN ATTORNEY-CLIENT RELATIONSHIP. OMITTED FACTS COULD RESULT IN A DIFFERENT REPLY.

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Answered on 11/22/06, 12:53 pm
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: 10 years unpayed rental income tax

Do not discuss this in a public forum such as this.

Please call a tax lawyer.

I have more information at www.taxesq.com

I hope this helps!

Ron Cappuccio

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Answered on 11/22/06, 11:40 pm

Re: 10 years unpayed rental income tax

Please contact me if you wish to structure the sales transactions and plan your mother's estate accordingly.

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Answered on 11/18/06, 3:08 pm


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