costandino
Junior Member
What is the name of your state? Fl.
I would like to know about the following questions.
A couple go thru a rather acrimonious divorce and some questionable conduct occurs regarding their division of property. Party A is awarded all marital assets and all marital debts. The major marital assets are a business and a property that the business operates upon.
Party A defaults on the mtg debt obligations and enters the foreclosure process soon after the divorce is finalized.
Two family members of party A purchase the property awarded to party A thru the foreclosure process soon after the divorce is finalized to protect the asset from creditors. The family members B and C now own the property purchased thru the foreclosure process and a good portion of the prior outstanding mortgage debts are eliminated against said property. The debts are still owed by party A to those creditors.
Party A has a ongoing and successful business operating on the mentioned property that is owned and registered in her name only. S/he is the sole proprietor and is registered with the state as such.
Parties B and C operate that business on the property for the next 7-8 years.
There is no business rental property lease between party A and parties B and C.
Parties B and C co-own the property and they also operate full time the business that is legally owned by party A. As such, they file the tax returns and pay the annual federal income taxes on the business as if they actually own the business and the property both.
Party A claims that s/he only receives 1000.00 per month income from the business.
Does party A have to file the income tax returns on the business income?
Is it legal for parties B and C to claim the business income and expenses on their tax returns?
Does the lack of a lease affect the tax filing claims/obligations for income, and expenses for A, B, and C ?
What if Party B and C are trying to hide party A's income from the defaulted mtg creditors.
Did A, B, and C, commit tax evasion and or tax fraud?
thanx.....C.What is the name of your state?
I would like to know about the following questions.
A couple go thru a rather acrimonious divorce and some questionable conduct occurs regarding their division of property. Party A is awarded all marital assets and all marital debts. The major marital assets are a business and a property that the business operates upon.
Party A defaults on the mtg debt obligations and enters the foreclosure process soon after the divorce is finalized.
Two family members of party A purchase the property awarded to party A thru the foreclosure process soon after the divorce is finalized to protect the asset from creditors. The family members B and C now own the property purchased thru the foreclosure process and a good portion of the prior outstanding mortgage debts are eliminated against said property. The debts are still owed by party A to those creditors.
Party A has a ongoing and successful business operating on the mentioned property that is owned and registered in her name only. S/he is the sole proprietor and is registered with the state as such.
Parties B and C operate that business on the property for the next 7-8 years.
There is no business rental property lease between party A and parties B and C.
Parties B and C co-own the property and they also operate full time the business that is legally owned by party A. As such, they file the tax returns and pay the annual federal income taxes on the business as if they actually own the business and the property both.
Party A claims that s/he only receives 1000.00 per month income from the business.
Does party A have to file the income tax returns on the business income?
Is it legal for parties B and C to claim the business income and expenses on their tax returns?
Does the lack of a lease affect the tax filing claims/obligations for income, and expenses for A, B, and C ?
What if Party B and C are trying to hide party A's income from the defaulted mtg creditors.
Did A, B, and C, commit tax evasion and or tax fraud?
thanx.....C.What is the name of your state?
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