Posts Tagged ‘wisdom’

My dad is close to senior citizen age and gets depressed because we're not making much money..how can I hlp?

My dad has worked his whole life, obsessively…trying to do good for himself since he was a young teenager, and brought his strong hard working career ethics into his adult life providing well for my siblings and my mom. The last 10 years have been pretty rough, all and all, I know he’s wearing down, physicall and mentally.

Its hard on him because hes worked just as hard as so many other people who are retiring right now at his age. And I know there are so many other countless people who have lost their jobs and homes….and he’s aware of that too….but sometimes I know when my dad gets down….and its hard on me. Im 30….and he’s late 50′s….he tells me now and then how he gets tired and worn out, and I stress about the horrible time in my future that I will lose him….(he’s a night time drinker and 24/7 smoker). He’s one of the hardest working people I know, and I just worry. I also work with my father, we are self employed. Through the 5 years we’ve worked together, we’ve almost gone bankrupt so many times….seeing our bank account go down to the mark of hundreds…knowing how quickly it will dissipate. Right now we’re ok, we’ve brought our money in, but just never lasts. you know how that goes…..any encouraging words or wisdom/advice?? Nice things a daughter can say??? thx =) Everyone gets a thumbs up point, and best answer, asap.

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How does the IRS determine a home value when calculating if tax payer was insolvent after “settling” a debt?

I "settled" with several credit companies for over ,000 in debt. The IRS considers the settlement amount as earned income unless the tax payer was "insolvent" at the time of the settlement. My home has minimal equity but I don’t know how to determine the value the IRS will use in calculating my debt to income ratio. It could make a big difference in my tax liability for the past year but was better than filing for bankruptcy or losing my home. This question even seems to stump tax advisors. Any wisdom out there in Yahoo land would be appreciated.

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