I am a 50 % owner of property in Mexico and my partner wants to buy my interest out. Will the IRS take my proceeds to pay my delinquent taxes?
Posts tagged ‘States’
My fiance and I live in Nebraska, he works in Iowa. I have heard that he has to pay taxes in both states. Is this true? If so, will the credit issued for payment to one state equal the additional taxes paid to the other state? Will he wind up paying more combined taxes, than if we just lived in the same state he works in? We are not yet homeowners, but when we do buy, will the deduction for our mortgage interest in Nebraska be credited toward the taxes owed in Iowa?