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Yahoo
17 minutes ago
- Yahoo
Montana woman discovers husband of 21 years didn't pay his taxes — now IRS is after them. What Dave Ramsey says to do
It's one thing for a spouse to keep a minor secret from their partner — it's another thing to hide an $82,000 tax bill. That's the situation Alice in Montana found herself in when she wrote to The Ramsey Show. Her husband of 21 years failed to pay an $82,000 tax bill from 2021. Now, the IRS is coming after their home, and she wants to know if she should take out a second mortgage to cover the bill or sell it. "I feel blindsided and betrayed," she wrote in. Ramsey's response? "What a mess!" Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Financial infidelity Alice and her husband's finances weren't always smooth, as evidenced by her alluding to a past bankruptcy. However, thanks to a strong 2021 for her husband's real estate business, they wound up owing the IRS $82,000. The money was in the husband's business account, so Alice trusted him to pay them. Instead, he used it to cover other business expenses and a failed side venture without telling her. He also blew off their accountant. Their CPA eventually filed their taxes for them in 2023, sans signatures — an act Ramsey called illegal. 'That's a good way for the CPA to end up in jail,' he quipped. Alice's husband then proceeded to hide IRS notices from her regarding the tax debt. She only found out when she signed for a certificate letter from the IRS saying the agency intends to levy their home for $150,000. Alice turned to Ramsey for guidance: should she buy her husband's share of the house or use a second mortgage to cover the IRS bill? Ramsey assumed that by "buy him out," Alice intended to divorce her husband. After bantering with co-host Rachel Cruze over whether she meant 'bail him' out, Ramsey added that as a nurse, Alice probably had taxes withheld from her paychecks. Now, if Alice and her husband intend to go to marriage counseling, then, between his real estate income and her nursing income, they can pay off the tax debt themselves. But Ramsey added that Alice should sell the house if she's getting a divorce. There was some good news for Alice: she may not be responsible for the taxes in the event of a divorce. "You would file under what's called the innocent spouse provision," he explained. "You were not aware of these taxes; you were not aware of the business activities that created these taxes." Because of this, Ramsey said the IRS shouldn't hold her liable even if her filing status at the time of the debt was married filing jointly. However, he suggested that Alice hire a skilled tax attorney or a knowledgeable CPA to argue her case. Ramsey added that if the house has a lien and is sold, the IRS can only take the money out of the husband's portion if Alice gets approved for innocent spouse relief. But this only works if they get a divorce. Otherwise, Alice and her husband need to work on reestablishing trust. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. How innocent spouse relief works The IRS's innocent spouse relief program is designed to protect people like Alice from liability when their spouses underpay taxes on a joint tax return and they're unaware of it. If you're in a situation like hers, you may be eligible for innocent spouse relief. However, that relief only pertains to taxes on your spouse's income. You cannot claim innocent spouse relief for your income, household employment taxes, business taxes or certain other taxes. You can request innocent spouse relief if: You and your spouse filed a joint tax return Your taxes were underreported in error You did not know about errors on your tax return You reside in a community property state The IRS instructs people to request innocent spouse relief as soon as they become aware that they're on the hook for a tax bill. You must also request innocent spouse relief within two years of receiving a notice from the IRS about a tax bill. The IRS also says that if you didn't sign or consent to file a joint tax return with your spouse, you may be able to limit your responsibility for your spouse's taxes. You can call the number on your tax debt notice to learn more. This situation may apply to Alice, as she stated that their accountant filed their tax return without their signatures or consent. Of course, applying for innocent spouse relief does not guarantee approval. According to Jackson Hewitt Tax Services, in 2021, the IRS received over 26,000 innocent spouse relief requests but only approved about 4,800. Because approval is not guaranteed and there are many nuances involved, it may be best to consult a tax professional with expertise in the area rather than attempt to get relief on your own. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. 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New York Post
18 minutes ago
- New York Post
JD Vance: ‘You are going to see a lot of people get indicted' over Russiagate
Vice President JD Vance said in an interview Sunday that 'a lot of people' are about to get indicted over the Obama administration's machinations on so-called Russiagate. Without divulging specific names of who will get charged, Vance pointed to recent disclosures from Director of National Intelligence Tulsi Gabbard as ironclad evidence that there had been 'an aggressive violation of the law' revolving around Russiagate. 'I absolutely want to see indictments,' Vance told Fox News' 'Sunday Morning Futures' in a pre-taped interview. 'Of course, you've got to have the law follow the facts here.' Advertisement 'You don't just indict people to indict people. You indict people because they broke the law,' he went on. 'If you look at what Tulsi and Kash Patel have revealed in the last couple of weeks, I don't know how anybody can look at that and say there was an aggressive violation of the law.' 4 Vice President JD Vance called for people to get indicted over Russiagate. Getty Images 'I absolutely think they broke the law. And you're going to see a lot of people get indicted for that,' he later added. Advertisement Last month, Gabbard began unveiling a tranche of documents about the Obama administration's investigation of Russian meddling in the 2016 election. Among the disclosures was the declassification of a 2020 House Intelligence Committee report crafted by Republicans that found there was insufficient evidence that Russia favored President Trump in 2016. Gabbard also divulged material showcasing that top intelligence bosses had evidence that Russia did not hack 2016 voting systems in a way that allowed them to change the election outcome. 'What they basically did is they defrauded the American people in order to take Hillary Clinton's presidential campaign talking points and turn them into intelligence,' Vance said, accusing the Obama-era intelligence apparatus of 'lying about what the intel said.' Advertisement 4 Vice President JD Vance accused the Obama-era intelligence community of helping the Clinton campaign. James Messerschmidt 'They would take something that supported a Hillary Clinton campaign talking point, and they would overemphasize it and exaggerate it,' the vice president continued. 'They took anything that actually contradicted that narrative, and they buried it deep.' Following the revelations from Gabbard, the Justice Department formed a 'strike force' to begin assessing whether there were any criminal violations in what had been uncovered. Last week, US Attorney General Pam Bondi moved to open a grand jury to probe Obama administration officials. Grand juries are used to determine whether or not to hand down indictments. Advertisement 4 The vice president said the Russiagate debacle bogged President Trump down during his first term. NATHAN HOWARD/POOL/EPA/Shutterstock Vance broadly argued that 'they actually laundered Hillary Clinton's presidential campaign talking points through the American intelligence services.' He did not specify names. Former CIA director John Brennan and former DNI James Clapper have hit back at Gabbard, pointing to a 2020 bipartisan Senate Intelligence Committee report, which noted the panel 'heard consistently that analysts were under no politically motivated pressure to reach specific conclusions.' Clapper and Brennan also inked an op-ed insisting that the 2017 Intelligence Community report that was at the center of Gabbard's ire never described 'collusion' between Trump. They also stood by their claims that the Kremlin preferred him in the 2016 election. 4 President Trump is set to meet with Russian tyrant Vladimir Putin next week. Getty Images A spokesperson for former President Barack Obama issued a rare statement rebuffing Gabbard. 'The bizarre allegations are ridiculous and a weak attempt at distraction,' spokesperson Patrick Rodenbush said last month. 'Nothing in the document issued last week undercuts the widely accepted conclusion that Russia worked to influence the 2016 presidential election but did not successfully manipulate any votes.'
Fox News
18 minutes ago
- Fox News
MSNBC's Ali Velshi asks host Jen Psaki if she felt 'scared' of Trump, his administration
MSNBC's Ali Velshi questioned fellow colleague Jen Psaki on Friday about whether she felt scared of being targeted by President Trump or the administration.
