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Strange question� from the lawyer.

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    Strange question� from the lawyer.

    I got a list of things to bring in and one of them is:

    Financial reports of any business not publicly traded in which debtor(s) owns an interest
    I am currently a non-active member of a multi-level marketing program that I have taken business deductions for in the past two years. For over the past 7 months I have made no purchases towards that business and have not attended meetings this year and have no plans to deduct anything for it on my taxes next year. The government recognizes MLM programs as a business practice in which you can take deductions for operating it, but there is no federal tax ID number or EIN so I do not know whether to mention this.

    I was also asked to bring my past two tax returns and our past deductions combined with not making money has resulted in large tax returns for my wife and I the past two years so it will undoubtedly come up I think.

    Does anyone have any experience with this?

    #2
    Is there a schedule C included in your tax returns?

    A large tax refund should be of concern only if it falls in the 6 month look back period, and if so, what it was spent on.
    No Asset 7 closed 11/09

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      #3
      Yes, I filed a schedule C last time.

      I filed the return and the tax return was placed in my account via direct deposit on February 13th

      Thanks!

      Comment

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