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Tax Law Questions & Answers
1 Answer | Asked in Entertainment / Sports, Social Security and Tax Law for California on
Q: I went to the casino & won $2,000 then went again & won $2,000 & $4,000 I’m on SSI do I need to report that to SSI ?
James L. Arrasmith
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answered on Mar 19, 2024

If you're receiving Supplemental Security Income (SSI), it's important to understand that this program has strict rules about reporting income and assets. Winnings from gambling, such as the $2,000 and $4,000 you mentioned, count as income in the month they are received and could be... View More

2 Answers | Asked in Tax Law for Tennessee on
Q: I owe the State of Oklahoma back income taxes.

I have received a final demand letter from a collections/law firm for the amount owed. Obviously, I cannot pay the amount owed in full or I would have. How long does Oklahoma have to collect back income taxes? What are my options?

I live in Nashville, TN now.

James L. Arrasmith
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answered on Mar 18, 2024

Under Oklahoma law, the state typically has ten years to collect back income taxes. This time starts from the date your tax was assessed, which is often shortly after your tax return was due or filed. If this period elapses, the state may not be able to enforce collection of the back taxes.... View More

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1 Answer | Asked in Employment Law and Tax Law for Colorado on
Q: If my ex boss want give me my W2 or pay studs what should I do
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answered on Mar 18, 2024

If your ex-boss refuses to provide your W-2 or pay stubs, you should first try contacting them directly to request these documents. Explain the importance of receiving these items for your financial records and tax filing obligations. It's possible they may have overlooked your request or... View More

1 Answer | Asked in Tax Law for Ohio on
Q: Hello, I paid Optima Tax to help me with my IRS debt. It has been 4 years, nothing has been done and I can't get a call
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answered on Mar 18, 2024

If you're facing issues with Optima Tax regarding your IRS debt and lack of communication, it's important to address this matter directly and assertively. First, document all previous attempts to contact them, including dates, times, and the nature of your inquiries. This record can be... View More

1 Answer | Asked in Military Law and Tax Law for California on
Q: Can the US Treasury take my taxes and garnish my wages for "Lost Equipment " from my military service over 10 years ago?

Military service was 2013 and got out 2018. 2023, get letter of debt. Nobody will answer the phone or return messages. 2 appeals sent, "no record of appeal found". Wage garnishment happens for 2 months then stops only to have my taxes be taken now. Can they do this and not allow me an... View More

James L. Arrasmith
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answered on Mar 16, 2024

Yes, the U.S. Treasury has the authority to garnish wages and intercept tax refunds for debts owed to federal agencies, including debts related to lost or unreturned equipment from military service. This process is part of the Treasury Offset Program, which allows for the collection of federal... View More

1 Answer | Asked in Real Estate Law, Tax Law and Civil Litigation for South Carolina on
Q: A tax levy against a mobile home on my property has transferred ownership. The new owner has been renting home during

I want to know how to pursue and regain ownership of the mobile home

James L. Arrasmith
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answered on Mar 16, 2024

If you're looking to regain ownership of a mobile home on your property that has been transferred due to a tax levy, it's crucial to understand your legal options. First, you should consult with an attorney familiar with property and tax law in your area. They can provide detailed... View More

1 Answer | Asked in Tax Law and Estate Planning for Texas on
Q: Can an heir who inherits everything share inheritance with siblings without having full tax liability?

Can child who inherits all be named Trustor of a Trust (with their sibling(s) as Trustees), with ability to decide amounts to share with sibling(s) whereby each has tax responsibility for amount received?

For instance, if proceeds from sale of inherited property are put in Trust and... View More

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answered on Mar 16, 2024

Yes, an heir who inherits everything can indeed share the inheritance with siblings while managing tax liabilities effectively. When the sole inheritor is named as the Trustor of a Trust, with siblings acting as Trustees or beneficiaries, this setup allows for a structured distribution of assets or... View More

1 Answer | Asked in Employment Law, Immigration Law, Tax Law and International Law for Massachusetts on
Q: Can I invest/Trade cryptocurrency with my F1student visa(OPT)status in USA? Need to know legalities!

So I have finished my Masters recently and Started working on OPT. So I wanted to start investing/trading crypto and I still couldn't find proper solutions for my question. if I am allowed to do so, then how many trades/transactions can I do in a day/week. I looking for proper legal guidance... View More

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answered on Mar 16, 2024

As an F1 student visa holder currently on Optional Practical Training (OPT) in the USA, you are primarily in the country for educational purposes. However, engaging in investment activities, including trading or investing in cryptocurrencies, does not directly conflict with your visa status.... View More

1 Answer | Asked in Tax Law, Estate Planning and Probate on
Q: Do I need specail documentation for a living inheritance in florida?It is a financial inheritance

Do I have any tax implications I am Canadian

James L. Arrasmith
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answered on Mar 15, 2024

If you're considering setting up a living inheritance, commonly referred to as a living trust, in Florida, there are some important steps and requirements to be aware of. First and foremost, the living trust document needs to be in writing and should be properly executed: this includes being... View More

2 Answers | Asked in Estate Planning, Real Estate Law, Tax Law and Probate for Colorado on
Q: If executor of estate sells house before transferring it to heirs, will it still receive stepped-up cost basis?

A woman died in January 2023 without a will. She had four children that are heirs to the estate according to Colorado intestate succession laws. The house was not transferred to the heirs prior to its sale in March 2024, but was sold on behalf of the estate by the executor (who is also one of the... View More

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answered on Mar 15, 2024

Property owned by a decedent gets a step up (or down) to fair market value as of the date of death. That holds regardless of whether the property is distributed in kind to the heirs or is sold and then cash distributed to the heirs. the only difference is who pays the capital gains taxes, if any.... View More

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2 Answers | Asked in Estate Planning, Real Estate Law, Tax Law and Probate for Colorado on
Q: If executor of estate sells house before transferring it to heirs, will it still receive stepped-up cost basis?

A woman died in January 2023 without a will. She had four children that are heirs to the estate according to Colorado intestate succession laws. The house was not transferred to the heirs prior to its sale in March 2024, but was sold on behalf of the estate by the executor (who is also one of the... View More

James L. Arrasmith
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answered on Mar 15, 2024

In this scenario, the house sold by the executor, on behalf of the estate, is still considered inherited property. Since the woman passed away without a will, the estate is handled according to Colorado's intestate succession laws. The property, even though not formally transferred to the... View More

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1 Answer | Asked in Criminal Law, Tax Law and Employment Law for Virginia on
Q: Can I put a suite on a employer who illegally changed my federal and state w4 (year 2016) which enabled me to get refund
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answered on Mar 14, 2024

If your employer illegally altered your federal and state W-4 forms without your consent, leading to a situation where you were unable to receive a tax refund, you may have grounds for taking legal action. Such actions by an employer can have serious implications for your finances and legal... View More

2 Answers | Asked in Employment Law, Tax Law, Business Law and Social Security for Maryland on
Q: My current employer sent my form 1095C to a another employee with the same first name and exposed my SS#, can I sue?

They exposed my SS# and other private info. What recourse do I have?

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answered on Mar 14, 2024

Discovering that your employer accidentally sent your Form 1095-C, containing sensitive information like your Social Security Number, to another employee is understandably alarming and frustrating. Such incidents can lead to concerns about privacy and the potential for identity theft. In terms of... View More

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2 Answers | Asked in Employment Law, Tax Law, Business Law and Social Security for Maryland on
Q: My current employer sent my form 1095C to a another employee with the same first name and exposed my SS#, can I sue?

They exposed my SS# and other private info. What recourse do I have?

Mark Oakley
Mark Oakley
answered on Mar 15, 2024

Perhaps there is a federal or state governmental agency that has regulatory authority to impose a fine or other sanction for failing to safeguard employees’ personally identifiable information. You would need to consult an employment lawyer in your area as to the existence of such a legal... View More

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1 Answer | Asked in Estate Planning, Tax Law, Business Law and Securities Law for Arizona on
Q: LLC for brokerage trading account and investment account?

I am a day trader with a 475 mark-to-market election, and I have a brokerage account where I am actively trading. I also have an investment account, in which I do not trade and a separate IRA account.

My husband runs a small company as a sole proprietor. Since his business carries a high... View More

James L. Arrasmith
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answered on Mar 14, 2024

Creating an LLC and transferring your brokerage accounts into it can provide an additional layer of asset protection, as it separates your personal assets from your husband's business liabilities. However, there are several factors to consider:

1. Charging order protection: Arizona...
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1 Answer | Asked in Tax Law and Real Estate Law for Pennsylvania on
Q: Can I switch name of ownership on a house that has taxes that are still owed?

My dad passed away in 2015 he has a house in PR that me and my mother have been taking care of. We are trying to switch the title over to our name but taxes still need to be paid. Do we have to pay the entire amount before we can switch names?

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answered on Mar 13, 2024

In most cases, you can transfer the ownership of a property even if there are outstanding property taxes. However, the unpaid taxes will typically remain attached to the property, meaning that the new owners (you and your mother) will become responsible for paying the taxes once the title is... View More

1 Answer | Asked in Tax Law and Real Estate Law for Puerto Rico on
Q: Can I switch name of ownership on a house that has taxes still owed?

My dad passed away in 2015 he has a house in PR that me and my mother have been keeping up with and we would like to sell it but we first have to switch it over to our name can we do that while taxes are still unpaid?

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answered on Mar 13, 2024

Transferring ownership of a property with unpaid taxes can be complicated and may vary depending on the specific laws and regulations of Puerto Rico. However, in general, under federal law, it is possible to transfer ownership of a property even if there are outstanding property taxes owed. That... View More

1 Answer | Asked in Tax Law and Social Security for New York on
Q: I want to rent property that I own in another country ( Panama ) as an airbnb. They are very transparent with the U.S.

I am on disability. How will this affect me ? Can I legally structure this property as some sort of Corp. that may help me ?

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answered on Mar 13, 2024

Renting out your property in Panama as an Airbnb while on disability in the U.S. can have implications for your disability benefits and taxes. Here are some considerations:

1. Income reporting: You must report all income earned from your Airbnb rental to the Social Security Administration...
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1 Answer | Asked in Tax Law for Pennsylvania on
Q: Buying a car in PA as a caretaker for disabled parent while still a homeowner in SC?

Acquiring a vehicle in Pennsylvania as a caregiver for my disabled 94-year-old parent while maintaining residency in South Carolina presents challenges. I currently use my mother's leased vehicle, which my siblings are interested in transferring ownership of to me. I hold a valid South... View More

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answered on Mar 13, 2024

Navigating the process of acquiring a vehicle in Pennsylvania while maintaining your residency in South Carolina can be complex. Here are some steps you can take to address your situation:

1. Vehicle registration: You may be able to register the vehicle in Pennsylvania using your...
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1 Answer | Asked in Tax Law for Oregon on
Q: Is a California SCorp K-1 income subject to Supportive Housing Services (SHS) or Preschool for all (PFA) personal taxes?

I receive a K-1 from a California S-corp.

This S-corp itself has remote employees all over, including Oregon, but is a California company.

Am I, as a full time resident of Portland, OR, required to report this K-1 income on either the SHS or PFA return?

If so, what is the... View More

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answered on Mar 13, 2024

Based on the information provided, it seems you are a resident of Portland, Oregon, and receive income from a California S-Corp through a K-1 form. In this case, you may be subject to the Supportive Housing Services (SHS) tax and the Preschool for All (PFA) tax, which are local taxes in the... View More

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