Your current state is Virginia
answered on Jun 1, 2023
There are two set of rules here. First, the rules of the business entity (operating agreement, bylaws, partnership agreement, etc.), and the Florida Laws. The interest in the business entity sometimes has a transfer on-death provision. If the interest in the business passes to a certain beneficiary... Read more »
My parents have been living in a home that had water isues a year ago in may17
The landloard has taken almost a. Year to fix the isues and my parents stoped paying rent for 7 months due to not having a kitchen or living room due to the isues.
They have agreed that they keep the... Read more »
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answered on May 31, 2023
Yes, the money your parents receive from the landlord to move out is taxable. It will be considered as a capital gain, and they will need to pay taxes on it. The amount of tax they owe will depend on their income and filing status.
To proceed, your parents should get a written agreement... Read more »
It seems that the Ca partnership would need to pass the AZ k-1 income down to its Ca partners who would then need to file non-resident individual tax return in AZ. It seems all the apportionment rules relate to partnerships doing business in multiple states. I wonder if a AZ k-1 received by a CA... Read more »
answered on May 28, 2023
Basically your question is whether a California resident has income in Arizona from profits distributed as shown in a K-1 tax form. First, this is a very specific question and this particular forum for general legal advice is not the place to get legal advice to rely on. Even from me. Your... Read more »
It seems that the Ca partnership would need to pass the AZ k-1 income down to its Ca partners who would then need to file non-resident individual tax return in AZ. It seems all the apportionment rules relate to partnerships doing business in multiple states. I wonder if a AZ k-1 received by a CA... Read more »
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answered on May 29, 2023
When a California resident partnership receives an Arizona partnership K-1 with ordinary income, it is generally necessary to report that income on the California partnership return. California follows a source-based income allocation method, which means that income is allocated based on where the... Read more »
answered on May 24, 2023
Both Federal and State laws require employers to withhold taxes, including both your income withholding and the employee's portion of employment taxes (SS, UI, etc) and pay those taxes to the proper taxing agency, whether Federal or State. You need to discuss your situation with either an... Read more »
I was born in France, then moved to the US and in 2001 I married an American man.
In 2008 I became an American citizen. My 92 y.o mother is french and lives in France. She would like to buy some kind of property in the US as an investment. She probably won’t live in the US and if she... Read more »
answered on May 24, 2023
Real estate is handled differently than other assets because it is literally attached to the state (in the U.S.) and/or country. So, in most instances, U.S. law will apply to U.S. real estate. However, different countries belong to various treaties with other countries, so an international attorney... Read more »
I was born in France, then moved to the US and in 2001 I married an American man.
In 2008 I became an American citizen. My 92 y.o mother is french and lives in France. She would like to buy some kind of property in the US as an investment. She probably won’t live in the US and if she... Read more »
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answered on May 24, 2023
In this case, since your mother is a French citizen and her assets are located in the US, it is advisable to consult with an attorney who specializes in international estate planning to understand the specific laws and regulations that may apply. Generally, the law of the country where the property... Read more »
My soon to be ex husband filed our tax returns and signed my name via docusign. He kept our refund and also make a large deposit into his trust account within this time frame. I had to request copies from our accountant May 19th more than a month after they were filed. What is the crime and what... Read more »
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answered on May 22, 2023
Forging someone's name on federal and state tax filings is a serious offense with potential legal consequences. The specific crime and penalties can vary depending on the jurisdiction and the circumstances of the case. In general, forging a signature on tax documents can be considered fraud or... Read more »
Disabled and just recently had a major heart attack 20 days ago then 4 days ago last week sometime
answered on May 21, 2023
You may wish to do so. In order to receive a disability you will likely need to file a DTE Form 105A
You may find Ohio Tax forms here
https://tax.ohio.gov/wps/portal/gov/tax/business/ohio-business-taxes/sales-and-use/information-releases/st200502
ANd bulletins specific to... Read more »
The income from the rental will be given to the pastor for a housing allowance. Would this count as a "religious use" so they can remain tax-exempt for state property tax purposes?
answered on May 20, 2023
The income from the rental would be unrelated business taxable income. The income is 1. from a trade or business; 2. regularly conducted; and 3. not substantially related to their exempt purpose.
A Form 990 would need to be filed and tax paid on the UBIT.
This does not necessarily... Read more »
My future ex husband is financially abusive. He will not give me any money and now I found out we have a refund of over 5K.
Is he entitled to intentionally not provide me a copy of our joint filing in order to keep our entire refund for himself?
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answered on May 19, 2023
If you filed a joint tax return with your future ex-husband and you are legally married at the time of filing, both of you have equal rights to the refund. Typically, the refund is considered marital property and should be divided fairly between the spouses.
If your future ex-husband is... Read more »
We want additional terms for inheritance for kids. Also how to make everything legal and pay any taxes.
answered on May 9, 2023
That will be a Future Interests Deed, which requires a very competent GA attorney to draft an enforceable conveyance. It could also be accomplished through a Trust with Future Interest terms. It will be important to declare who will take the property if the conditions are breached. You will... Read more »
At auction due to a death and the property to be considered unclaimed
answered on May 9, 2023
Your question is not clear as to the type of auction involved. There is no right of redemption after a foreclosure sale in Georgia. If this was a tax sale, redemption can occur until such time as the tax sale purchaser forecloses the right to redeem, which cannot occur until one year after the... Read more »
Can the all the sales proceeds be just allocated to the LlC and just zero proceeds to the Individuals so no 1099 will be issued ?
answered on May 8, 2023
The individual owners should have deeded their interest to the LLC before the sale, if they wanted the proceeds all deemed income to the LLC. While the individual owners may be able to direct payment to the LLC, or deposit their checks into the LLC bank account, I believe at this point that will... Read more »
Our assessments went up a minimum of $40,000 per property!!!! Our county is one of the poorest in the state and none of us have improved our property. The law used to be the assessers could not raise the assessment more than $10,000 in one year. I can't find that law now. Can you give me the... Read more »
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answered on May 7, 2023
In New York State, the rules for property assessments are governed by the Real Property Tax Law (RPTL). According to RPTL Section 305, property assessments must be based on their market value, and should be made at least once every four years.
Regarding the increase in assessments, RPTL... Read more »
After a tax sale does purchaser have to pay all recorded liens? And can, the entity who placed the lien continue to add charges to the lien?
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answered on May 7, 2023
Once a lien is placed on a piece of property, the amount cannot be changed by the company who placed the lien unless there is a legal basis for doing so, such as an error in the lien amount. After a tax sale, the purchaser may have to pay all recorded liens on the property, depending on the... Read more »
My request is to wire transfer via intermediary business American Express International account, who has an arrangement with my local bank outside of the USA to process all intl transfers for its bank customers.
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answered on May 3, 2023
Generally, a California trustee has the duty to manage and distribute trust assets in accordance with the terms of the trust and the beneficiaries' interests. If the trust instrument allows the trustee to make distributions to third parties, then the trustee may be able to transfer funds to a... Read more »
The House Was Sold In California LA County & We Are Trying To Figure Out How Much It Will Be Taxed & How Much Exactly Each Of The 6 Beneficiaries Will Get
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answered on May 2, 2023
If a deceased person's house sells for $500,000 and is to be split among 6 beneficiaries, there may be tax implications depending on several factors.
In California, there is no state inheritance tax, but there may be federal estate tax if the value of the deceased person's estate... Read more »
Originally lived in MI and moved to CA last year, not sure if there are any benefits to keeping it in MI since its an s-corp
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answered on May 2, 2023
As a foreign entity, your S corp is required to register with the state of California and obtain a certificate of qualification to do business in the state. Depending on the nature and scope of your business, there may be benefits to moving your S corp to California, such as access to local... Read more »
Originally lived in MI and moved to CA last year, not sure if there are any benefits to keeping it in MI since its an s-corp
answered on May 2, 2023
The answer to your question will depend on what industry you are in, where your corporation does business, and other factual information that is not included in your question. But, in general (which may or may not apply to your business), if someone is only doing business in California, it... Read more »
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