Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.
My partner is considering giving me 50K as a gift. We live together in California and not married yet. We heard that there's 16K annual cash gift limitation but he can assign the rest 34K as his lifetime exemption (Inheritance and I am in his will). My question is are we qualified for this tax... View More
Normally, I am self-employed (independent contractor) freelance exec. assistant and run my business from my apartment and use Schedule C to deduct expenses for that business. However, from Jan. to Sept 2021 I collected Pandemic Unemployment Assistance and did not have any earned income and my PUA... View More
I had a tax issue and the issue has gone to IRS court. Can I do a settlement with the IRS instead of going to court? The Tax Agent who has handled my case bailed out at the last moment. Is it advisable to go with an attorney who may charge up to 25k start and may go up? Where should I get good... View More
I have a question regarding taxes…my employer last year classified me as an independent contractor, however i was looking into CA state law and based on what I was reading, I should have been classified as an employee. The employer gave me a 1099 and now I owe around $3000 in taxes. Is there... View More
Section 6829 of the Revenue and Taxation Code provides that the California Department of Tax and Fee Administration (CDTFA) may pursue collection action against certain corporate personnel for any unpaid corporate sales and use tax liability.
My parents live in a house I own. I don't want to charge them rent, but do want to set up a rental agreement where they will agree to pay the property taxes and utilities. Do I need to count the property taxes and utilities paid by them as rental income on my taxes?
I launched a new business the day shelter in place in California occurred. I'd been building the business for over a year & living on savings that's gone. I was a teacher for 20 years and had to quit due to cancer. I don't qualify for government help though I've tried. I... View More
I am employed by a California company and can work remotely. I don't own a residence in the US. Should the commercial mailbox be in California so I continue paying California taxes? Is it okay to choose it to be elsewhere? I don't plan to return to California.
Timely claims of general (unsecured) créditos totaling $35,118 have been allowed and will be paid pro rats only after all allowed administrative and priority claims have been paid in full. Does this mean I have to pay that or they telling me they will pay it or they paid it??
My dad is 83 owns a house outright here in california. My mother passed 2 years ago. The house is in trust to me (only son) if he were to pass. If he does pass, and the house is inherited by me, and I sell it after that, do I get hit with capital gains tax?
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