California taxes capital gains as regular income.

From what you've said, it would appear that Chapter 7 bankruptcy is the likely remedy for you.

It's best that you consult with a qualified bankruptcy attorney who will explain the entire process.

In our office, we provide consultations in that regard without charge.

California can tax you on all of your California-source income even if you are not a resident of the state.

That being said, it's nonetheless best to cut all ties with California to the extent possible, i.e., do not maintain a commercial mailbox within California.

All payments described in the trustee's final report will be paid by the trustee utilizing funds derived from non-exempt assets. You will not personally be responsible to make any such payments.

When your dad passes, the basis is stepped up to then current market value. If there is no increase in value by the time you sell it, there will be no capital gains tax exposure.

A Chapter 7 bankruptcy would ordinarily generate a discharge of your timeshare obligation.

However, the decision to file the Chapter 7 should be based upon your entire financial situation.

The Chapter 7 remedy is a powerful tool to clear out dischargable debts, and can only be used... View More

On the date that the bankruptcy petition was filed, there came into existence an automatic stay order which precludes any creditor from undertaking collection activity. The conclusion of the 341 meeting does not serve to change in any way that automatic stay order.

When the discharge... View More

You can deduct only the amount you actually paid.

In community property states such as California, all income earned by either spouse belongs equally to both. Therefore, if you file separate married returns, you must total all marital income then divide it down the middle, with each of you reporting half.

Assessments resulting from substitute for returns are not dischargeable in a Chapter 7 bankruptcy.

If the FTB acquires income data by way of a W-2 or 1099, and if there is no response to a request that you file a return, the FTB has standing to file what is known as a substitute for return.[SFR]

They can then take collection action on the balance due shown in the substitute for return.... View More

Yes.

[ ] Tax Return most recently filed

[ ] Income Verification (i.e., pay stubs or Profit & Loss Statement)most recent 60 days

[ ] 2. Valuation of motor vehicles

[ ] 3. Pay off documentation motor vehicles (i.e., balance due)

[ ] 4. Copies of vehicle... View More

The facts as you've described them are quite unusual and an answer to your inquiry would require an investigation and analysis by a skilled attorney with experience in dealing with the BOE, which is now the CDTFA.

It is quite possible that you will be insulated from personal liability for the tax obligations of the LLC.

If you would like to discuss this in detail, please call my office to schedule a free initial consultation.

With regard to the misclassification issue, you should consult an experienced tax attorney to guide you through the process of filing an IRS Form SS-8.

Immediate action is required to negotiate a release of the garnishment and resolution of the account. Please contact me ASAP to discuss the details.

I have represented a taxpayer in a situation quite similar to yours. My approach led to the IRS completely exonerating my client.

In order to qualify for the capital gains exemption, you must have lived in the property for at lease 2 of the most recent 5 years. On the basis of what you've described, you will not be eligible for the capital gains exemption for the sale of a personal residence.

In the usual course, the IRS automated collection system [ACS] will issue either a CP90 or LT11 Final notice of intent to levy with a notice of your right to a collection due process hearing within about 5 weeks after issuance of the CP504.

However, I have encountered several situations... View More