The Company suffers a 100K loss and my share means 60k loss is past to me... would I be affecting my personal AGI by 20k or 60k? If I had 50k actual income would my AGI tax liability be zero 0 or would it be 30k??? Thank you for this service and your input.
You should consult a tax attorney to advise you on the LLC being taxed as an S corporation with the LLC terms and potential legal peril of an S Corp having two types of stock. Generally, your loss is limited to your basis. I hope this helps. Good luck. Zaher Fallahi, Esq, CPA (CA &D.C.)....Read more »
My dad owns his house in Cupertino, it was reappraised after my mom passed a little over a year ago for 2.5 million. If he were to sell it today for say 3.0 million, would he need to pay Capital Gains? I was under the impression, that from the 2.5 appraisal and 250K exclusion for my dad and 250k... Read more »
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?
It was demo’d for a whole year and a half to the point where water was leaking in the existing portion. He keeps asking for money and changing the agreement. We are way over budget and now we are waiting for the inspector. The permit is potentially expired so he would have to renew. He framed... Read more »
I would say “yes”. An out of state retirement plan received while resident of California would be taxable to California. You may be able to get a credit for any Louisiana taxes in your California tax return, which I don’t believe the law allows them to. Zaher Fallahi, Esq, CPA (CA &D.C.)....Read more »
Generally, prizes are taxable, and I am not aware of an exception if the prize was given by a non-profit organization. Of course, your paid lawyer may research the law and find an exception for you. Zaher Fallahi, Esq, CPA (CA &D.C.).
Disclaimer: The information provided here is not...Read more »
My brother-in-law who resided in the state of Arizona what is originally from the state of California where his eldest brother live and it's also on federal probation was given his brothers last will and testament when he made a visit to California the last will and testament is signed by two... Read more »
The reason no attorney has responded to your question may be that they must speculate on the facts, which takes time. I would review your facts and share it with a friend and get feedback on its clarity before reposting it. I hope this will not offend you. Zaher Fallahi, Esq, CPA (CA &D.C.)....Read more »
Dad died Nov 2018. I was appointed executor Jan 2020. Lawyer for fiduciary had a final accounting hearing Apr 2 2020. How long do I have to wait for the lawyer to send me the final bills for herself and the ficuciary of my dad’s estate?
I paid 716 down and my first payment of 156. We never got to go due to closure because of coronavirus. Since pandemic my husband was out of work and thankfully he is back at work and I am currently out of work. We no longer can afford to pay the monthly payments. I reached out to Disney and told... Read more »
On my tax returns, When deducting attorneys fees incurred for the collection of taxable alimony, do I deduct the full amount incurred or only the portion that I paid? I still owe on the total I incurred.
For example- I incurred $15,000 in attorneys fees to enforce collection of taxable... Read more »
Without doing any research, my best guess would be “none of the fee may be deducted”. The reason is that this may be considered “personal” and you may have been able to deduct it subject to 2% limitation before 1-1-2018, which was repealed by the 2017 tax law. Of course, your paid lawyer...Read more »
Detached garage on the property. Information was withheld from us when we made the purchase and the realtor we had never got back to us when we were tried to find out more info about this. We found out he passed away in garage by multiple neighbors who were close friends with the couple who lived... Read more »
I am a beneficiary and under ca. Probate code 16061.7 I am required to get copy of the trust now that it is irrevocable, question is do I have a right to see the escrow/title documents prior to closing? What other documents am I entitled to get a copy of, If different than the above code what is... Read more »
Go to the county probate court’s Website, find the case information and the law firm’s contact information, and deliver the claim to them. The law firm must pay all valid liabilities before distributing the estate. Alternatively, contact the probate court and seek their help. I hope this helps....Read more »
One portion of The CARES act allows for withdrawals from your 401(k) without the typical 10% penalty. Additionally, it appears you can avoid the state and federal taxes if you put the equal amount back into the 401k within 3 years. In my scenario, would withdrawaling the funds to pay back an... Read more »
The IRS Sent me a letter saying i owe them money from taxes back in 2017. Turns out this is the 2nd and final letter. Never received the 1st. Anyways it says i owe $4000+ since i worked in additional 3 places and didnt declare taxes. Says i can appeal in tax court. I just figured out me and my dad... Read more »
Generally, if the LLC is kept separate from the members (no commingling), the LLC money has not been taken for personal use, etc., the members’ liability is limited to their capital in the LLC. Since there was a real property in the LLC’s name, it may have had a counsel, who would be in a much...Read more »
I was laid off due to the coronavirus and called back today. Can I refuse to return to work and still get unemployment because my restaurant forces us to claim money we dont take home? This affects what Im entitled to through partial unemployment and the current federal subsidy. I dont want to lose... Read more »
There are some exceptions such as “child’s school closed and I am needed for caring for her/him”. Discuss your particular issue with a labor attorney. I hope this helps and stay safe. Zaher Fallahi, Esq, CPA (CA &D.C.).
Disclaimer: The information provided here is not intended...Read more »
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