Questions Answered by Zaher Fallahi

Q: Can I sue a solar power company that took my money, started the project and now refuses to answer any call or emails.

1 Answer | Asked in Contracts and Consumer Law for California on
Answered on Dec 8, 2017
Zaher Fallahi's answer
Depending on their contract, they may be in breach of their contract and you may have to have a lawyer write a demand letter for you. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).

Q: Can I get a refund if I paid for an event that I cannot attend anymore?

1 Answer | Asked in Contracts and Business Law for California on
Answered on Dec 8, 2017
Zaher Fallahi's answer
Apparently, they are doing you a favor and giving you the benefit at another time. Their contact may have had a provision to that effect. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).

Q: I am on social security disability and am going to receive a lump sum pension payment. Do I need to have taxes taken out

1 Answer | Asked in Tax Law for California on
Answered on Nov 23, 2017
Zaher Fallahi's answer
Your pension is taxable, but it seems below the threshold and you may not owe any taxes. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).

Q: Have 30k in cash given to me by mother. What is best way to get into bank and will there be tax liability?

1 Answer | Asked in Tax Law, Banking and Divorce for California on
Answered on Nov 23, 2017
Zaher Fallahi's answer
You can deposit and the bank will issues 8300 for it, but shouldn’t be a problem. No tax liability. Mom will have gift tax filing requirement. If there are concerns, consult a tax attorney with Bank Secrecy Act (BSA) experience. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi,...

Q: my sister was married, and her husband gave my mom $20,000 life insurance to pay for funeral expenses.

1 Answer | Asked in Tax Law, Elder Law and Estate Planning for California on
Answered on Nov 23, 2017
Zaher Fallahi's answer
Life insurance will not qualify for medical and a gift tax return may be required (splitting). The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).

Q: Can a F1 student start his own online company based in his/her home country paying taxes in his home country?

2 Answers | Asked in Tax Law and Immigration Law for California on
Answered on Nov 22, 2017
Zaher Fallahi's answer
Your work most likely will substantially violate the F-1 visa, and you may be subject to the US taxation, inter alia. Good luck.

Q: If I have one year with much higher income, can the taxable income be averaged with years of lower income?

2 Answers | Asked in Tax Law for California on
Answered on Nov 23, 2017
Zaher Fallahi's answer
No, some farm income may be eligible for income averaging. The old law has been gone for insurance will not qualify for medical and a gift tax return may be required (splitting). The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).

Q: Who pays taxes for the current fiscal year during a small business aquisition?

2 Answers | Asked in Business Law, Mergers & Acquisitions and Tax Law for California on
Answered on Nov 23, 2017
Zaher Fallahi's answer
You will be responsible for any profits earned subsequent to assets acquisition. Consult a tax attorney for allocation of the cost to various asset categories. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).

Q: Can I write off contributions to my IRA if I own my own business?

1 Answer | Asked in Banking, Business Law and Tax Law for California on
Answered on Nov 9, 2017
Zaher Fallahi's answer
401(K) and SEP-IRA will be funded and deducted by the S corporation. Regular IRA would be deducted on the 1040 form your earned income, not from K-1 distribution. Whether you can take regular IRA, you should ask the tax preparer, because it is based on the figures on the 1040. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax...

Q: Capital gains exclusion joint ownership. Does this qualify?

1 Answer | Asked in Real Estate Law and Tax Law for California on
Answered on Nov 9, 2017
Zaher Fallahi's answer
You may qualify if you live 2 of the last 5 years in the house after receiving the up to $250,000 value. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).

Q: IRS says I owe excess advance premium tax credit - No fault of my own - I had an overlap of two months (job health plan)

1 Answer | Asked in Tax Law for California on
Answered on Nov 6, 2017
Zaher Fallahi's answer
The IRS may be correct. Run it by your tax preparer and ask her/him to create the required form within your tax return and ascertain the IRS’s accuracy. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA (California).

Q: (California) Just inherited some money from a grandparent. Will I get taxed on this?

1 Answer | Asked in Tax Law for California on
Answered on Nov 6, 2017
Zaher Fallahi's answer
No. Your grandpa’s estate may pay tax if his cumulative gift during his life and the estate exceeded $5,490,000. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Estate Planning and Tax Attorney, CPA (California).

Q: My family and I have been living in my parents home for over 2 years. Will I qualify for capital gains exclusion?

1 Answer | Asked in Real Estate Law and Tax Law for California on
Answered on Nov 6, 2017
Zaher Fallahi's answer
You must have owned and lived in it for 24 out of last 60 months to qualify for the exclusion. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA (California).

Q: Do i have to file taxes in california if i only had income from oregon. I live in california

1 Answer | Asked in Tax Law for California on
Answered on Oct 22, 2017
Zaher Fallahi's answer
If you are a resident of California, California will tax you. You may claim out of state tax credit for Oregon taxes. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA (California).

Q: I have a rental and want to move back in. How long must I wait to sell and take the tax benefit as a primary residence?

1 Answer | Asked in Tax Law for California on
Answered on Oct 22, 2017
Zaher Fallahi's answer
There is no clear cit rule. Generally, a reasonable time, say 2-3 years or so may pass the IRS’s test . The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA (California).

Q: How are you gonna pay taxes if you have multiple jobs?

2 Answers | Asked in Tax Law for California on
Answered on Oct 22, 2017
Zaher Fallahi's answer
Consult a tax professional with specific information to determine the number of exemptions you may claim on your W-4 forms, to adjust for under withholding by separate employers. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA (California).

Q: What is the maximum of checking accounts you may have?

6 Answers | Asked in Bankruptcy, Personal Injury, Tax Law and Consumer Law for California on
Answered on Oct 22, 2017
Zaher Fallahi's answer
There should not be any restrictions. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA (California).

Q: I received property as a gift. Can I donate it for a tax write off.

1 Answer | Asked in Real Estate Law and Tax Law for California on
Answered on Aug 29, 2017
Zaher Fallahi's answer
Generally, a donee carries the donor’s basis. If donate, may itemize the donation as his basis. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA.

Q: How much tax do we pay when we sell a rental home? We make $200K

1 Answer | Asked in Tax Law for California on
Answered on Aug 29, 2017
Zaher Fallahi's answer
All suspended losses will be deducted from the gains when sold. The profit should be capita gain, except the depreciation which is taxed as ordinary income. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA.

Q: I'm having problems with a federal tax return penalty.

1 Answer | Asked in Tax Law and Business Law for California on
Answered on Aug 27, 2017
Zaher Fallahi's answer
Unfortunately, the problem was caused by your filing the delinquent tax return without talking to a tax professional. The penalty must be imposed on the Corporation for late filing K-1s, and you are urged to consult a tax attorney and do not respond to the notices yourself. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice,...

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