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I am a U.S. citizen but have permanent residency in Bolivia (for 6 years doing volunteer work). Our former residency was in California where we still own rental properties. Our other source of income is from stock trading and dividends. We use a mailing address in California. My question to you... View More 
answered on May 29, 2017
Take your prior tax returns with you and consult a tax attorney in person to determine your tax state, if any, under the US tax law and proceed accordingly. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting... View More
Agreement was drafted by other party, I signed (they never did), and I transferred 50% deposit and work started. Before it was signed, I indicated changes would likely have to be made on other 50% (over text, they agreed) and shared examples of what the client expected.
First 50% was of... View More
answered on Jun 11, 2017
You may have defense of “mistake”, interalia,; no meetings of the minds, to invalidate the agreement, or assert that your new added terms created a new offer and their starting to perform may be construed as their “acceptance” of your terms. With respect to your concern, they don’t need... View More
Etrade issue me form 1042-S for 2015 instead of 1099. I need to file 1040 and not 1040NR for 2015. Etrade generated 1042-S since the physical address wasn't updated for the year 2015 to US address. Now they are saying that they can't generate 1099. What should I do?
answered on May 21, 2017
Ask for their answer in writing, and include it in your amended tax return for justification. 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... View More
I'm their buyers' agent.Property is an 800K condo in Orange CO, CA. Parents put down 450,000+ as down payment. Daughter will live in it and make the payments.Parents live in Northern CA. Daughter qualified for the loan and loan is in her name only. Originally parents were going to gift... View More
answered on May 21, 2017
Parents may use the sale or gift concept and either way the daughter may be eligible for the property re-assessment exemption. 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... View More
I don't receive a year end statement reflexing that was deduction from my commission.
answered on May 21, 2017
If you are required to pay city tax, then they may be required to deduct it from your pay, unless you make other arrangement. Ask the broker for their reason. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting... View More
it was less than 100.00 a month for 20 yrs we paid and when after 20 yrs itvwas returned was refunded we basically just got our money back
answered on May 21, 2017
Generally, refunds in excess of your cumulative premiums may be taxable. This is a very tricky area of the tax law and you should ask the distributor or a counsel for assistance. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal,... View More
we are in the process of adding her to the title, but would it be absolutely needed, a mere formality, or a hindrance?
answered on May 21, 2017
Generally, if you meet the qualifications for the PR exclusion, her name doesn’t need to be on the title. 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... View More
answered on May 21, 2017
Yes, this is a new fraud related form and you are required to answer the question and fax the specified documents to them. 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... View More
answered on May 21, 2017
You may consider BK, Primary Residence exclusion or insolvency, where applicable. 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,... View More
answered on May 21, 2017
Generally, you cannot and the exemption is reserved for parent-child, etc, unless there a special clause in the parent’s estate plan with the right of first refusal to one child. The information presented herein is for general purposes only. It is not intended to, and may not be construed as... View More
I don't make ads, I don't sell commercially, it's mainly to sell to friends, and this is going to be for a short while
answered on May 21, 2017
If you sell products or service, you may be required to obtain a business license from the city you conduct your business in, regardless of your profit. Contact your city. The way you described your operation, the IRS may not allow you deduct your expenses, unless profit motive and proof thereof,... View More
answered on May 21, 2017
If the groceries are “ordinary and necessary” expenses for running your business, you can deduct them as business expenses. 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... View More
I am having issues this year. She has failed to include some items. She has been judging, insulting, and humiliating me. I sent her a check over the mail and after a couple of weeks she texts me degrading and humiliating saying i never did and insults me mostly through text and email. I told her... View More
answered on May 20, 2017
Depending on the type of tax returns she prepares for you; the tax preparation fee may not have a material impact on the tax liability. Ask her to determine the tax impact of all the items left out, and amend the returns accordingly. On a separate note; why would you work with someone you... View More
answered on May 19, 2017
Generally, it is personal property tax and deductible. 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... View More
In 2014, I started receiving disability retirement pay from the State of California. Injuries were due to active duty military service. I was also medically discharged from the army. Under section 104(a)(4), should my state disability pay be excluded from my gross income (nontaxable)?... View More
answered on May 19, 2017
Generally, disability incomes are non-taxable and you may amend the returns in consultation with a tax professional. . 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... View More
answered on May 29, 2017
Have a local Estate Planning lawyer review it for you. 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... View More
To her name. So basically it is an Inheritance of 400k. If she brings the money to us will she pay any taxes on it?
answered on May 19, 2017
This happens often and there may not be anything wrong with it. Consult a tax attorney knowledgeable in international tax matters and underlying documentation in light applicable tax laws and the Bank Secrecy Act. The information presented herein is for general purposes only. It is not intended... View More
The institutions sending the money have already endorsed checks to daughter "A" and these checks are arriving shortly. As the advisor, I set it up this way, since Daughter "B" does not live in the area of Daughter "A".
When the funds arrive, Daughter... View More
answered on May 21, 2017
Document the inheritance thoroughly to avoid “gift from the receipt to the equitable owner”, and other potential allegations. I deal with clients from many different countries, and always try to have each client receive his or her own share directly to avoid potential problems, and comply with... View More
answered on May 29, 2017
Sorry about the death of your son. If his total estate does not exceed $150K, you may use “Affidavit for Transfer of Personal Property Worth $150,000 or Less” (Google this in your local court website) to declare that you are the only heir and access the account. Alternatively, retain a probate... View More
My partner and I want to readjust our general partnership distribution for 2016. No partnership paper work was ever filed. Our retired CPA says yes our new EA says no.
answered on May 21, 2017
Generally, the partnership profit and loss ratios may be adjusted as warranted under the circumstances. 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... View More
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