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Questions Answered by Terrence Jay Moore
2 Answers | Asked in Tax Law for California on
Q: We just bought tour house this year and we are paying the taxes evry month and we just received this suplemental tax why
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

This happens quite frequently after the purchase. It had to do with the timing and the valuation of the property. The property usually has increased in value since the last property tax assessment. This is why you received the supplemental tax bill. The good news is that it should not happen... Read more »

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3 Answers | Asked in Tax Law for California on
Q: I sold my house i lived there for 8 years i sold it for less then 250,000 do i have to pay capital gains
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

Generally, no. there is an exclusion in IRC 121 that protects you. It is nice when something works out. See my website and share it.

http://taxbizlawyer.com/tax-attorney-orange-county.htm

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2 Answers | Asked in Tax Law for California on
Q: Am I able to write off in my taxes the amount i paid to settle a lawsuit in mediation against me?

Am I able to write off in my taxes the amount i paid to settle a lawsuit in mediation against me?

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

Yes, if that was for your business. Also, look at the causes of actions on the complaint. If there are 4 of them (for example) and the settlement is for 2 cause of actions then the IRS tries to limit your deduction, so make sure the settlement paperwork states the settlement is for the deductible... Read more »

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1 Answer | Asked in Tax Law for California on
Q: I am a licensed insurance agent exclusively selling insurance for a co. I report earnings via 1099 Can I be garnished?

I sell insurance products exclusively for one insurance provider. I earn income via commissions from my sales. I'm a 1099 filer. Can I be garnished by an earnings withholding order served against the company whom I sell insurance for?

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

If you are talking about the IRS,yes, but the garnishment is not a continuing garnishment. It only garnishes the funds already due.

The better move is to workout a payment plan with the IRS. I have often obtained payment plans for less than $100 a month. Cases vary upon each...
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1 Answer | Asked in Tax Law for California on
Q: Does one have to pay any taxes at all on real estate sold within a roth ira? Where on the web can I find cases about ?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

Yes, the Roth will have to pay some taxes. The taxes are not paid by you.

http://taxbizlawyer.com/tax-attorney-orange-county.htm

The above is not legal advice. It is an illustration of options that can be used in certain situations. I have not examined all of your facts, if I did...
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2 Answers | Asked in Tax Law for California on
Q: ARE Probate court and attorney costs TAX DEDUCTIBLE?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

Yes,for the preservation of income or investment assets. See IRC 212.

The above is not legal advice. It is an illustration of options that can be used in certain situations. I have not examined all of your facts, if I did I might provide a different response.

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2 Answers | Asked in Tax Law for California on
Q: Do I have to continue to pay $800. to the California Franchise Tax Board if I am not doing any business anymore, yet hav

Credit card liabilities to banks? I read the Calif Corp Codes and it looks like you can't dissolve until you handle your finances. Can I just resign from my disregarded entity and then after 5 years if none of the creditors come after me, then is this business considered terminated?... Read more »

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

There is a law that prohibits the FTB from going after your personal bank account for an LLC franchise fee, unless a member has taken assets from the LLC for less than value. In your case you do not have to pay the $800 if the entity is not doing business any more, even if your company gets the... Read more »

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2 Answers | Asked in Tax Law for California on
Q: Does the IRS pursue complaints re: tax fraud?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

Yes, they do. They don't let the person know they are investigating until it is too late. It is best to stay out of the IRS' radar for tax fraud. The best way is to file taxes and yes, report all income. I know it is a bit cliché but it is the... Read more »

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3 Answers | Asked in Tax Law for California on
Q: I just received an inheritance from a family member's passing. Is the amount subject to Fed. tax?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

No.

Sorry for your loss. Receipt of inheritance to the receiver is tax free. The giver has to pay taxes in some situations.

The above is not legal advice. It is an illustration of options that can be used in certain situations. I have not examined all of your facts, if I did I...
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2 Answers | Asked in Tax Law for California on
Q: Are there taxes on a family inheritance for the recipient? If so, are there dollar amounts that determine the rate?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

The general answer is no. The tax rates change yearly.

The above is not legal advice. It is an illustration of options that can be used in certain situations. I have not examined all of your facts, if I did I might provide a different response.

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2 Answers | Asked in Tax Law for South Carolina on
Q: Should my father sign over all of his property to us children to keep us from paying inheritance taxes upon his death?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

Inheritance tax is now $5,250,000. If the property is greater than that amount then your dad might want to consider gifting part of the estate away during his life. Otherwise, it may not be smart to give lifetime gifts.

The above is not legal advice. It is an illustration of options...
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1 Answer | Asked in Tax Law for Georgia on
Q: Is taxes payable on the interest on life ins.
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

You can generally receive Insurance tax free. But if you are receiving interest on the insurance it is likely taxable.

1 Answer | Asked in Tax Law for Georgia on
Q: Do Ihave to file a STATE Tax return if I made less than $5,000 in 2012?I did not have any state with holding in GA
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

Each state has their own limits. You can call up the state and ask or go online to find out what their limits are.

2 Answers | Asked in Contracts for California on
Q: How can I sue my father for breach of an oral contract?

I am disabled and he agreed to pay my rent. Has repudiated. Several witnesses.

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

I think the question you are asking is how do I prove a breach of contract on an oral contract. That can be difficult but you can use witness statements, emails, text, letters all supporting the breach.

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1 Answer | Asked in Contracts for California on
Q: If a fully executed contract has not been received by a signer, can a signing party rescind the contract ?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 30, 2013

You said fully executed. That would mean signed. Then you would not be able to rescind it without a valid reason for rescission. If it has not been signed by the other party then you can immediately send out a statement that you are rescinding the contract.

1 Answer | Asked in Contracts for California on
Q: Both parties in separate counties and a signed contract was signed in one of those counties, which would be legal action

 A mortgage delay service was used to delay the trustee sale and a contract was signed in Sacramento County but the delay service is located in Monrova, CA, LA County. If the delay service were to take the customer to court, which county would that be?

The issue is was the delay granted by... Read more »

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

There is probably a term in the contract which dictates. If not it is where the property is or either county where the contract was signed.

The above is not legal advice. It is an illustration of options that can be used in certain situations. I have not examined all of your facts, if I...
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1 Answer | Asked in Contracts for California on
Q: How do I get access to the information in this file in Canada? PSI Seminars v. LB Seminars for Life Success and Leaders

I live in Canada and am interested as to the likely hood of PSI winning this case

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

What part in Canada do you live? You should be able to contact the PSI website or the attorneys working the case to determine.

2 Answers | Asked in Contracts for California on
Q: My auto lease was up and the dealership said that they weren't going to charge for minor dents now they want to charge.

When I went to turn in my lease I was going it buy them out if they were going to charge me for the minor dents in the hood they said that they weren't. I had gotten that confirmation from two people the lease guy and the used car guy at the dealership. I have recently receive a letter from... Read more »

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

Since you were under a written contract, verbal statements are not binding. If you got their statements in writing that might have helped but not guaranteed your position.

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2 Answers | Asked in Contracts for California on
Q: What contract used in California to enter into nonsolicitation/noncompete when those contracts are unenforceable in CA?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

There is no specific contract it is terms placed in the contract...for instance someone agrees not to directly or indirectly contact, communicate with a certain list of people.

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3 Answers | Asked in Tax Law for California on
Q: Are procedes from life insurance taxable in california
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

Good news. Generally no, if you received the proceeds from a policy that you were not paying the premiums.

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