Lawyers, Answer Questions  & Get Points Log In
Questions Answered by Alvaro Augusto Acevedo
1 Answer | Asked in Tax Law for Florida on
Q: Can you deduct land restoration expenses as a result of erosion on investment property?

We have investment property as a partnership. The building is situated along a river with a bank roughly 50 feet high. Hurricane Irma caused significant damage to the land and requires $250,000 of dirt to be certain the building doesn't fall into the river.

Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Sep 18, 2018

You can typically deduct these expenses through depreciation, meaning you capitalize the expenses because you are creating an asset with a usefull life beyond one year.

1 Answer | Asked in Tax Law for Florida on
Q: What rights do a buyer have when a seller refuses to honor their closing date?

Sellers refuses to cooperate with their agent and mines.

Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Sep 18, 2018

This is not a tax law question. This should be addressed to a Real Estate attorney.

1 Answer | Asked in Tax Law for Florida on
Q: I am lease purchasing a truck from Lone Mountain Truck Leasing in Iowa. I will then lease onto a carrier based in FL

They will register the truck in their name with the Florida DMV and the truck will use their plates and stickers. The title of the truck will be in Lone Mountains name with their bank as lien holder. I will have power of attorney until the truck is paid off in 5 years. The problem is that Lone... Read more »

Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Sep 7, 2018

Unfortunately there are many variables here. The general rule is that if the vehicle will not be operated in Florida, they should not have to add sales tax. Call me for a free evaluation www.lawyercpa.com.

1 Answer | Asked in Tax Law and Real Estate Law for Florida on
Q: Are we required to pay intangible tax on a property we are transferring into a revocable trust via a quit claim deed?

The revocable trust is in my and my spouse's name which the current deed is in our name also. We do carry a mortgage on the property and was told by county clerk that we may have to pay the tax when we file the quit claim deed. But have also heard that me may not have to. Not sure I want to pay the... Read more »

Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Aug 17, 2018

You will have to pay documentary stamp tax on the Mortgage and the transfer to the state of Florida.

1 Answer | Asked in Tax Law for Florida on
Q: If I sell a rental property in Florida where I live and buy either a house or land in NY do I still have to pay capitals

The rental property is fully depreciated. Do I have to pay capital gains taxes?

Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Aug 14, 2018

In most cases if you lived in the property 2 of the last 5 years you exclude between 250K - 500K of gains regardless of what you do with the money. If you want to postpone capital gain you can do a 1031 exchange. www.lawyercpa.com.

2 Answers | Asked in Family Law and Child Support for Florida on
Q: kids are 19, 20 and 21 can I file a civil suit for unpaid support? I’ve never received his taxes due to him not filing.

He owns a business but didn’t put in his name. He owns vehicles but tells the court he doesn’t to either question when asked. How can he get away with owing over 60,000 in support. Can a civil suit be filed?

Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Aug 11, 2018

Check with the Department of Children and Falilies to enforce the order.

View More Answers

3 Answers | Asked in Tax Law and Real Estate Law for Florida on
Q: What is the aprox time and cost to resolve 10 plus years on unfiled taxes , do I need a lawyer or a CPA ?
Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Aug 8, 2018

You may need both. I am a lawyer And a CPA. I can help you out. See www.lawyercpa.com and I will give you a complimentary case evaluation.

View More Answers

2 Answers | Asked in Tax Law for Florida on
Q: Can you recommend a IRS Tax Attorney in Polk County?thanks,
Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Aug 1, 2018

I represent nationally. We can schedule a free case evaluation if you like.

View More Answers

2 Answers | Asked in Tax Law for Florida on
Q: I am in the 15% tax bracket. I bought 10 acres for $170k and sold it for $2.5 million. Do I pay capital gains tax?

My wife and I are in the 15 percent tax bracket. We made a good investment in 10 acres of land near The Villages, FL. We bought it in 2006 for $170,000 and am in the process of selling it for $2.5 million. Since we are presently in the 15% tax bracket, do we have to pay Capital Gains Tax on our... Read more »

Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Jul 22, 2018

Most likely Yes. Unless you do a 1031 exchange.

View More Answers

1 Answer | Asked in Tax Law for Florida on
Q: I live in and work in Florida.My employers business is in Georgia. Does this make me exempt from paying Georgia

state tax?

Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Jul 22, 2018

You should be exempt unless Georgia claims nexus to the income.

2 Answers | Asked in Bankruptcy, Real Estate Law and Tax Law for Florida on
Q: If we buy a property in Georgia under an LLC, can the County there put a lien on the property for back property taxes?

We live in Florida. We filed for bankruptcy in Florida in 2014 and had an empty building lot in Georgia. The debt for that mortgage was discharged but the property was never reclaimed by the bank and we still receive tax bills for the land. We have not paid the tax bills. We now want to buy... Read more »

Alvaro Augusto Acevedo
Alvaro Augusto Acevedo answered on Jul 17, 2018

Yes

View More Answers

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.