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Living trust has stocks worth 1.5 million. The financial institution wants to divide all stocks and move into beneficiaries account. When beneficiaries sell stock do they pay capital gains from stocks original purpose or from date received forward? Or is it better to sell all stocks and distribute... View More 
answered on Nov 4, 2024
The legal term “Trustee” is the title of the person with the right to handle assets in the trust and who must fulfill all the legal duties associated with that right. The word “Co-Trustee” means there are two people serving together as Trustees. They may have to do everything together or... View More
Due to non disclosure , fraud , conspiracy and perjury
answered on Oct 30, 2024
It will be challenging to reopen a case based on allegations of non-disclosure, fraud, conspiracy and perjury. JA will likely provide you some AI generated promotional information. You will need to contact an attorney directly if you want a honest evaluation.
home bought for $1.5 million. Assume sales price is $3 million.
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answered on Oct 8, 2024
When your trustee sells your California home after your passing, the trust benefits from a step-up in basis. This means the property's value is adjusted to its fair market value at the time of your death, which in this case is $3 million. Since the home is sold for the same amount, there would... View More
With board of supervisors. They denied my request/ voted no on change of ownership not occurring. Can i contest this any other way? If my change on deed was for financial reasons then no change to initiate reassessment. I put boyfriend on deed to get well drilled thru gov. Grant for indians as... View More
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answered on Oct 2, 2024
I'm sorry you're facing this challenge. After the board of supervisors has denied your request, you still have a few options to consider. You can appeal the decision to the California State Board of Equalization, which oversees property tax disputes and may provide another opportunity to... View More
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answered on Oct 1, 2024
Yes, you can start a business in the U.S., even if you're undocumented. There are no specific laws that prevent undocumented immigrants from owning and operating a business. The U.S. tax system allows anyone, regardless of immigration status, to apply for an Individual Taxpayer Identification... View More
Do i have to pay taxes on the this distribution if I am paying the debts of the estate? Since I am not using this distribution for myself and only to pay the debts of the estate to avoid a foreclosure of a second home in the estate how do i protect myself from taxes
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answered on Sep 26, 2024
When you receive a distribution from an estate, it may be subject to taxes depending on the type of distribution and your overall tax situation. The fact that you're using the distribution to pay estate debts doesn’t automatically exempt you from taxes on the distribution itself. The IRS... View More
On OPT, would I need to fill out a form 8233 or w8ben form
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answered on Sep 22, 2024
If you’re an F-1 holder from India working under OPT, you may need to consider additional forms beyond the W-4 and I-9 for tax purposes. One form to consider is IRS Form 8233, which applies if you wish to claim a tax treaty benefit between the U.S. and India. This could help reduce your... View More
My wife and I were 25% each and my sister 50% owner's and officer's. Couldn't afford business BK, filed personal CH 7. CDTFA is liening my home for the debt.
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answered on Sep 19, 2024
You can be held liable for the tax debt, and it appears that the CDTFA may have already made a dual determination if they placed a lien on your house.
A dual determination holds a person liable for a tax obligation shared with another, here, the corporation.
Under Revenue and... View More
WA state has a tax on home sales, cant pay tax two times. Seems like the only tax I should have to pay is when I take a distribution.
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answered on Sep 19, 2024
When serving as a trustee of a Washington state trust while living in California, you could face potential tax complications from both states. California's Franchise Tax Board (FTB) may attempt to tax the income if it considers the trust a "resident trust," which depends on factors... View More
A few years back, I had incorporated a c-corp in Delaware, registered as a foreign entity in Illinois, and had a physical office with employees. Post-COVID, my business became 100% remote. I am currently the only W2 employee on the company’s payroll, with Illinois state taxes being deducted. I... View More
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answered on Sep 16, 2024
When relocating your C-corp to California, you need to register it as a foreign corporation in California since you are now operating from there. This involves filing specific forms with the California Secretary of State and potentially paying applicable fees. You may also need to withdraw your... View More
its called a Zero Coupon VIII DST and has something to do with CVS pharmacies.
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answered on Sep 7, 2024
When dealing with a Zero Coupon VIII DST (Delaware Statutory Trust) investment, especially after a loved one’s passing, cashing it out can be complicated. A 1031 exchange is a tax-deferred strategy, meaning if you cash it out now, you might face significant capital gains taxes on any... View More
taxes.
I will get paid for mileage while on shift, but not for weekly 24-mile RT supply pick-ups/cash drop-offs.
I have also purchased a dedicated iPad, as they require apps in which i must give rights to pretty much absolute control over my device, and hence, I do not wish to use... View More
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answered on Aug 26, 2024
As an independent contractor (IC) in California, you're responsible for managing your own taxes, which includes setting aside money for both federal and state income taxes, as well as self-employment taxes. Since you've already established a sole proprietor LLC, you'll report your... View More
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answered on Aug 23, 2024
In California, whether sales tax applies to shipping charges depends on how the charges are stated on the invoice and the nature of the transaction. If the shipping charge is separately stated from the price of the goods on the invoice, it is generally not subject to sales tax. However, if the... View More
So first file has I named decedents estate with same case number showing sec petion with grandmother referee probate and out come only shows that 2 relatives requested to be Administrator s but does not anything else about my I as the decedents estate and both files are same case number and never... View More
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answered on Aug 19, 2024
To address the situation with the estate and the alleged fraud, you'll need to take immediate legal action to protect your rights and interests. Start by gathering all relevant documents, including the court records, petitions, and any evidence of title fraud or misuse of power of attorney.... View More
can I use the rest of equity to upgrade my current home and avoid taxes?
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answered on Aug 16, 2024
If you sell your second house and use the proceeds to pay off your primary residence and upgrade it, there are still tax implications to consider. In California, when you sell real estate, capital gains tax will generally apply to any profit made on the sale, unless you qualify for specific... View More
My employer is not going by the information I input on my W4, as a result, federal taxes are wrongfully being withheld from my paycheck.
He is refusing to fix it, what can I do ?
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answered on Aug 15, 2024
If your employer is not following the information on your W-4 form and is wrongfully withholding federal taxes, you should first document the issue. Keep records of your W-4 submission, your pay stubs, and any communications with your employer regarding the withholding errors. This documentation... View More
I’m having trouble with the franchise tax board in regard to them stating I owe taxes for certain years because I never filed. I was in a situation with somebody claim me had a household for many many years never filed because I never had to. I haven’t been working I’ve explained this to them... View More
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answered on Aug 12, 2024
Dealing with the Franchise Tax Board (FTB) can be overwhelming, especially when you're facing penalties for income you never earned. To begin addressing this, gather all documentation that shows your financial situation, including your EBT records, any unemployment records, and any other proof... View More
Today the IRS took everything out of my saving me with $1.46 in my account. I didnt file my taxes in 2021 because i was under the minimum earning line. They completely left me with nothing but $1.46, WITHOUT ANY PRIOR NOTICE. They took out all my cash and its impossible to have that much money... View More
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answered on Aug 9, 2024
It’s incredibly frustrating and scary to find your account wiped out like that. The IRS is required by law to send multiple notices before they levy your bank account, including a Final Notice of Intent to Levy and Notice of Your Right to a Hearing. If you didn’t receive these, something may... View More
Anyways my question is DO CITIZENS HAVE ANY RIGHTS WHEN IT COMES TO NOT GETTING A SINGLE NOTICE ABOUT GARNISHMENTS AND HAVE IRS WIPE YOU OUT IN ONE COLLECTION LIKE THAT?
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answered on Aug 9, 2024
When the IRS seizes funds from your bank account without prior notice, it can feel overwhelming and unfair. However, the IRS is generally required to send you a series of notices before taking such action. These notices often start with a demand for payment and escalate if the debt remains unpaid.... View More
My father wants to leave me his house while maintaining Prop 13 benefits. We are considering assuming or refinancing his loan without triggering Prop 13 reassessment or capital gains. Additionally, he has a son (my half-brother) he never knew about who we want to ensure cannot attach the home. My... View More
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answered on Jul 30, 2024
To maintain your father's Prop 13 benefits and avoid reassessment, he can transfer the property to you using a parent-child exclusion form, which ensures that property taxes remain the same. This transfer must be completed before his death to avoid triggering reassessment.
Refinancing... View More
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