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A friend of mine has a chance to buy a 10 seat table at a very high profile celebrity event for $60,000. Since the event is invitation only it sells for well over $50,000 a pair. There would be 2 pairs of tickets auctioned. But the table isn’t donated, they would have to buy it. If the... View More 
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answered on Jan 31, 2024
Under California law, a non-profit organization engaging in this type of transaction should be aware of certain legal considerations. Firstly, when a non-profit purchases tickets for an event and then auctions them at a higher price, the profits made from this transaction must be used in accordance... View More
I am currently living there and paying the payment on the house. Will this benefit me or not? Will it be worth it?
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answered on Jan 26, 2024
In California, when you receive property through a quitclaim deed, such as a house, it becomes your asset and you need to consider this in your tax filings. If you are living in the house and paying the mortgage, you may be able to claim certain tax benefits such as mortgage interest deduction.... View More
I have a sibling who receives an annual salary as an employee from her ex-boyfriends family corporation, which he does not own solely. She has not worked for him in a decade. I believe he does this to avoid paying her living expenses out-of-pocket, and to keep her silence, as she knows his tax... View More
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answered on Jan 18, 2024
In this scenario, several legal issues are raised, including potential tax fraud and employment law violations. Paying someone a salary for a position they are not actively working in can be problematic, especially if it's done to conceal other motives like tax evasion or hush money. If the... View More
My sister's ex boyfriend purchased mine and my brother's share of the house we were inheriting from our father. He later then signed over the property to my sister without her paying him any money. She claims there is a legal loophole that allows him within a certain time to purchase an... View More
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answered on Jan 18, 2024
The situation you're describing raises questions regarding gift tax obligations. Generally, when property is transferred for less than its full market value, the difference can be considered a gift for tax purposes. The IRS requires that any gift over a certain annual exclusion amount (which... View More
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answered on Jan 18, 2024
If you have discovered that there is a class action lawsuit against Optima Tax Relief, it's important to understand how this may affect you, especially if you are a client or have been impacted by their services. A class action lawsuit typically involves a group of people with similar... View More
My brother and I are the beneficiares of my Dad's estate and would be splitting the proceeds 50/50. Will taxes be paid on just the trust or would the trust pay taxes first and then us as beneficiaries pay taxes as well on our proceeds? Thank you for your help.
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answered on Jan 13, 2024
The tax implications of selling a house that was held in a trust can be complex and depend on various factors, including the type of trust, the terms of the trust, and the tax laws applicable to the trust and the beneficiaries. Generally, if the trust is a non-grantor trust, the trust itself may be... View More
Can bankruptcy remove liens and protect my home/property
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answered on Jan 11, 2024
Generally, you can remove a judgment lien in bankruptcy if it impairs your homestead exemption. Unless the lien results from a judgment, It generally can't be avoided in bankruptcy. For example, liens resulting from loans, tax liens, mechanics liens and other similar liens attached to the... View More
My brother will be signing over ownership of a property to me (my current residence). It is currently valued at $400K. I need to pay off the $200K outstanding mortgage on it (to be obtained through a home loan). I want to turn around and sell it for down payment on a new home in NV. I will pay off... View More
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answered on Jan 8, 2024
In your situation, dealing with capital gains tax in California when acquiring and selling a property requires careful consideration. When your brother signs over the property to you, it's important to understand the tax implications of this transfer. Generally, the transfer of property... View More
I am attempting for apply online for an EIN for a irrevocable trust. My mother is the grantor and I am the successor trustee. I have tried several options and it always lists either myself or my mother as both grantor and trustee. Is there a way to do this online or do I need to mail/fax the form... View More
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answered on Jan 4, 2024
When applying for an EIN for an irrevocable trust online using IRS Form SS-4, it's not uncommon to encounter limitations in how the form handles the roles of grantor and trustee. The online system may have restrictions or default settings that do not easily accommodate different individuals in... View More
I am on F-1 visa earning passive income of approximately over $2000 annually from dividends. I am not eligible for social security given I am not currently working and I have already obtained a letter of denial from the social security office.
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answered on Jan 3, 2024
Based on your situation as an F-1 visa holder with passive income from dividends, it's likely that you will need an Individual Taxpayer Identification Number (ITIN) since you're not eligible for a Social Security Number (SSN). The ITIN is used by the IRS to process taxes for individuals... View More
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answered on Dec 4, 2023
Under California law, when you win a jackpot at a casino, it is considered taxable income. The IRS requires you to report all gambling winnings as income on your tax return. If you decide to gift a portion of your jackpot to a family member, the tax implications can be complex.
Firstly, the... View More
The jackpot is over $5,000 I know if I keep the money for myself I will have to report it to the IRS and they will get a percentage of it but if I gift it to my family member and it is under $17,000 does it still need to be reported?
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answered on Dec 4, 2023
Hi there,
If you win a casino jackpot over $5,000, this income must be reported to the IRS, regardless of your decision to keep it or gift it to a family member. When you gift it to someone, such as your mom, and the amount is under the annual gift tax exclusion (which was $17,000 as of... View More
Country. Is there a (Free) state website I can go to and find out the REAL value of my property?
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answered on Nov 28, 2023
Assessing the value of property in South Carolina can be approached in several ways, although there's no specific state website that provides an exact "real value" for your property.
One option is to check the county assessor's website where your property is located in... View More
I plan to petition for default divorce since my spouse is in agreement and we do not have any major assets or properties to settle. If we choose to not have a marital agreement, how does our tax liability settle after the divorce? Would we still be equally liable for the joint taxes on our incomes... View More
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answered on Nov 21, 2023
In a default divorce in California, without a specific marital agreement addressing tax liabilities, the court does not automatically settle issues related to joint tax liability. If your divorce petition does not address tax matters, the court typically won't make specific orders about them.... View More
I recently immigrated to the US this year and have only had a part-time job so far. I've never filed taxes yet. In sharing my financial information with my spouse for the divorce process, is it okay if I don't have any tax returns to provide?
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answered on Nov 18, 2023
In California, during a divorce, both parties are required to disclose all financial information, including income, regardless of whether they have filed taxes. If you haven't filed taxes due to recent immigration or limited income, you should still provide any relevant financial documentation... View More
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answered on Nov 17, 2023
Under California law, sales tax is generally applicable to retail sales of tangible personal property, which includes baked goods. As the operator of an e-commerce platform connecting buyers and sellers, your responsibility to collect sales tax depends on whether your business is considered a... View More
I never received notice regarding an overpayment. They say they sent it but is was returned. I moved in 10/2017, mail was forwarded for 6 mos after that. What type of notice is required? Does this violate the 3 year statute of limitations under Gov Code s 19838?
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answered on Nov 13, 2023
Under California law, proper notice is typically required before intercepting a tax refund for a debt such as a wage overpayment. The entity claiming the overpayment must make reasonable efforts to notify the debtor, often through mailed notices. If a notice is returned, further steps may be... View More
CA case. Date of separation is filing date of 9/15/23. Couple still living together in home. Husband is retired and Wife is the major breadwinner (which is why husband wants to file separately). To stick her with the taxes. Shouldn't any taxes owed come out of the community property assests... View More
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answered on Nov 8, 2023
In California, a community property state, income earned by either spouse during the marriage is typically considered community income, and both spouses are equally liable for taxes on that income. If a couple is married but files separately, they still generally share responsibility for any taxes... View More
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answered on Nov 8, 2023
Funds coming out of a traditional (non-Roth) IRA or 401k are taxable whether taken out during life or when withdrawn after death. If all of your beneficiaries are natural persons then they will be required to make withdrawals from the traditional/taxable IRAs that you leave to them on a specified... View More
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