Get free answers to your Tax Law legal questions from lawyers in your area.
My daughter and I co-own a townhouse in New Jersey that has been her primary residence for the past four years. I contributed $170,000 towards the purchase price, and we are both listed on the deed. There is no mortgage, and my daughter has covered 100% of all expenses over the years. We are... View More 
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answered on May 18, 2025
Your plan after the sale to take back only what you put in is a personal decision. The profits will be subject to capital gains unless as a single person, when you file your tax return you have a $250,000 tax exemption.
I am an insurance agent in New Jersey and purchased a book of business in 2020, financing it through a loan from a company owned by my insurance carrier. The loan's interest rate started at 11% and has risen to 14.83%, yet my monthly payments predominantly cover interest rather than principal.... View More
answered on May 18, 2025
While New Jersey attorneys who work in credit/lending/banking could advise best here as to exact percentage figures, it might not hurt to review the overall contract language and provisions, in terms of its accuracy with representations about the book of business or other features, such as... View More
I own a solid waste hauling business in New Jersey, operating exclusively within the state with a fleet of six trucks, each weighing over 80,000 lbs. I've been paying taxes on commercial truck repairs but was informed that they might be exempt due to the fleet size and truck weight. I... View More
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answered on May 15, 2025
Yes, commercial truck repairs may be tax-exempt in New Jersey under certain conditions, especially when the trucks are part of a qualified solid waste or commercial motor vehicle fleet. According to New Jersey tax regulations, repairs and replacement parts for certain motor vehicles—such as those... View More
I hired a tax preparer, paid them $70, and was promised that my tax filing would be completed before the deadline. However, they failed to complete the service, and I was never informed that it was done. Can I take legal action against them, and what claims might I have in this situation?
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answered on May 15, 2025
Yes, you can take legal action against the tax preparer in New Jersey if they failed to perform the service you paid for. This falls under a basic breach of contract—when one party pays for a service and the other party does not deliver as agreed. Even though the amount is relatively small, you... View More
I created a revocable trust in Arizona in 2019, and I am now a resident of New Jersey with no change in residency since its creation. My main concern is whether this trust remains valid in New Jersey, especially for tax purposes, and if there are any implications or actions needed to ensure its... View More
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answered on Apr 12, 2025
Your revocable trust created in Arizona should remain valid in New Jersey, as long as it was properly established in accordance with Arizona laws. The primary concern is whether your trust complies with New Jersey's tax rules, particularly regarding how it treats income, property, and estate... View More
In 2021, I received a judgment from the taxation board regarding the assessment of my property. Recently, the tax assessor informed me that this judgment has been removed. There was no explanation provided, and there are no pending appeals or disputes related to this assessment. What does it mean... View More
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answered on Apr 12, 2025
When a taxation board judgment is removed, it usually means that the ruling or decision made by the board regarding the property assessment has been reversed, vacated, or no longer applies. This could happen for several reasons, such as a settlement, an administrative error, or a decision by the... View More
I have not filed my income taxes for the past three years due to personal circumstances, including dealing with addiction and caring for my ill wife. I collect Social Security benefits and have a small business but have kept no records of income or expenses. I have received notices from the IRS... View More
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answered on Mar 26, 2025
You need to retain either an experienced tax law attorney or a CPA who practices tax accounting. You have a reasonable explanation for why you did not file. Either the attorney or CPA can work out an offer and compromise. I do not think there will be any problem to work an offer and compromise with... View More
I was not required to file a tax return for New Jersey in 2022 due to my income level. I have not received any communication from New Jersey tax authorities about filing a return. I realized a few months ago that I might be eligible for a refund. Can I file my return now to claim a refund without... View More
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answered on Apr 12, 2025
Yes, you can file your 2022 New Jersey tax return now to claim a refund without incurring a late filing penalty. Since you were not required to file a return due to your income level, and no tax was due, there is no penalty for filing late when seeking a refund. New Jersey law allows taxpayers to... View More
I received a notice from a tax lien holder's lawyer with a 30-day deadline to redeem a tax certificate or face foreclosure. I redeemed the certificate at the tax collector's office within 24 days and received a receipt, but this was after the 2-year redemption period had ended. However,... View More
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answered on Mar 9, 2025
Unless you have a consultation with an experienced mortgage foreclosure defense attorney, it is impossible to know if you are correctly stating what the legal pleading you received actually is. If the two year redemption period has ended then it was too late to redeem the tax lien certificate.... View More
I had a tax lien on my property, and the lien holder sent me a notice to pay within 30 days to avoid foreclosure. I paid before the deadline and have proof of the payment date, but the lien holder charged me a foreclosure fee anyway, which was added to the redemption amount at the tax office. The... View More
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answered on Mar 4, 2025
No! That is not a valid charge. You need to consult an experienced mortgage foreclosure defense attorney and have the entire loan record. Good luck.
If my ex husband is taken off the deed to the house in our divorce, but the agreement reads he is entitled to a portion of the proceeds if and when i decide to sell, can a lien be put on the house in the future from his creditors?
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answered on Jan 23, 2025
If there is no deed recorded from him to you, then both it. The divorce has nothing to do with third parties. Creditors could get a judgment against him, then collect against any asset he has including the divorce term to share in sale proceeds without a filed judgment lien.
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answered on Jan 21, 2025
No one can understand what you are talking about. You put this under Tax Law, but without more facts, this does not make any sense.
I have IRS and State tax debt and property liens that I'm working through. I found $5000 in unclaimed property funds with the State of NJ. I followed the process, and they sent the check, but it was intercepted by "SOIL", and kept due to the back taxes owed.
I have 5+... View More
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answered on Dec 21, 2024
In New Jersey, the state can intercept unclaimed property checks if the claimant has outstanding tax debts. Since you are a member of the LLC, especially if you are the sole member, your personal tax liabilities might be linked to the business funds, increasing the chance of interception.... View More
The people who rent them out. Order all the products and they ship out all the orders. I host the website and every 4 years I pay for the hosting fee. I do not do any work on the sites. They stay the same.
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answered on Oct 14, 2024
Yes, the income you receive from renting out your e-commerce stores is generally considered unearned passive income. Since you’re not actively involved in the daily operations, managing orders, or shipping products, your role is limited to owning the assets and handling minimal tasks like hosting... View More
Hello,
I have an active 403(b) retirement account to which I am still contributing. All new contributions are ROTH. Previously I had tax deferred (non ROTH) contribution to this account.
Let us say, total tax deferred contribution over several years in the past is $25,000.00 and... View More
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answered on Oct 7, 2024
When you convert your tax-deferred portion of the 403(b) to a Roth in New Jersey, the growth of $15,000 will generally be considered taxable income for NJ in the year of conversion. This is because, while you have already paid NJ taxes on your contributions, you haven’t paid tax on the growth,... View More
I'm developing a battle royale game similar to PUBG or Fortnite with Free-to-Play and Pay-to-Play tournament modes. In the Pay-to-Play mode, players pay a $50 registration fee, creating a $5,000 prize pool. Prizes include $1,000 for the winner, and $25 per kill and $30 per headshot, awarded... View More
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answered on Sep 25, 2024
In the U.S., you are generally required to issue a 1099-MISC form to players who earn $600 or more in a calendar year from your tournament. While you can include a disclaimer in your terms making players responsible for reporting and paying their taxes, the burden of reporting still falls on you... View More
On the residential cost approach section of our property card their is a half story and unfinished half story listed however we only have an attic. We also noticed their is a fireplace listed which we also don't have. Our story height is listed as 1.5 story however the building description is... View More
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answered on Aug 13, 2024
It sounds like your property card has some discrepancies that could be affecting your tax assessment. If your property card incorrectly lists a second story, unfinished half-story, and a fireplace that you don't have, you should address this with your local tax assessor's office. These... View More
I own a nonprofit and a friend of mine will be donating 4 paintings he made that are worth over 50k, and he's choosing not to deduct them. I know to put this under schedule M of the 990, but because he's choosing not to deduct them, I'm not sure if I should go get them appraised or... View More
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answered on May 5, 2024
Even if the donor chooses not to claim a tax deduction for the donated artwork, it's still a good practice for your nonprofit to properly document and record the donation. Here's what you should consider:
1. Acknowledgment: Provide the donor with a written acknowledgment of the... View More
I own a nonprofit and a friend of mine will be donating 4 paintings he made that are worth over 50k, and he's choosing not to deduct them. I know to put this under schedule M of the 990, but because he's choosing not to deduct them, I'm not sure if I should go get them appraised or... View More
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answered on May 5, 2024
For nonprofits receiving high-value non-cash (in-kind) donations, there are some special considerations and procedures to follow:
1. Acknowledgment: The nonprofit should provide a written acknowledgment to the donor, describing the donated property and specifying whether any goods or... View More
I am F-1 student in the US since 2022. I have been working full time on my CPT. While filing my returns, what occupation should I put? Please guide in this regards. Thank you!
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answered on Apr 13, 2024
As an F-1 student working on Curricular Practical Training (CPT), your occupation for tax purposes should reflect the nature of your work rather than your student status. Here's what you should consider:
1. Occupation: Choose the occupation that best describes the work you performed... View More
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