Get free answers to your Tax Law legal questions from lawyers in your area.
I am retired and want to close out my small LLC based in Pennsylvania if necessary. I have no remaining liabilities or assets, and I have already filed the final tax returns for the LLC. How do I complete the process of closing or determining if closure is necessary for the LLC?
I am filing a gift tax return for my client who is transferring 50% ownership of a second home into an irrevocable trust. The ownership presents restrictions, and I believe a discount for valuation is appropriate. How should I apply this discount, and how do I explain it on the tax return?
I am involved in a situation where a title company debited $9,300 from the sale of a tax-exempt charity property, intended as a hold to check for back property taxes owed. Despite having all documentation and various email exchanges indicating efforts to resolve and retrieve the funds, I have been... View More 
answered on Apr 18, 2025
Title Companies are great at avoiding liability or fault.
They probably will not take you seriously until an attorney gets involved. They owe you the money, not the buyer.
If I could see your closing statement, I could tell you more.
You should definitely see a lawyer about... View More
I live in Oklahoma and plan to have major surgery soon. I want to sign a quitclaim deed to my 17-year-old granddaughter (turning 18 this December) for the property I solely own to avoid probate if I pass away. The property has an existing mortgage, and no other family members are involved. Can I... View More
My boyfriend has been charged with 5th degree theft, trafficking stolen weapons, and felon in possession of a weapon. He plans to sign a plea agreement soon. However, he's at risk of losing his home if he can't pay his back property taxes by May 2nd. The plea agreement doesn't... View More
I sell handmade items in person at reenactment events, approximately two times a year, and typically earn around $1,000. These events are held about 30 minutes from my home in Indiana. I haven't registered my business or obtained a business license since my goal is not to make money but just... View More
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answered on Apr 16, 2025
You’re engaging in isolated, occasional sales of handmade goods rather than operating a regular retail business, so Indiana treats those transactions as “casual sales.” Under 45 IAC 2.2‑1‑1(d), gross retail tax does not apply to casual sales of tangible personal property (other than... View More
I lost my post-judgment on additional child support because my ex-spouse recently changed his business structure from an S Corp to a C Corp, resulting in the loss of the K-1 form that was originally used for calculating additional child support. I believe that the income derived from his business... View More
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answered on Apr 16, 2025
You can still ask the court to impute income based on his business earnings even though the entity changed from an S Corp to a C Corp. Gather his W‑2 wages, corporate tax returns (Form 1120) showing profit distributions, and IRS wage and income transcripts to document the same underlying... View More
I'm planning to purchase a house with a mortgage for personal reasons and want to know if there are any limitations or penalties associated with selling the house shortly after purchasing. Are there typically fees involved with selling a home soon after obtaining a mortgage, and how might the... View More
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answered on Apr 16, 2025
In most cases, you can sell a house shortly after buying it with a mortgage, but you need to watch out for two things: prepayment penalties and transaction costs. Some mortgage agreements include a prepayment penalty clause, which means the lender may charge you a fee for paying off the loan... View More
I am considering amending my FBAR for the year 2024. My former tax preparer filed the FBAR by consolidating eight foreign mutual fund accounts under one account because I had a consolidated statement. They assured me this method was appropriate. Is this an accurate way to report these accounts on... View More
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answered on Apr 16, 2025
If the eight foreign mutual fund accounts are each held at the same financial institution and reported under a single consolidated account number, listing them as one account on the FBAR with the total balance is sometimes accepted—*but only if* they are not legally distinct accounts. The FBAR... View More
I have a 401(k) retirement plan through a company, and I was previously convicted of embezzlement but am now out of jail. I continue to receive quarterly statements and pay restitution. Are there potential legal consequences if I attempt to cash in my 401(k), considering there might be early... View More
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answered on Apr 16, 2025
If there is no court order, restitution agreement, or garnishment specifically restricting access to your 401(k), then you can typically access the funds—subject to tax and early withdrawal penalties. A past criminal conviction, including embezzlement, does not by itself disqualify you from... View More
I lost my post-judgment on additional child support because my ex-spouse changed his business structure from an S Corp to a C Corp, and consequently, he no longer has a K-1 form. I believe the income from the business should still be considered in the child support calculation despite the change. I... View More
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answered on Apr 16, 2025
Yes, you may still have grounds to appeal the child support adjustment, especially if you can demonstrate that your ex-spouse’s change in business structure was used to obscure actual income. The court’s responsibility is to assess the parent’s *true earning capacity and available resources*,... View More
I own my own home and want to leave it to my fiancé. We both live in the home, and there are no other beneficiaries. I am considering setting up a trust to ensure he can inherit the property without incurring significant costs, such as estate taxes or any other charges. The property is free of any... View More
answered on Apr 16, 2025
Yes. Absolutely. I do them all the time! garyleelane1@gmail.com. Love to help you two.
I am a royalty owner concerning an oil and gas company in Texas. I suspect there has been an overpayment on my royalties, but the company has not responded to my inquiries about this. I have noticed a discrepancy in the 1099-MISC, which shows a higher excess of taxes deduction based on the total... View More
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answered on Apr 16, 2025
You have the right to be fully informed about any royalty overpayments and the method the oil and gas company intends to use for recoupment. In Texas, oil and gas companies must account to royalty owners with a duty of transparency and accuracy. If there has been an overpayment, the company is... View More
I received a letter from the Santa Rosa Tax Collector's Office in Florida regarding an update on my homestead exemption status for my house, which I have owned and claimed homestead exemption for since 2000. Currently, I live in Georgia, having moved to help my sister, but I'm unsure when... View More
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answered on Apr 16, 2025
To maintain the homestead exemption on your Florida property, you must demonstrate that it remains your permanent and primary residence, even while you are temporarily in Georgia. Florida law requires that the property be the owner’s permanent residence as of January 1 of the tax year in... View More
I am a mineral rights owner in Texas receiving royalty payments. My oil and gas company mentions that an overpayment is due from an oil company that recently purchased assets. How are overpayments for mineral rights royalties typically resolved? What are the tax implications, and should I expect to... View More
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answered on Apr 16, 2025
In Texas, when a mineral rights owner is overpaid, the oil and gas company typically has the right to recoup the overpaid amount by offsetting it from future royalty payments. This is often governed by the division order you signed, which usually includes a recoupment clause. The company must... View More
Our church in Arizona wants to know if we can legally pay an honorarium to each advisory board member who has served as a volunteer for many years. They are not employees, and previously, we have given gifts worth about $150-200 each at Christmas. The board members are responsible for spiritual... View More
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answered on Apr 16, 2025
Yes, your church in Arizona can legally give honorariums to advisory board members, even if they are volunteers, as long as the payments are modest and not treated as formal wages. Honorariums are typically used to express gratitude for services that are not rendered as part of employment. However,... View More
I received a detailed payments report from an oil and gas company in Texas, showing a significant sum of mineral rights royalties cleared. These royalties seem to include an overpayment issue, which arose after the original oil and gas company sold its assets to a new buyer. I need to know whether... View More
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answered on Apr 16, 2025
You won’t just lose that overpaid amount—the right to recoup it travels with the leases when the original company sold its assets. The buyer you’re now dealing with stepped into the prior operator’s shoes and can reclaim any overpayments by deducting them from your future royalty checks or... 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 California, my father recently passed away, and the house is held in a revocable trust established in 2015, with my dad and my stepmom as co-grantors. The property is held in joint tenancy, and the house goes to my stepmom according to the trust, eventually passing to my brother and me upon her... View More
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answered on Apr 12, 2025
In California, when property held in joint tenancy is transferred into a revocable trust, the joint tenancy is generally severed unless the transfer occurred during a limited window between November 13, 2003, and September 30, 2013, and specific conditions were met. Since the trust in question was... View More
My wife and I live in Minnesota and are considering buying a rental property there. We are wondering if we should form an LLC in Wyoming first for additional protection and have that Wyoming LLC own a new LLC in Minnesota, which would then own the property. My wife is a physician assistant, and... View More
answered on Apr 14, 2025
Without additional information, its unlikely having a Wyoming LLC would be of much (if any) benefit. Minnesota laws and regulations would be applicable to you operating your business. I have not conducted an in depth analysis as to forming in WY, NV, or TX; but I have not read that it is... View More
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