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Nothing is in motion, however I am currently a data analyst for a company and through that role I have thought of a way to structure how to make money off of sports bets. I know what to look for and can create spreadsheets that track historical data of players and teams where I can create a report... View More 
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answered on Feb 20, 2023
It is legal to form an LLC in California for a business that generates profits from sports bets made by statistical analysts, provided that the business complies with applicable laws and regulations related to sports betting and gambling. The California Gambling Control Act regulates certain forms... View More
only owner of this corporation. Corporation owes me under the deed of trust $350k. Can I transfer the property to my own name as a trustee of this corporation or do I have to buy it. The purchase price is not going to be a fair market value. I live in California. Can I protect the real estate... View More
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answered on Feb 20, 2023
As the sole owner of the corporation, you have the ability to transfer the property to your own name as a trustee of the corporation, but you should consult with a qualified attorney or tax professional to ensure that you are following all applicable laws and regulations.
Regarding the... View More
tax liability on a capital gain. I funded the corporation to purchase this property and the first trust deed is under my name.
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answered on Feb 20, 2023
There are different ways to transfer a depreciable property from a domestic corporation to its owner without triggering a taxable sale and creating a capital gain tax liability. One common approach is to use a tax-free reorganization such as a corporate merger, a corporate division, or a transfer... View More
IRS limits income to $1,470/mo. VA stipend is slightly more. "Earnings" above $1,470 get you kicked out of disability, but there are some exceptions such as winning the lottery. The VA doesn't report the stipend to IRS, so would this be one of the exceptions? Can I safely accept VA... View More
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answered on Feb 20, 2023
The answer to this question is not entirely clear, as it may depend on the specific disability program you are receiving benefits from and the specific requirements and rules of that program.
In general, the VA caregiver stipend is considered a tax-free benefit and is not reported to the... View More
In California
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answered on Feb 20, 2023
Yes, a 501c3 organization can use their funds, raised via memberships and donations, to buy flowers for a past member's funeral. However, the purchase should be reasonable and related to the organization's charitable purpose. The IRS requires that tax-exempt organizations spend their... View More
They have same first & last name, same DOB, and same SSN. They applied their SSN in 2018 while they obtained their working permit. One of them obtained her SSN on 06/2018, and the other one obtained hers on 07/2018. They never know that their SSN was assigned to 2 people.
1. They... View More
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answered on Feb 20, 2023
It may be possible to file a lawsuit against the Social Security Administration (SSA) in this case, but the specific legal options and remedies available would depend on the facts and circumstances of the case, as well as any applicable laws and regulations.
Some potential legal claims that... View More
We (our LLC) formed a multi-member LLC with another partner (an individual) to renovate and sell homes in CA. In 2021 the business incurred a number of expenses renovating a home starting in Oct. The renovation was completed and sold August of 2022. Our LLC taxes were completed in 2021 for 2021.... View More
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answered on Feb 19, 2023
As a member of a multi-member LLC, your business partner does not have the authority to unilaterally amend the LLC's tax return without the consent of all members. Generally, all members of an LLC must approve any changes to the LLC's tax filings. Additionally, if your LLC has a written... View More
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answered on Feb 19, 2023
I'm sorry for your loss. If your grandmother's house was taken by the state of California due to unpaid property taxes, you may be able to claim any remaining proceeds from the sale of the property after the taxes and any other debts owed by your grandmother are paid.
However,... View More
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answered on Feb 19, 2023
If you sign over a house for free, you may still be responsible for paying taxes on it, depending on the circumstances.
If the house is your primary residence and you have lived in it for at least two out of the past five years, you may be able to avoid paying capital gains tax if you sell... View More
answered on Feb 14, 2023
There are different tax rules relating to non-citizens because the U.S. government is concerned people will take assets to another country and not pay any applicable U.S. taxes. Also, in many situations, it is better to have a citizen act as trustee, but a lawyer cannot determine if that applies... View More
the corporation. Can I transfer the property in to my trust in ca without any tax consequences.
Do I need to create trust before transferring
answered on Jan 21, 2023
Anyone can place their real estate and other assets into a revocable trust (a trust that can be changed or modified by the owner, who is called a Settlor or Trustor) at any time and there shouldn’t be any tax consequences. Schedule A to the trust should list the corporation as an asset of the... View More
Can my foreign partner (who only visits the USA and does not live in the USA) with ITIN and a USA bank account simply file an IRS form 1040 instead of 1040NR? Also would this partner need to declare his foreign (Irish) income on the 1040?
answered on Dec 20, 2022
U.S. tax residents are subject to worldwide taxation. Your friend should discuss this situation with an experienced international tax accountant to determine if there is an opportunity to make an election to be treated as a U.S. tax resident. If there is an election to be treated as a U.S. tax... View More
The IRS offers The Taxpayer Advocate Office to assist in personal Federal tax cases. Is there additional assistance for individuals with the Franchise Tax Board for the State of California?
answered on Dec 13, 2022
CA FTB has taxpayer advocate services - see the link below
https://www.ftb.ca.gov/help/disagree-or-resolve-an-issue/taxpayer-advocate-services.html
I did file. I filed for my 2020 taxes and the I.R.S says I didn't. What do you I do?
answered on Dec 8, 2022
Your issue may be due to the online portal to receive a stimulus check. If you completed the process through the IRS’s online portal to get a stimulus check and have not filed your taxes, the IRS has filed a $1 tax return To get the money out to you. That is most likely the issue you are having... View More
answered on Dec 7, 2022
Hi, you may want to reword your question. If you are asking why your deceased parents put property in someone's name, no one can really answer that. Since they are deceased we are unable to tell what their intent was. They may have just wanted the individual to inherit the property when they passed.
Some one filed power of attorney over all my assets and I didn't know anything about it and I don't even know who did it that's how they began my identity theft
answered on Nov 28, 2022
Generally speaking you must give authorization, usually through signature, for someone to file a POA on your behalf. For example, the IRS POA forms require the taxpayer sign each form giving authorization.
I have been homeless since 2016 I've been unable to get food stamps, housing help or anything else these people have Stolen everything from me like my stocks that they sold iN January without my authorization they have access my email and sensed everything over seas with out my authorization... View More
answered on Nov 27, 2022
What you describe is criminal conduct. Report it to the police.
Your post suggests that by posting here you are trying to get an attorney seeing the post to reach out to you and represent you. That is not going to happen. It would be highly inappropriate for anyone on this site to... View More
So what does it mean by lien and is there any way of appealing this
answered on Nov 20, 2022
A lien is an obligation you owe. Liens can take many forms. Wage garnishment by a creditor is a common lien.
No one here can know what this lien is, or whether it is being lawfully being applied against your wages without knowing a great deal more about your situation. You are going to... View More
I have a small office building I am looking to sell and would like to advertise the tax depreciation opportunities that come with owning commercial building. Other ads don't do this and I am wondering why.
answered on Nov 15, 2022
If you have a buyer, what is there to "advertise." Speak with a local attorney for assistance. [I litigate cases. Anything posted here must not be construed as legal advice, nor as grounds for forming an attorney-client relationship. You should seek an attorney for formal legal advice and... View More
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