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It is for a tax preparer.
Thank you,
answered on Nov 11, 2022
Hi! This forum is to ask questions regarding law not retaining counsel. I'd suggest researching tax firms and reach out to someone privately.
I have $1.802 mil tax liability from my short term tax gain in 2020. I am tax illiterate so I rely solely on my CPA to advise me what should be done. From my CPA’s neglect on my case, I am being charged penalty + interest at $60+ k a month. I have been trying to sell my apartment valued at... View More 
answered on Nov 11, 2022
Unfortunately penalties and interest will continue to incur until the tax debt is paid in full; it is typically just reduced by the % amount. It might be worth engaging a professional to draft a penalty abatement request on your behalf, as these things do usually require some negotiations with the... View More
on the ee bonds be shown as the trusts income and therefore the trust pays the taxes or will the interest income have to be shown as income on the beneficiaries taxes, and therefore be the beneficiaries responsibility to pay those taxes personally?
answered on Oct 31, 2022
This is a great tax question. I recommend that you ask your CPA or tax advisor how this is handled. Tax questions are typically outside the lane of probate attorneys. However, I suspect that the proceeds will be considered non-taxable inheritance. The 2022 estate tax exemption amount is $12.92... View More
an amount to cover for my share of the home and quitclaim the home to my sister. Should the cash-out refinance and quitclaim occur at the same time? Do I have to pay any taxes for this quitclaim? Thank you.
answered on Oct 24, 2022
You really need to consult with a real estate attorney. There are many facts missing to answer your question in this forum. (i.e. is your sister on board with refinancing? do you both, and/ or each, qualify to refinance? who lives at the property? how much are you planning to cash out? and many... View More
I have been on disability for over a year. I owe $20,000 in back taxes and around $9,000 in penalties and fees. Qualifier notes that I qualify for an "offer in compromise" but most websites say it takes 6 months to get it approved. I am expecting a W.C. settlement soon... But would like... View More
answered on Oct 20, 2022
Unfortunately the IRS is still delayed when it comes to their backlog. Things such as resolution proposals, including an OIC, can take some time to be processed through their systems and assigned to a representative for review. I would say it's safe to say 6 months is a good estimate, however... View More
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answered on Oct 4, 2022
You would use up part of your lifetime estate tax exemption, but the total amount is currently nearly $13,000,000, so unless you are very wealthy, you should not have to worry about it.
My mother just died and my father wants to add me to his bank account incase something happens to him so I'll be able to pay the bills and have access to his money once he dies. I owe the Cal FTB 25K and they have levied my bank account earlier this year and took around 1200 from previous... View More
answered on Oct 1, 2022
Yes they can. And while you might be able to get it back, it’s not worth it.
Simply get a power of attorney form from the bank and have your dad add you as a POD beneficiary on the account.
answered on Sep 20, 2022
Speak with an estate planning and tax lawyer about the tax consequences of placing property in trust. [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
answered on Sep 20, 2022
That's up to you. [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 representation.]
answered on Aug 30, 2022
I'm sorry to say, your question doesn't make sense. Businesses are registered with the state, not registered at a property. Perhaps you can try asking your question again, but give the lawyers more information about what you need. Sorry about that!
..................trust can not be amended or revoked. When trust was created surviving spouse disclaimed/transmuted interest in deceased spouses inheritance 852 Family Code.
California Probate Code 278 – The disclaimer shall be in writing, shall be signed by the … The disclaimer shall... View More
answered on Aug 4, 2022
I'm sorry to say that a lawyer cannot answer this question without reading both the trust and the disclaimer. It's a bit like giving two lines of a book and asking a question about the whole book. Sorry about that!
I placed my residence in Virginia into a QPRT two years ago splitting it between my two children. My son has since become disabled. I bought a house for me and my husband in California this month and am currently in the process of selling my house in Virginia under the QPRT. I want to buy another... View More
answered on Jun 20, 2022
Qualified Personal Residence Trusts (QPRTs) are irrevocable trusts, which means they are not easily changeable or dissolvable. Whether or not your QPRT can be modified will depend on the language in your particular document. There is something called "decanting" that might be used to... View More
Fitness company- Officers are myself and husband. Devastated by pandemic and not able to recover. There’s unfiled back taxes and a recent $110k judgement from a defaulted business loan with me only as the personal guarantor. I hired a firm several months ago to help negotiate a settlement but... View More
answered on Jun 16, 2022
There are many issues you mention that far exceed what can be discussed on this site. I urge you to consult with an experienced bankruptcy attorney with broad experience: including creditor representation in order to explain the impact of a potential bankruptcy on the creditors and how they might... View More
Hi.
I am getting audited for 2018 for my short-term rental business in California ( LLC ) but all the receipts for the expenses have been stolen with other stuff in one of my apartments by guests during COVID and all the receipts I was gathering are gone. What should I do? How can I back... View More
answered on May 7, 2022
If you paid those expenses using credit/debit cards, you may be able to use your bank statements or credit card statements as proof. If you paid cash, do your best to document your cash payments and explain to the auditor why you are unable to produce the receipts.
My friend is starting up a business, he’s doing good and now needs a shop to work. He does not have the credit to lease a place. He asked me to help him lease in exchange for 10% of earnings. What would I have to report to the IRS or does his total earnings affect me in any way? I am aware I’m... View More
answered on May 6, 2022
Although not mandatory, I hope you have this agreement in writing. The 10% payment in exchange for co-signing a lease is considered in the broad definition of gross income. So, the short answer is yes, it must be reported to the IRS. Your friend may also have an obligation to issue you a 1099, so... View More
I also used worked from home so I’m filling out line 30.
answered on May 4, 2022
With the presumption that you live in California, the income and expenses you claimed in your Sch. C are generally allowed in California with some exceptions. In preparing your CA return, you start with your adjusted gross income (AGI) then you adjust for additions and subtractions. For instance,... View More
To qualify for the rebate, I had to 1) Sell my current home to Zillow, 2) Purchase my new home through an approved Zillow real estate agent, and 3) Finance my new home through Zillow Home Loans. After all three requirements were met, I received a Rebate of 2% of my former home's selling... View More
answered on May 4, 2022
You are correct. Generally when a company pays a customer compensation in the form of a rebate as an inducement to use their services (sell/buy/loan), that payment is not considered income. Price adjustments and rebates are not considered in the broad definition of gross income.
On the filing of article incorporation of a NPO, two purposes available for ticking : Public purpose and Charitable purpose. What’s the difference? Also If Public purpose is checked can the organization still get 501(c)(3) tax exempt status ?
answered on Apr 28, 2022
A good question. It's not helpful that courts in California have frequently used the terms "public purpose" and "charitable purpose" interchangeably.
Taking your last question first: the IRS will not likely deny a 501(c)(3) determination if you check the box for... View More
answered on Apr 22, 2022
Unfortunately, the California Revenue and Taxation Code allows the FTB to do this.
It's important to note that relief from the levies may very well be available.
It's best to immediately establish contact with an experienced tax attorney to help you with this.
I live in California, but have a house in Puerto Rice. Is there a withholding of 15% to the IRS for the sale of my house for $400k
answered on Apr 21, 2022
The IRS only requires 15% of the sales price be withheld on the sale of United States real property interests by foreign persons.
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