Yes to Question 1. Look at the contract for Q2. You used up all your questions. Taxes? Which Taxes? Sales Tax? Property Tax? Income tax? Employment Tax? Perhaps you need to discuss your matters with a Tax attorney or an accountant.
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When my dad passes, and I inherit his house, I have been informed that under Prop 58 I can keep the Prop 13 benefit that my dad has. However, if I were to sell the house, can I therefore transfer that Prop 13 benefit to another residence in a reciprocal county? If so, do I need to be a resident... Read more »
You're referring to California Prop 60 and Prop 90. Here's a link to the California Board of Equalization website which explains the requirements of the law: https://www.boe.ca.gov/proptaxes/prop60-90_55over.htm
My father owns his house outright, and wants to put the house in my name now. First, is this a good idea? The house is in a trust to me in case he passes. Second, if and when I become the owner of the house, can I resume the prop 13 taxes? If I can resume those prop 13 taxes, if I were to sell... Read more »
Terrible idea!
If you inherit the house instead of having it gifted, you save a ton of money on taxes. If you inherit then your tax basis is stepped up to the current value; if dad gifts it then you also get his tax basis. That means a huge difference in the taxable gain when you sell.... Read more »
I bought a used car back in May, when I lived in a different state. I moved to California now and noticed they charge a use tax (the difference in sales tax paid at my original state and the CA sales tax) if I bought the car within the past year of moving to California. Is it possible to circumvent... Read more »
Anything done fraudulently is a problem. Tax fraud is a crime. If you are caught, it's a problem.
Employee was working "under the table" but is still paid by company check at times. July 2019 to Jan. 2020 unpaid hours are 336.75 hours. Employers reason for not paying is he is waiting for final job payment. In good faith employee accepted excuse. Employer has given token payment... Read more »
Original employer, whether a Corp, LLC, sole proprietorship, or partnership is always liable for wages, even if company dissolves or goes out of business--then owner or shareholders can be liable.
If a business "converts" from sole proprietorship to Corp, LLC etc., the... Read more »
My parents are planning to make a will but unsure if state/government will be able to seize it after its in my name because ive collected welfare (cash, food stamps, medical)
No. If you receive Medi-Cal, SSI, TANF, SSDI, VA or IHSS benefits, a house in which you reside is considered a non-countable resource in your benefits determination. If you receive Section 8 housing however, a house will jeopardize those benefits. Food stamps are based on income, not assets,... Read more »
Five years behind waited because I didnt know what to do and pay for it but I understand to pay now but its like cant get a loan due to bad credit not working due to Covid.
You can repay real property taxes through a 5 year chapter 13 plan.
You can allow the tax collector to auction the real property to pay the property taxes, so that you don't owe the property taxes individually.
You can NOT keep title to the real property and discharge the... Read more »
I got my DBA name 9 months ago for my new Insurance Agency, but I just finished to form the business to S corporation, but incfile never tells me what should I do to merge DBA name with my new S corp. I hope you are able to help me Thanks. They told me to call the security of state, but I feel... Read more »
File a new DBA with the Corporation doing business as the fictitious name.
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Here is the situations. Husband and wife are both US residents. Husband is a Green Card holder, wife is a US Citizen. Do we need to file any tax form when the husband transfer large assets assets (e.g. money and stocks for $300K) to the US citizen wife? is it best to use a joint account or can the... Read more »
This question would be best answered by a tax expert so that they can advise you of any possible gift tax repercussions.
Tax advice disclosure: To ensure compliance with Treasury Department Circular 230, we inform you that unless otherwise specified, any federal tax advice contained in this... Read more »
I'm the trustee, Will I pay more in taxes if I claim it on my taxes, or should i get a ein for the trust and file it's own taxes and leave the house in the trust
Federal income tax rates for trusts are compressed. In 2020, trust net income that exceeds $12,950 is taxed at a rate of 37%.
Jonathan Purcell is a California Attorney. This posting does not create any attorney-client relationship. The information presented here is general in nature and... Read more »
My company (everything is digital since it's a marketing company) is HQ'd in California but has remote employees in most states. I am moving from CA to Washington state soon to be with family since everyone at my company will be working remote until the pandemic is close over (perhaps... Read more »
This will create a difficult tax situation for you, and you should hire an accountant to handle your tax returns. First, there is the issue of state income tax. You only pay income tax to one state but you may have 2 states claiming it. The state where the income is earned is the state with the... Read more »
You want to provide them a W-9 so they report the payment to the IRS on a 1099. Then you do not pay employee share of employment taxes like SS/ FICA.
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Let's say a Person A files for unemployment benefits but doesn't have an address so he has them sent to Person B's address. Well then when the unemployment benefits arrive in the form of a debit card to Person B's address, Person B decides to go ahead and activate the card and... Read more »
It is against the law for an attorney to counsel someone on how to evade the law or commit a crime. Perjury is a crime as is subornation of perjury. In your scenario, A has committed a crime by falsely applying for benefits, but if he never worked then he did not amass the required quarters of... Read more »
or state. He just entered the k1 amount in my personal return. How much of trouble am I in? Do I need a lawyer?
K
Yes, you need a tax attorney to help you to sort this out. Possibly a different account can assist you. The amount of trouble you are in would only be a guess, perhaps it depends on whether the S Corp made any money and did not pay taxes.
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I am a 20 year old attending university as a full time student. My parents claim me on their tax return every year, so my status is dependent. However, due to recent altercations with my parents, we have decided I will be on my own now. I was wondering how I can claim independent status on my tax... Read more »
You do not claim "independent status" on your tax return.
You file as a single person . You claim one exemption. Yourself. HOWEVER:
If your parents pay more than 1/2 of your support in the calendar year, they may claim you as their dependent. AND:
If they claim you... Read more »
The house is not in my name anymore do I have to pay this tax and if so should the owner title insurance cover this. Also If I don't pay it what can they do?
They may end up paying it, but they will likely chase you for reimbursement if it proves to be your obligation that was due.
I reside outside of the U.S. right now, however, my ex-husband (though he is still working on his divorce papers) got the check through our old joint bank account and refuses to send it to me.
He explains that since I am not physically in the U.S. he can not send my check to me and he... Read more »
You say you "ex-husband" is working on his divorce papers. Does that mean he is working on the divorce papers from you? The divorce papers that he or you filed in California? If the California divorce is not finished between you and him, then he is not your ex-husband yet. It sounds... Read more »
I would say “yes”. An out of state retirement plan received while resident of California would be taxable to California. You may be able to get a credit for any Louisiana taxes in your California tax return, which I don’t believe the law allows them to. Zaher Fallahi, Esq, CPA (CA &D.C.).... Read more »
A local hospital foundation is giving away a prize valued at $3,000 to one person. Donors and fundraisers are both eligible to win. If I win it, would it count as income and be taxed?
Generally, prizes are taxable, and I am not aware of an exception if the prize was given by a non-profit organization. Of course, your paid lawyer may research the law and find an exception for you. Zaher Fallahi, Esq, CPA (CA &D.C.).
Disclaimer: The information provided here is not... Read more »
this an economic assistance service provided by the Gov . How is that IRS is with holding these monies from debts due to child support. Does it mean that they don't get to have help? Not all fathers are dead beat dads and this is a help for some and a punishment for those in debt for reasons... Read more »
Whoever told you that is wrong.
The recent $1,200 stimulus check (or deposit) everyone was entitled to receive from the IRS was not a free gift. The payments are legally considered as advances on any tax refund the taxpayer recipient might be entitled to at any time in the future.... Read more »
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