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California Tax Law Questions & Answers
1 Answer | Asked in Tax Law for California on
Q: Bitcoin and German/US Tax law

I am not sure if you know what bitcoin is, but its a digital currency. In germany, I can cash it out tax free, but I would like to know, if I bring it back to the US, would there be some kind of tax? If I turn it into an physical cash in a bank account and wire it here, or just sell bitcoin... View More

Michelle D. Wynn
Michelle D. Wynn
answered on Oct 24, 2017

The answer to this question largely depends on whether you are US tax resident. If you are a US Citizen, Green Card Holder (Permanent Resident) or reside in the US long enough during the year that you are treated as a resident for tax purposes (depending on your visa type), then you are taxed on... View More

1 Answer | Asked in Tax Law for California on
Q: Do i have to file taxes in california if i only had income from oregon. I live in california
Zaher Fallahi
Zaher Fallahi
answered on Oct 22, 2017

If you are a resident of California, California will tax you. You may claim out of state tax credit for Oregon taxes. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For... View More

1 Answer | Asked in Tax Law for California on
Q: I have a rental and want to move back in. How long must I wait to sell and take the tax benefit as a primary residence?
Zaher Fallahi
Zaher Fallahi
answered on Oct 22, 2017

There is no clear cit rule. Generally, a reasonable time, say 2-3 years or so may pass the IRS’s test . The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific... View More

1 Answer | Asked in Tax Law for California on
Q: Tax concern

I have been claiming single/0 since I started working and always gets at least $1,200 refund each year. I got married and decided to change my tax withholding online. I will apologize in advance to the experts when it comes to finance and taxes, but I am someone who knows little about taxes. I... View More

Michelle D. Wynn
Michelle D. Wynn
answered on Oct 19, 2017

It is hard to answer whether there will be any balance due with your tax return when you file in 2018. However, if you were claiming single/0 for the majority of the year, got married during the year (and presumably would be filing jointly with your spouse which would give you a lower tax rate than... View More

2 Answers | Asked in Tax Law for California on
Q: How are you gonna pay taxes if you have multiple jobs?
Louis George Fazzi
Louis George Fazzi
answered on Oct 10, 2017

If you are living and working in Oregon you must contact an Oregon licensed attorney to ask for help on this issue.

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6 Answers | Asked in Bankruptcy, Personal Injury, Tax Law and Consumer Law for California on
Q: What is the maximum of checking accounts you may have?
Dale S. Gribow
Dale S. Gribow
answered on Oct 9, 2017

i am not sure if that is a legal question.

i am not aware of a limit..........if it is with one bank they may have policies

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2 Answers | Asked in Estate Planning and Tax Law for California on
Q: Estate planning for S corporation stock and bank accounts. Appropriate wording for a will, Qtip-Qsst?

Best way or will wording to transfer assets from an S corporation. There is only one owner/stock holder/board member. We know POD don't apply for LLC business accounts but they do for sole proprietorships what is the case of S corporations with one owner? What is the best way of trasfering the... View More

Kenneth V Zichi
Kenneth V Zichi
answered on Oct 8, 2017

This question is FAR too complex to provide any meaningful guidance in a forum like this.

For example, a Qualified Subchapter S-Corp Trust (QSST) is eligible to hold stock in an S corporation but there can be only one beneficiary of the trust and all income must be distributed at least...
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1 Answer | Asked in Tax Law for California on
Q: I am legally separated 23-24 years but been filing Single 0 Fed & State, thought I was divorced, for some time.

I am in CA, workplace asked for a marriage certificate and first page of IRS 1040 for Help Care of Spouse, I am legally separated about 23-24 years but have been filing Single 0 Fed & State, it all started, since when given copy of Legal Separation Document from my Wife, that had Divorced Box... View More

Louis George Fazzi
Louis George Fazzi
answered on Sep 1, 2017

You need the services of a good family law attorney to straighten this out for you.

1 Answer | Asked in Tax Law for California on
Q: Proof of a gift to IRS

I'm bringing 20k of travellers cheques to US, it is a gift from my dad to support me as educational tuition and some living cost.

I understand that it will need to be declared at the custom upon entry. And that it will not be taxed because it is a gift

But what should I do to... View More

Michelle D. Wynn
Michelle D. Wynn
answered on Sep 1, 2017

You can get your dad to write you a letter explaining this is a gift. Given the family relationship, this should be sufficient proof.

1 Answer | Asked in Tax Law for California on
Q: Taxation on bringing in over 10k from oversea

My dad is giving me $20k in traveller's cheques as part of my tuition and living cost here in US. I'm a citizen myself and I know I'll need to declare any amount over 10k at the custom.

My question is, will I be taxed on this amount of travellers cheques by the irs? I... View More

Michelle D. Wynn
Michelle D. Wynn
answered on Sep 1, 2017

You would not have to pay taxes on this because it is a gift. If your total gifts from your dad plus gifts from any other foreign persons related to your dad for the year are more than $100,000 USD, then you would need to file an IRS Form 3520 to declare the total value of the gifts you received... View More

1 Answer | Asked in Estate Planning, Real Estate Law and Tax Law for California on
Q: Will I need to pay taxes on the sale of a home that I received through a living trust?

My mother passed away in March 2017. Her home was placed into a revocable living trust prior to her death. The home is to sell in September 2017 for about $220,000. My father is the trustee on the trust. He will be splitting the money from the sale between my brothers and me. Will I have to pay any... View More

Sally Bergman
Sally Bergman
answered on Aug 31, 2017

While it is not likely there would be any taxes as a result of the sale of the home, even if there were, they would be paid by the trustee before you receive your share, which would then not be taxable.

1 Answer | Asked in Real Estate Law and Tax Law for California on
Q: I received property as a gift. Can I donate it for a tax write off.

The property was bought by my step-father for $9,600. The county tax base value now is $18,634. The taxable value is $3,000.

Zaher Fallahi
Zaher Fallahi
answered on Aug 29, 2017

Generally, a donee carries the donor’s basis. If donate, may itemize the donation as his basis. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For... View More

1 Answer | Asked in Tax Law for California on
Q: How much tax do we pay when we sell a rental home? We make $200K

We depreciated the house for many years writing off expenses until we made too much money to write it off. It's been five years that we haven't written off expenses.

Zaher Fallahi
Zaher Fallahi
answered on Aug 29, 2017

All suspended losses will be deducted from the gains when sold. The profit should be capita gain, except the depreciation which is taxed as ordinary income. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting... View More

1 Answer | Asked in Tax Law and Business Law for California on
Q: I'm having problems with a federal tax return penalty.

I'm having problems with a federal tax return penalty. I registered an S corporation in Oct 2013 and lost track of it because I was working overseas. I never used the S corporation to conduct any business and I did not realize I needed to file any tax returns for it, as I thought it was... View More

Zaher Fallahi
Zaher Fallahi
answered on Aug 27, 2017

Unfortunately, the problem was caused by your filing the delinquent tax return without talking to a tax professional. The penalty must be imposed on the Corporation for late filing K-1s, and you are urged to consult a tax attorney and do not respond to the notices yourself. The information... View More

2 Answers | Asked in Tax Law for California on
Q: 1099-MISC #7. I made $890 but it said $89,000. I contacted employer, they sent corrected 1099 but FTB and IRS said...

that I did not file and they did an assessment of $131,000.00. I filed my taxes, sent a copy of corrected 1099, an affidavit that I only made $890 along with a letter explaining it and asked them to adjust their records. In July my check was garnished. I called them and they said they have the... View More

Michelle D. Wynn
Michelle D. Wynn
answered on Aug 23, 2017

You should have had ample opportunity to contest these additional taxes before any taxing agency was able to begin collections, but once they have begun collections it is often a complicated matter to get them to stop, especially the FTB. You should really seek assistance from competent counsel to... View More

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2 Answers | Asked in Divorce and Tax Law for California on
Q: divorce and filing taxes??

Me and my wife are planning a summary of dissolution for our marriage in the upcoming month. which means we won't get our divorce decree until next year.

We won't get a divorce decree by end of year is we file for divorce now it takes six months

-But she is planning to... View More

Michelle D. Wynn
Michelle D. Wynn
answered on Aug 23, 2017

If your first questions are about 2016 taxes, you are not allowed to file tax returns for someone else without their permission. If she provides you will the information about all of her income, worldwide, and allows you to prepare a tax return for her with her permission, then you may be able to... View More

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2 Answers | Asked in Tax Law for California on
Q: What is the quickest way to settle a tax debt. I owe about $25000 to the IRS, and am having trouble paying it.
Michelle D. Wynn
Michelle D. Wynn
answered on Aug 20, 2017

You would want to consider an Offer in Compromise based on Doubt as to Collectibility. This would allow you to settle your tax liability for less than the full amount that you owe, but only if you qualify. You can look at the IRS Form 656 Booklet for more information and you may also want to try... View More

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2 Answers | Asked in Tax Law for California on
Q: I'm getting married in December, and my fiance has about $25000 in Federal tax debt from 2012.

My fiance is currently paying the debt through an installment agreement, but is trying to settle the debt. What can I do to protect my assets from his debt? We live in California.

Michelle D. Wynn
Michelle D. Wynn
answered on Aug 20, 2017

So long as your fiance maintains good standing with his Installment Agreement, the IRS should not attempt any enforced collection such as bank levies or wage garnishments. However, if he ever defaults on his Installment Agreement, the IRS would be able to collect against any assets (bank accounts,... View More

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1 Answer | Asked in Banking and Tax Law for California on
Q: How can I safely get my money into my bank account without being reported or red flagged by the IRS?

Hello, I am a U.S. Citizen and i have "alienable" family whom live in a foreign country. My deceased grandfather left me money to claim for when I turn 19. Now that I am 19 I would like to bring that money into the U.S. and deposit it in my bank account. To avoid my account from being red... View More

Michelle D. Wynn
Michelle D. Wynn
answered on Aug 4, 2017

I strongly suggest talking with a tax professional with experience addressing foreign income and assets for US tax purposes. The general answers to these questions do not take into account many of the nuances that can apply in the US tax and reporting rules.

Generally, if you are not...
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1 Answer | Asked in Immigration Law and Tax Law for California on
Q: How a B1/B2 visa holder will get taxpayer ID as soon as possible?

I'm in US now for about a month. I want to start selling on Amazon.com and the website requiring Tax Information eg. US bank account No. + SSN / ITIN / EIN. If I open US bank account How I can get a taxpayer ID?

If the following would help:

- Last time I been in US in 2014 for... View More

Robert P. Cogan
Robert P. Cogan
answered on Aug 2, 2017

A person who does not have a United States Social Security Number generally needs an ITIN before applying for an EIN. The EIN is the tax number that the commercial concerns are generally looking for.

You apply for an ITIN by filing an IRS Form W-7.

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