My widowed elderly father and I live together in his house. He isn't doing well healthwise. Without going into detail, he will be seeing a lawyer to transfer the house to me. Ownership will go from 100% in his name to 100% in my name.
After the transfer, I will be in the unusual... Read more »
You are definitely jumping the gun with this transfer which will result in potential re-assessment, increased property taxes and potential capital gains taxes to your father. Additionally there is the loan. The lender may call the loan balance if your father transfers the property out of his...Read more »
The Company suffers a 100K loss and my share means 60k loss is past to me... would I be affecting my personal AGI by 20k or 60k? If I had 50k actual income would my AGI tax liability be zero 0 or would it be 30k??? Thank you for this service and your input.
You should consult a tax attorney to advise you on the LLC being taxed as an S corporation with the LLC terms and potential legal peril of an S Corp having two types of stock. Generally, your loss is limited to your basis. I hope this helps. Good luck. Zaher Fallahi, Esq, CPA (CA &D.C.)....Read more »
My dad owns his house in Cupertino, it was reappraised after my mom passed a little over a year ago for 2.5 million. If he were to sell it today for say 3.0 million, would he need to pay Capital Gains? I was under the impression, that from the 2.5 appraisal and 250K exclusion for my dad and 250k... Read more »
Tax questions are very complex and a public forum such as this is not the place to find an answer to rely on. You need to take all the information and documents to a tax attorney or tax accountant for an opinion. There is also something called a 1031 exchange, which you can transfer the excess...Read more »
My father owns a house outright in California. I am the only child, and the house is in trust to be inherited down to me. My mother passed 2 years ago. If I in turn sell the house after my dad passes, do I get hit with capital gains tax?
When your mother passed two years ago, the property received a "step-up" in basis to market value at that time. When your father dies, the property will get a second step-up in basis to the then market value. This assumes the property was community property and that the trust did not...Read more »
My dad is 83 owns a house outright here in california. My mother passed 2 years ago. The house is in trust to me (only son) if he were to pass. If he does pass, and the house is inherited by me, and I sell it after that, do I get hit with capital gains tax?
Very good to see that you are planning ahead on this. My question is why is this taxable in the first instance, if this was for a recovery in litigation over a defective vehicle? But apparently you satisfied yourself on that issue. Why go with a cashier's check? You could have a personal...Read more »
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.
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 »
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 »
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 »
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 »
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 »
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 »
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