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The House Was Sold In California LA County & We Are Trying To Figure Out How Much It Will Be Taxed & How Much Exactly Each Of The 6 Beneficiaries Will Get
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answered on May 2, 2023
If a deceased person's house sells for $500,000 and is to be split among 6 beneficiaries, there may be tax implications depending on several factors.
In California, there is no state inheritance tax, but there may be federal estate tax if the value of the deceased person's estate... View More 
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answered on May 1, 2023
If you owe the IRS $100,000 and leave the USA, they can still collect the debt from you. The IRS has the authority to seize your assets, including bank accounts, property, and wages. If you receive Social Security benefits, the IRS can also garnish up to 15% of your monthly benefit payments to... View More
I missed the deadline to turn in documentation requested such as info needed to verify im head of household to claim EIC . I missed deadline because i was in hospital as I was recently diagnosed with Multiple Sklerosis . I just got was released from hospital Fri. only to come home and find out id... View More
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answered on Apr 30, 2023
I'm sorry to hear about your situation. If you missed the deadline to submit documentation to the IRS, you may still be able to provide the information and request a re-examination of your tax return.
The first step is to contact the IRS examiner assigned to your case and explain your... View More
Is it illegal or considered tax evasion to form an online business in any state by using a virtual address?
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answered on Apr 27, 2023
Using a virtual address to form an online business in any state is not illegal or considered tax evasion in and of itself. However, it is important to ensure that the virtual address is a legitimate physical location where the business can receive mail and other correspondence. It's also... View More
He is a Japanese citizen and lives abroad. He has one daughter who is a naturalized US Citizen and a son that is a LPR and Japanese citizen. What are the tax implications to transfer ownership to one of us? Should it just be specified on his will or is it better to do it while he is alive?
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answered on Apr 27, 2023
If your father wants to transfer ownership of his California home to either you or your sibling, there may be tax implications to consider. The specific tax implications will depend on several factors, including the value of the property and the citizenship status of the parties involved.... View More
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answered on Apr 27, 2023
As an OPT holder, you are permitted to engage in certain types of employment, including self-employment, as long as the work is directly related to your field of study and you are authorized for the OPT. Therefore, you may be able to create an LLC for your side business while on OPT, as long as the... View More
Rental house in Ga
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answered on Apr 11, 2023
If you paid capital gains taxes in Georgia for the sale of a rental property located in Georgia, you generally would not have to pay California state taxes on the same transaction, as long as you are not a California resident and do not have any other California-sourced income.
However,... View More
Family Trust and California Tax Liabilities: I am the Trustee and we (five siblings) sold my Mother’s home in 2022 following her passing. There are no other assets besides the home and no outside debt or other financial obligations.
At what level (Amount) are we’re obligated to... View More
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answered on Apr 11, 2023
As the Trustee of your family trust, you may have tax reporting obligations to the state of California, depending on the amount of taxable income generated by the trust.
In California, trusts are subject to income tax if their taxable income exceeds a certain threshold, which varies... View More
We were not asked to verify the information and have been long standing customers of this tax preparer. We have never changed our banking information.
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answered on Apr 7, 2023
If your tax returns were sent to the wrong bank, the first thing you should do is contact your tax preparer immediately to inform them of the mistake. They should be able to provide guidance on what steps to take next. They may be able to help you retrieve the funds from the incorrect bank and... View More
Per our divorce papers my ex husband was claiming my son on his taxes. My son is 21 now, lives with me full time, goes to college part time and works. Can I claim my son as a dependent. My ex says no because of the divorce papers but my son is an adult now? Help
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answered on Apr 5, 2023
As your son is now 21 years old and living with you full time while attending college and working, you may be able to claim him as a dependent on your taxes, regardless of what is stated in your divorce papers. The Internal Revenue Service (IRS) has specific rules for claiming dependents, including... View More
1) If I buy a property which is in Tax Deed, and I become the Owner. What happens if they have leased the property to someone for many years? And that lease is not recorded in the County Office officially. Is that still valid and I have to respect that as new Owner?
2) If the same is true... View More
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answered on Mar 24, 2023
If you purchase a property through a tax auction and become the owner, any existing lease agreements that were not recorded in the county office may still be valid. You will need to review the terms of the lease agreement and determine whether the tenants have a legal right to continue living on... View More
I would like to start a "beer club" in my area where enthusiasts can meet up every month to sample and discuss beer. This would involve collecting a small fee for anybody who wants to meet up, just to cover costs, and whatever is left being saved for the following month. Would this have... View More
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answered on Mar 24, 2023
In California, starting a beer tasting club may have legal and tax requirements, depending on how you structure the club and how you handle the fees collected.
If the beer club is simply a group of enthusiasts meeting to sample and discuss beer, with no formal organization or structure,... View More
Can the wife buy a home in her name only this year, and next year add the husband to the title when he turns 55, so he can utilize the property tax advantage of Prop 19? He will sell his house next year and then go on the title of the new house. A house comes up that they both want to buy this... View More
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answered on Mar 24, 2023
Yes, it is possible for the wife to buy a home in her name only this year and add the husband to the title next year when he turns 55, so that he can take advantage of the property tax benefits under Proposition 19.
Proposition 19 allows homeowners who are over 55 years old, severely... View More
He has 4 surviving siblings, but he had expressed his wish for his youngest brother to keep the house so that his niece and nephew can grow up there. The siblings won't pursue any claim to the house, but there is a mortgage balance which the brother is willing to continue paying on.... View More
answered on Mar 21, 2023
California law provides that people in this state who have assets valued at more than $184,500 (that's the gross value or what you could sell the assets for, NOT the net amount of a home minus the mortgage, for example), those people have two choices: (1) each person could have a Will or do... View More
I am thinking of selling digital products (i.e PDFs, templates, drawings, printable stickers) on a platform called Etsy. I'm wondering what I'll need since I do not intend to sell physical products, just strictly digital.
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answered on Mar 8, 2023
If you are selling digital products on a third-party platform like Etsy, you may need a business license and/or a DBA (Doing Business As) registration, depending on your specific circumstances and the requirements of your state and local government.
Here are some general guidelines:... View More
Lived in Canada. California board allows me to practice with my current HCP license from Canada. Need to clarify immigration and business rule for this type of work. Can I provide telehealth to clients in USA? Do I need to open LLC/Inc for this? What kind of visa do I need if any?
Prior... View More
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answered on Mar 1, 2023
If you are an Indian citizen and a Canadian permanent resident, and you have a valid healthcare professional (HCP) license in the USA, you may be able to practice telehealth in the USA while living in Canada. However, there are several legal and regulatory requirements that you should be aware of.... View More
I have a court document from child support from Dec 2022 that says Federal tax filing for tax year 2022 NCP(him) as Single and me as head of household. Number of tax exemptions federal for him is 1 while mine says 2 for the state one it says same as federal. On the next page it says “ state tax... View More
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answered on Feb 28, 2023
Under California law, both parents may be entitled to claim a child as a dependent for tax purposes, depending on the specific circumstances of the case. However, if there is a court order or agreement in place regarding the issue of claiming the child as a dependent, that order or agreement will... View More
Dear Sir or Mahm,
I run a non profit I send out one tax receipt for the year. The date on the receipt is in January 2023 for all 2022 donations. My tax id, corporation, logo, total amount donated for the year, signed by me, and donor check numbers are all listed. My concern is if I should... View More
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answered on Feb 27, 2023
As a general rule, non-profit organizations should issue tax receipts with the correct date that accurately reflects the date that the donation was received. This is important for tax and accounting purposes, as well as for the donor's own records.
In your case, it would be appropriate... View More
We lived with him since July of 2022 we both worked. I filed child support the ending of august and court was December and it says I’m the custodial and that he had her 9.0% of the time. He already filed them even though I told him not to
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answered on Feb 25, 2023
In California, the parent with whom the child lived for the greater part of the year is generally entitled to claim the child as a dependent on their tax return. However, the specific rules and guidelines for claiming a child as a dependent may depend on several factors, including the custody... View More
in the context of determining the separation date for a divorce in California, in regards to spousal support, does filling taxes jointly have an impact, knowing that the spouses are living separately? (for example, if filling jointly is made for tax reasons until the marriage is dissolved)
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answered on Feb 24, 2023
In California, the separation date is an important factor in determining spousal support (also known as alimony) in a divorce. The separation date is the date when the spouses began living separately and apart with the intent of ending the marriage.
Filing taxes jointly or separately can... View More
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