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Nevada Tax Law Questions & Answers
3 Answers | Asked in Business Law and Tax Law for Nevada on
Q: Hi, Im going to form an LLC but have some questions about starting up without a lot of capital and taxation questions.

So I am the owner of a music group and naturally we don't have a large amount of capital to start a huge company but I was wondering how it works with taxes once you form an LLC and pay for things for your company with personal money before a lot of profit starts coming in is it tax deductible? I... Read more »

Patricia Warnock
Patricia Warnock answered on Jul 27, 2019

Speaking with a tax planner is your best bet. He/She can help you decide what entity type is best for you and how to structure your entity to work in your best taxable interests. Business licenses vary from state to state and even county to county or town to town. You should speak with an... Read more »

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2 Answers | Asked in Tax Law for Nevada on
Q: How do I fix a dependent I claimed on my taxes who made too much money, and how much is the fine?

Girlfriend and I filed 2017 taxes together. I clai.ed her as a dependent t and later found d out she made almost 100 over the limit to file on her own. I have moved and never recieved aletter. How much is the fine e and how do I fix this.

D. Mathew Blackburn
D. Mathew Blackburn answered on May 14, 2019

To fix it file a 1040X.

Penalty would be 0.5% of the amount owed as a result of the correction plus interest of 3-5% per month.

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1 Answer | Asked in Real Estate Law, Tax Law and Land Use & Zoning for Nevada on
Q: We have $ to pay the amount owed. Auction isn’t until tomorrow. Treasure won’t allow us to pay it.
Bruce Alexander Minnick
Bruce Alexander Minnick answered on May 7, 2019

Be sure to be at the auction and prepared to bid, the lowest of which will include all the costs of staging the auction, which is why they will not just take the lesser amount you owed before it went under.

1 Answer | Asked in Real Estate Law and Tax Law for Nevada on
Q: how can you avoid capital gains tax after selling rental property 2019?
Bruce Alexander Minnick
Bruce Alexander Minnick answered on May 3, 2019

You could try hiring a CPA or tax lawyer-- to answer this hypothetical question.

2 Answers | Asked in Tax Law for Nevada on
Q: How long do you have to own and live in your house to get the capital gain tax?

Bought a house in august 2016 sold it in November 2018 lived in it the whole time

Frank Huerta Jr
Frank Huerta Jr answered on Apr 7, 2019

An asset held over one year is treated under the long term capital gains rate. Assets held under one year are treated under short term rates. If you are referring to the exclusion of income from the sale of your home, if you owned and lived in the place for two of the five years before the sale,... Read more »

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1 Answer | Asked in Tax Law for Nevada on
Q: Paid my acct $1500, owe $900 balance. He refuses to Efile until I pay him in full. Can I mail in without his signature

I owe the IRS $6500 and have the check ready to go. Will they reject my hardcopy without him signing as tax preparer? Is this legal for him to do? I have paid in full for my personal taxes, which he refuses to efile until I finalize pmt for my corporate taxes.

Eric Steven Day
Eric Steven Day answered on Jun 22, 2018

You can sign the return and send it in but you are still legally obligated to pay him for the services he provided.

1 Answer | Asked in Child Support, Family Law and Tax Law for Nevada on
Q: I paid off my entire child support debt, yet my tax return was taken from me.

Hello, I finally paid off my entire child support debt last year after 9 long years! I had to ask them to close it, and meantime my wages were still being garnished until my case was closed, which finally took place in August of 2017. While I waited for it to close, they began sending me checks for... Read more »

Linda Simmons Campbell
Linda Simmons Campbell answered on Mar 1, 2018

I would start by contacting the IRS to make sure that your refund was taken for child support. If it was then you will likely need to go back to child support enforcement with proof that the IRS took the refund for child support.

1 Answer | Asked in Tax Law for Nevada on
Q: ALL my books were stolen. I have no records or receipts. I cannot get through to the IRS. What do I do?

At the end of 2015 my property was stolen, including ALL of my receipt books, invoices, etc. I have been postponing filing my taxes because I guess I thought it would just go away..? Well now I know I need to get it done, but cannot get through to the IRS. How do I file taxes when I have no... Read more »

Linda Simmons Campbell
Linda Simmons Campbell answered on Feb 20, 2018

You will need to reconstruct your records. Start with your bank statements and credit card statements. If you paid cash at places that may keep records then contact them and see what they may be able to supply to you. The IRS will only have records of any wage information that was reported by... Read more »

1 Answer | Asked in Employment Law, Immigration Law and Tax Law for Nevada on
Q: Is it possible to obtain a work permit & temporary residence card for work in Poland with a US federal tax lien?

I have a $30,000 personal deliquent tax debt and a federal tax lien for that debt from the years 2012-2016. I have filed every year on time. I live in Nevada. Since 2012 I have had an installment agreement that I have paid on time all the time except for this year 2017. I defaulted on my agreement... Read more »

Michelle D. Wynn
Michelle D. Wynn answered on Aug 8, 2017

I cannot address whether Poland will issue you a work permit, but as far as the IRS goes, it will not prohibit you from living and working in Poland. You should be aware, however, that for as long as you live outside the United States, the statute of limitations on collecting your tax debt stops... Read more »

1 Answer | Asked in Business Formation, Business Law and Tax Law for Nevada on
Q: So I started my llc early this year and have sold nothing but im getting a tax delinquency letter, not sure what to do?

n/a

Matthew M Montoya
Matthew M Montoya answered on Sep 30, 2016

The IRS letter will tell you which tax form the delinquency is for, as well as the tax year. Make sure your confirm that the letter is for your business and not you, personally, because they can be two separate issues. It's difficult to know exactly what the issue is without seeing the letter.... Read more »

1 Answer | Asked in Tax Law for Nevada on
Q: If you and your ex spouse had a irs debt together for 10k

After filing innocent spouse can irs charge you both 10k?

Zaher Fallahi
Zaher Fallahi answered on Feb 21, 2016

If the IRC charges each $10K, it means that they have not accepted one spouse’s innocent spouse relief sought. 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. For specific advice, please consult a... Read more »

1 Answer | Asked in Tax Law for Nevada on
Q: My employer is in Las Vegas NV, I'm relocating to NH. I am considering an office in NH or MA, what is my tax liability?

I'm a standard employee in that my company has my taxes withheld from my paycheck.

I am also confused about the Maine state income tax because it states that the income tax is imposed on all individuals

with MAINE-SOURCE income. If my source of income is from Nevada would I still... Read more »

Zaher Fallahi
Zaher Fallahi answered on Feb 21, 2016

Generally, your residency will determine state taxation of your compensation. Your employer will apportion your W-2 income between the two states according to time-line. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or... Read more »

1 Answer | Asked in Foreclosure and Tax Law for Nevada on
Q: Is a settlement awarded to victims of unlawful foreclosure practices, resulting in loss of real property, taxable?

The attorneys general for 49 states along with the federal government reached a Settlement with SunTrust to provide relief to eligible borrowers who lost their homes to foreclosure between January 1, 2008, and December 31, 2013. I am one of these eligible borrowers. On September 30, 2014, the... Read more »

Zaher Fallahi
Zaher Fallahi answered on Feb 21, 2016

Since August 1, 1998, generally, settlements and awards for only “personal bodily injury” is exempt from taxation under the IRC 104. I think your case should be looked into, and am not sure if you are eligible. The information presented herein is for general purposes only. It is not intended... Read more »

1 Answer | Asked in Tax Law for Nevada on
Q: Hi, I have received a beneficiary RMD from my Dad's estate in late Jan, how do I handle this with my tax returns?
Zaher Fallahi
Zaher Fallahi answered on Jan 3, 2016

The RMD in question must belong to the prior year and should be included in your prior year taxes. The form itself also should identify the tax year of the distribution. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or... Read more »

1 Answer | Asked in Tax Law for Nevada on
Q: Since I was a way for the last 20 years, I have not file any taxes. I returned to the US early this year. I filled

3 years income taxes supported by my employer documentations. What should I do next to clear all taxes issues. I'm employed now.

Zaher Fallahi
Zaher Fallahi answered on Dec 4, 2015

It is unclear where you were and what you did during the last 20 years. If you earned money and maintained bank accounts outside the US, you may have income tax, Report of Bank and Financial Accounts (FBAR) and Foreign Account Tax Compliance Act (FATCA) and other filing obligations. I recommend... Read more »

1 Answer | Asked in Tax Law for Nevada on
Q: What are the requirements for nexus to be established in the State of Nevada, e.g., Internet commerce (online sales)
Zaher Fallahi
Zaher Fallahi answered on Dec 4, 2015

Generally, when you conduct business form a state, Nevada in your case, you have established nexus (legal connection or residency here). Fortunately for you, Nevada doesn’t have income tax, so you are taxed by the IRS only. The information presented herein is for general purposes only. It is not... Read more »

1 Answer | Asked in Tax Law for Nevada on
Q: What are the taxes to be paid on a car won on a game show in Nevada
Zaher Fallahi
Zaher Fallahi answered on Dec 4, 2015

Generally, prizes are taxable to the winner. In your case, the fair market value of the prize would be income deductible. 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. For specific advice, please... Read more »

1 Answer | Asked in Tax Law for Nevada on
Q: I live in Henderson, Nv but i travel to California 3 days a week for work, do I have to pay California state taxes?
Zaher Fallahi
Zaher Fallahi answered on Dec 8, 2013

The main issue would be to determine residency in California, because Residency is significant because it determines how income is taxed by California. The underlying theory of residency is that you are a resident of the place where you have the closest

connections.

The following list...
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2 Answers | Asked in Tax Law for Nevada on
Q: How much money can I gift without receiver paying taxes?
Jennifer Long
Jennifer Long answered on Aug 13, 2013

The donor is generally responsible for paying gift tax. The following answer is based on the assumption that you are making a gift as defined by the IRS. There are generally two different federal gift tax exclusions. (1) As of 2013, the annual exclusion is $14,000. You can gift up to that amount... Read more »

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2 Answers | Asked in Tax Law for Nevada on
Q: Do I have to pay a fee/tax on a withdrawel from my IRA? I'll be "60" in a few months.
Jonathan Craig Reed
Jonathan Craig Reed answered on Jul 13, 2012

In a traditional IRA tax is not paid on money put, but must be paid on money taken out. In additions, under some circumstance there is a penalty to be paid when money is taken out.

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