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 »
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 »
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
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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