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Nevada Tax Law Questions & Answers
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


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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 Louise Long
Jennifer Louise 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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