New York Tax Law Questions & Answers

Q: What happens to the back taxes after the foreclosure claim is dropped

2 Answers | Asked in Foreclosure, Real Estate Law and Tax Law for New York on
Answered on Feb 7, 2019
Michael David Siegel's answer
You owe it, or there will be a tax foreclosure. The bank might pay it, but if they have not yet, the bank is not likely to do so in the future. The tax foreclosure goes like a regular foreclosure.

Q: My daughter worked and lived in NYC all of 2018. She turned 18 in April of 2018. She supports herself on minimum wage

1 Answer | Asked in Tax Law for New York on
Answered on Feb 1, 2019
Jonathan David Warner's answer
Consider sending her to a VITA or LITC Tax Clinic. They'll be able to review her tax returns and determine whether an Amended Return would be beneficial or appropriate - they provide services free of charge. Hiring a private practitioner would not be cost-effective for her purposes.

Good luck.

Q: If my mom gifted me $60000 as a down payment for a house does this count towars my income and do have to pay taxes on it

1 Answer | Asked in Tax Law for New York on
Answered on Jan 5, 2019
Jonathan David Warner's answer
No, gifts are not taxable... for you. Depending upon a series of other factors, it could bear tax consequences for your Mom - she should consult with a tax attorney if she is in the habit of giving away larger amounts of money to friends and family members.

Good luck with your case!

Q: My mother is falsely claiming me on her taxes. Is that illegal and could I take legal action to make her stop (ex:lawyer

1 Answer | Asked in Tax Law for New York on
Answered on Jan 5, 2019
Jonathan David Warner's answer
If she is falsely claiming you, yes, you can technically report her... but she’s your Mother! Doesn’t the thought of her being prosecuted bother you? Perhaps talking this over with her, as a first step, would be a more harmonious step towards resolving everything.

Good luck with your case!

Q: If i buy a couple of properties in one transaction do i have to keep record of each property separately or in bulk?

1 Answer | Asked in Real Estate Law and Tax Law for New York on
Answered on Jan 5, 2019
Jonathan David Warner's answer
Definitely separate records. You’ll need individualized information for the purposes of depreciation, cost basis, and rental use percentages.

Just a tip: If you haven’t at least talked about this with a CPA or tax attorney, now is definitely the time to do so.

Good luck with your case!

Q: i have a disregarded entity and in middle of the year i got a partner should i file a schedule c or a 1065?

1 Answer | Asked in Tax Law, Business Formation and Business Law for New York on
Answered on Jan 5, 2019
Jonathan David Warner's answer
You’ll probably want to file a 1065, given that you ended the year as a partnership.

Q: An unmarried couple breaks up. They both lived together in a house owned by only one of them. who pays taxes at tax time

1 Answer | Asked in Tax Law for New York on
Answered on Jan 5, 2019
Jonathan David Warner's answer
The only party that is legally obligated to pay taxes is the deeded owner.

Q: I am looking to transfer a property owned by a non profit to another non-profit how would i be able to do that?

1 Answer | Asked in Real Estate Law and Tax Law for New York on
Answered on Dec 26, 2018
Michael David Siegel's answer
It requires court and attorney general approval. There is a special proceeding to bring. Do what a title company requires.

Q: I am not making much but enough to go out of medicaid can i open a c corp and get paid from the corp until the threshold

2 Answers | Asked in Health Care Law and Tax Law for New York on
Answered on Dec 14, 2018
Linda Simmons Campbell's answer
When you set up a corporation you have to pay yourself at least the average rate for your job in your area. So no it is likely that everything you make would need to be paid as income.

Q: Can you go to jail for tax evasion?

2 Answers | Asked in Tax Law for New York on
Answered on Dec 5, 2018
Eric Steven Day's answer
Yes, it is possible to go to prison for tax evasion. Tax fraud is punishable by prison time.

Q: Hello. Does a person in a long term care inpatient facility in NY have to pay taxes? SS, 401K, pension?

2 Answers | Asked in Tax Law and Elder Law for New York on
Answered on Nov 16, 2018
Chad Silver's answer
The only legal tool to stop collection activity would be to have an Tax Attorney negotiate a hardship status with the IRS. Just because she was admitted to a long term inpatient care facility does not negate the legal duty to pay taxes. However, there are a number of avenues available to prevent collection of the taxes, reduce tax liability, and adjust tax witholding. Please give my office a call at 855-900-1040 and I'll be happy to speak with you about this.

Best,

Chad...

Q: what is my primary residence and my mother's primary residence?

2 Answers | Asked in Real Estate Law and Tax Law for New York on
Answered on Nov 9, 2018
Michael David Siegel's answer
Yes, I think you can.

Q: do I use the 1 tax id from main biz for a few registered dba's

1 Answer | Asked in Tax Law and Business Law for New York on
Answered on Oct 30, 2018
Jonathan David Warner's answer
You'll utilize Schedule C's for each business entity. You'll want to use an identical FEIN for each, assuming that you have been assigned same. If some of your entities are missing FEIN's, just leave that box blank.

Good luck!

Q: International student missed filing form 8843 for past two years? Am I in big trouble?

1 Answer | Asked in Tax Law for New York on
Answered on Oct 30, 2018
Jonathan David Warner's answer
Yes, file the required forms. The issue is not that you're late in filing your required tax documents; it's more important that you comply late as opposed to never. Unless you're attempting to file a fraudulent return, I cannot think of any circumstances where you'll get in trouble for filing your required tax returns.

Good luck!

Q: What is the best course of action if my income tax preparer still had not finished or filed my return?

1 Answer | Asked in Tax Law for New York on
Answered on Oct 30, 2018
Jonathan David Warner's answer
If you're having doubts about the confidence you've placed in this individual, it's probably for good reason. If your sole sources of income comprise of Social Security and Pension, you may qualify to have your taxes prepared and filed - at no cost to you - through a pro bono or VITA organization.

Consider reaching out to your local Legal Aid Society or legal pro bono organization for directory assistance with this matter.

If you paid any money to this individual, and you elect...

Q: New York, Excess funds after tax lien foreclosure sale?

1 Answer | Asked in Tax Law for New York on
Answered on Oct 30, 2018
Jonathan David Warner's answer
What type of tax liens? Income tax, property tax, or some combination of both or others?

In general, after your tax debt is fully paid off, you’ll receive any excess funds (less any fees charged by the county and their attorney for handing the property tax foreclosure) remaining. With this having been said, you really cannot be sure that there are excess funds unless you've received a Sale Report, as there are often humongous interest and penalty fees added to the pay-off....

Q: I was unaware I needed to file gift tax returns for cash gifts I gave 2015 and 2016. Is there anything I can do now ?

2 Answers | Asked in Tax Law for New York on
Answered on Oct 29, 2018
Frank Huerta Jr's answer
You can and should file the gift tax returns. For the years you made the gifts, if you did not exceed the lifetime exclusion you would not owe the IRS any money however you are required to properly report gifts made in excess of the annual exclusion amount.

Q: What is method to transfer deed in sale for lot still titled under defunct corp of deceased owner?

1 Answer | Asked in Real Estate Law and Tax Law for New York on
Answered on Oct 19, 2018
Michael David Siegel's answer
I had a case like this last year. There are ways to deal with it but it depends on the facts. Saying you are a shareholder when you are not is not the right thing to do, as you assumed. There are State and Federal estate tax and income tax consequences to doing this right. Also, the partition case was not done right if this issue arose post judgment.

Q: My husband has hidden all his money in a non profit and my son"s name along with the corporation he has. .

2 Answers | Asked in Criminal Law, Divorce, Family Law and Tax Law for New York on
Answered on Oct 5, 2018
Linda Simmons Campbell's answer
The only suggestion that I have is to try a law school legal clinic in your area. One of them may take family law cases.

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