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New York Tax Law Questions & Answers
3 Answers | Asked in Probate and Tax Law for New York on
Q: Are assets sold during probate to settle estate debts subject to capital gains tax?

If an estate entering probate has substantially appreciated assets and also has debts, such that some assets must be sold to settle the debts, are the proceeds from the sale subject to capital gains against their original basis or their stepped-up basis from the date of death?

Michael David Siegel
Michael David Siegel answered on Dec 3, 2021

There is estate tax (above a certain value) on the value of the estate. There is income tax to the fiduciary for income realized during the administration of the estate. If assets are sold at a profit, the gain is on the difference between the date of death value and the sale price, which is... Read more »

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2 Answers | Asked in Immigration Law and Tax Law for New York on
Q: I am filing a I-130, Petition for Alien Relative form for my father who is overseas.

I am filing a I-130, Petition for Alien Relative form for my father who is overseas. He was a permanent resident who lost his green card status 10 years ago.

Part of the requirements of the petition is to submit my tax returns from the last three years. I have used my father as a dependent... Read more »

Alexander Ivakhnenko
Alexander Ivakhnenko answered on Dec 1, 2021

Here is what the IRS site states with respect to dependents claim:

You may be eligible to claim both your niece and her son as dependents on your return. In order to claim someone as your dependent, the person must be:

1. Either your qualifying child or qualifying relative...
Read more »

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1 Answer | Asked in Tax Law and Business Law for New York on
Q: Can I hold my nonprofit's events at my restaurant free of charge but charge attendees for food and beverages?

Assume I'm the owner of the restaurant and separately am an Executive Director of the nonprofit. I would not charge a rental fee to the nonprofit, but I would be profiting off food and beverage sales. Does this violate Section 4941 of the IRC?

Samuil Buschkin
Samuil Buschkin answered on Nov 29, 2021

There is a way to structure it without a violation of Section 4941 of the IRC.

1 Answer | Asked in Tax Law for New York on
Q: Hi I have about 75K in tax debt is there anyway the IRS would take less for an immediate lump sum without making an OIC?
Linda Simmons Campbell
Linda Simmons Campbell answered on Sep 14, 2021

No. You would have to submit an offer. The only other way to pay less without submitting an offer is to request a penalty abatement, however, most taxpayers do not qualify for a full penalty abatement. Most people can usually only get penalties abated for the first year. I recommend at least... Read more »

1 Answer | Asked in Tax Law, Real Estate Law and Appeals / Appellate Law for New York on
Q: I have been paying commercial property taxes for a common ground

I own residential and commercial property that sits on 1 lot. The commercial property next to me was run by a bank and was recently vacated. A new owner has informed me of a substantial common ground

Elaine Shay
Elaine Shay answered on Aug 31, 2021

Your post doesn't contain a question. If you want assistance with general information related to your situation, it would be helpful to understand what it is you want to know.

2 Answers | Asked in Estate Planning and Tax Law for New York on
Q: How does 'Inherited IRA' work if IRA beneficiary is a rev trust? And rev trust doc lists 2 children as beneficiaries?

IRA value $700K. Can Inherited IRA live in trust with distributions to children's accounts? What/who is taxed?

Benjamin Z. Katz
Benjamin Z. Katz answered on Aug 25, 2021

Yes. A trust can be a beneficiary of an IRA. It is most common for the trust to pay the tax before distributing to the beneficiaries. The trust document should guide the trustee. Depending on whether or not the trust is a see-through trust inherited IRAs must be used up within either 5 or 10 years.

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1 Answer | Asked in Tax Law for New York on
Q: How should I proceed issuing the corresponding 1099 form to show settlement payment?

In à recent civil case the settlement stipulation required I make periodic payments totaling $60K to my sister's attorney's escrow account.

Tim Akpinar
Tim Akpinar answered on Aug 23, 2021

This is something that only the tax attorneys here are qualified to answer, but you await a response for five weeks. If you haven't already resolved this, you could reach out to tax attorneys (Find-a-Lawyer above, or search on your own) or check with your accountant for meaningful direction.... Read more »

1 Answer | Asked in Tax Law and Education Law for New York on
Q: NYS. Does the school district have the right to look at tax returns of students guardians?

Natural parent moving out of district. Signing over guardianship to the person still living in district. District is asking who will claim child on this years tax return. Does the district have the right to view either parent or guardians tax returns?

Michael David Siegel
Michael David Siegel answered on Jul 20, 2021

Absolutely. That is how they prevent the fraud of a non-resident student trying to get a better school.

1 Answer | Asked in Tax Law for New York on
Q: If partner and I enter into mortgage and I periodically “buy” equity from him until we are 50/50 owners, is that income?

He puts 2/3 down to my 1/3 initially.

Theodore David Vicknair Sr.
Theodore David Vicknair Sr. answered on Jul 19, 2021

No, it doesn't sound like it. What it sounds like is happening is that you are paying him something and relieving his obligation. So in other words, if you are paying him cash that you received that was already taxable, you are just investing the cash in an increased interest in the project.... Read more »

1 Answer | Asked in Tax Law, Business Formation, Business Law and Small Claims for New York on
Q: Good morning can anyone assist me on getting my 2020 taxes return from my accountant I can’t reach her she’s not reply

She has been doing my taxes for a few years now i call and text her about my situation ,but she doesn’t answer me , she move her office out east in Long Island New York , I’m trying to buy a house and I need my taxes information from her to get my Mortgage qualify

Michael David Siegel
Michael David Siegel answered on Jul 2, 2021

You can report her to the State licensing board, and see if they can help. You can order your return or a transcript of it from the IRS.

1 Answer | Asked in Tax Law for New York on
Q: My father passed away in August. Some of his tax debt shows my mother’s name prior to their divorce. Is she liable?

Half of his debt is only in his name since their divorce. But the debt accrued while they were married shows her name. My sisters and I have been left in this mess trying to figure out what we have to pay to settle his debt and save his home. If she is liable for what has her name on it, it would... Read more »

David Ostrove
David Ostrove answered on Mar 2, 2021

Your Mother may not be liable. She may qualify as an "innocent spouse". You need to talk to a tax lawyer.

1 Answer | Asked in Tax Law for New York on
Q: Can a NYS town add fees to property taxes resulting from property maintenance issues, snow removal, etc.?
Tim Akpinar
Tim Akpinar answered on Feb 24, 2021

Your question remains open for four weeks. Until you are able to get meaningful feedback from an attorney who is knowledgeable in property tax matters, here is a link to an article:

New York Property Taxes

Information on Property Taxes in New York State...
Read more »

1 Answer | Asked in Employment Law, Tax Law and Business Law for New York on
Q: Im 17, not old enough to start my online buisness. So im starting it in my girlfriends name. Need help

So I am wondering, will she be legally in trouble for having my buisness under her name and filing for unemployment? We live in the New York area. I am doing all the work and stuff just under her name so the buisness can be made

V. Jonas Urba
V. Jonas Urba answered on Feb 16, 2021

Unemployment requires that everyone who intends to be self-employed discloses that fact to the DOL when they first apply for benefits.

It does not matter if someone earned no money from their business while unemployed. The key factor is disclosing an applicant's intent up front. DOL...
Read more »

1 Answer | Asked in Criminal Law and Tax Law for New York on
Q: I was charged with having untaxed ciggarets i need help in Madison county but don't want an appointed one
Luigi Vigliotti
Luigi Vigliotti answered on Jan 9, 2021

You should do an internet search of attorneys in the Madison county area that handle your particular type of legal situation. In addition, you can contact the local bar association and ask for a list of criminal practitioners. Finally, the local assigned counsel panel may provide a list of... Read more »

1 Answer | Asked in Tax Law for New York on
Q: What's the best business structure to export vehicle from the US?

Export used vehicles to South America.

Tim Akpinar
Tim Akpinar answered on Dec 14, 2020

You could repost and add the categories Business Formation and Business Law. There's no guarantee all posts are answered, but your question remains open for a week and it's possible it might have better chances of being seen in those additional categories. Good luck

Tim Akpinar

1 Answer | Asked in Tax Law and Business Law for New York on
Q: Possible for a single person S-Corp to be paid via 1099 and file schedule c ?

What about for NY State? Any issue being paid via 1099 not on payroll for single person small scorp?

John Kiritsis
John Kiritsis answered on Nov 28, 2020

In short, the answer is probably yes. It would likely go through the IRS (especially if paper filed). However, at some point it would likely trigger an error/rejection type of message and/or an outright audit. S Corps file Form 1120S, which issues form K-1S. One of the great advantages of an S... Read more »

1 Answer | Asked in Products Liability, Tax Law, Business Formation and Business Law for New York on
Q: I'm from NYC. I am starting an e-commerce business. Could I get an LLC in Wisconsin? What are the pros and cons?
John Kiritsis
John Kiritsis answered on Nov 28, 2020

There is a lot of misinformation online that is preying on the public. Generally, the best State to form an LLC is the State is where you planning to operate the business from. Here are some things that may go wrong if you open a Wisconsin LLC, while you are in NY: 1. You would have a very hard... Read more »

1 Answer | Asked in Gov & Administrative Law, International Law and Tax Law for New York on
Q: I am an international PhD student in the States. I want to simultaneously obtain a PhD in my home country.

My presence in my home country is not needed, I can work with my advisor remotely. My US advisor knows my home country advisor; they work on very close problems, they are both okay with this scenario. Can I legally do it, from the point of view of the US laws? I receive a scholarship in the States... Read more »

Tim Akpinar
Tim Akpinar answered on Oct 16, 2020

If a visa of any type is involved, you may want to additionally repost in the Immigration Law section - it's possible the insight of an immigration attorney could be valuable, and possibly more relevant than the other categories, depending on circumstances. Good luck

Tim Akpinar

2 Answers | Asked in Immigration Law and Tax Law for New York on
Q: Am I eligible for fee waiver on N400 Naturalization Applicaiton?

My AGI on my tax return is $31,258 on my 2019 tax return for a family of 4. I believe this falls under the $39,300 poverty guideline for my family size.

I work for a church and receive a housing allowance of the same amount which is not taxable and therefore not included in my AGI.... Read more »

Kyndra L Mulder
Kyndra L Mulder answered on Sep 11, 2020

Probably not. You need to disclose the housing allowance on the application for a waiver.

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1 Answer | Asked in Estate Planning and Tax Law for New York on
Q: I have a hearing about a trust matter in Watkins Glen in October. I am a low-income senior, who is a 1/3 beneficiary.

I live in California. I would like to know if you could provide me with legal services?

Tim Akpinar
Tim Akpinar answered on Aug 31, 2020

You might have better chances of finding an attorney if you start reaching out to them instead of continuing to wait. Your post remains open for a week, and the format here is more question and answer board than attorney referral service. You could use the Find-a-Lawyer tab above to locate Estate... Read more »

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