New York Tax Law Questions & Answers

Q: When i sell a main home that was a rental property for 2 years before i sold it, in which i am eligible to have t sectio

1 Answer | Asked in Tax Law and Real Estate Law for New York on
Answered on Apr 15, 2019
Bruce Alexander Minnick's answer
Call a CPA or tax lawyer and run this alternative plan by them--before you make a huge mistake.

Q: What is the difference between LLC structured as a S Corp and a Corporation elect to be a S Corp?

2 Answers | Asked in Business Law and Tax Law for New York on
Answered on Apr 5, 2019
Michael David Siegel's answer
LLCs are not S-corps, but the tax issues are the same. There is little difference. These are tax driven questions which are determined by your personal tax situation.

Q: The irs is going to take my fathers house due to back taxes and alot of my personal items are in and around the premise.

1 Answer | Asked in Tax Law for New York on
Answered on Mar 11, 2019
Linda Simmons Campbell's answer
Most personal items are not seized when a home is auctioned by the IRS. I strongly recommend that your father contact a tax attorney to see if there is any way to save his home. Just stay away from the places you see advertised on tv.

Q: Help with the calculation

1 Answer | Asked in Tax Law and Business Law for New York on
Answered on Feb 28, 2019
D. Mathew Blackburn's answer
Distributions from S-corps don't go on the 1040, just the net income.

Also, S-corp income goes on the Sch E not the Sch C.

Distributions go on the K-1 and adjusts your basis. They don't affect income except for very limited circumstances.

I'd suggest you find a professional if you're running an S-corp it's worth it.

Q: i made 8k on my s-corp and i took that money out and put it into my disregarded llc how would i have to report it

1 Answer | Asked in Tax Law and Business Law for New York on
Answered on Feb 25, 2019
D. Mathew Blackburn's answer
You would file an 1120S for the S-corp income of $8k, issue a k-1 to yourself showing box 1: $8,000; Box 17: D $8,000 for the distribution to yourself.

Then record an $8,000 capital contribution to your LLC.

Q: Which state do I pay my state taxes too?

1 Answer | Asked in Tax Law for New York on
Answered on Feb 22, 2019
D. Mathew Blackburn's answer
You're going to have to determine in which states you have an income tax nexus.

New York you will have nexus because you're organized there. Next step is to determine the amount of income allocable to New York.

You likely have nexus in Mass. due to a physical place of business that you maintain.

If you did not operate your business in NJ you likely do not have nexus.

Once the business side is figured out you'll have to determine that same for personal taxes....

Q: i have an s corp and i didnt pay myself a w2 in 2018? what do i do acn i pay myself a 1099?

1 Answer | Asked in Tax Law, Business Formation and Business Law for New York on
Answered on Feb 22, 2019
D. Mathew Blackburn's answer
If you didn't pay wages you can't issue a W-2.

A 1099 does not solve the problem and creates self-employment tax.

Make an estimated tax payment on IRS.gov or EFTPS.gov.

Q: i am a real estate agent and i have an s corp can i pay myself a 1099 or do i have to pay myself a w2?

1 Answer | Asked in Business Formation, Business Law and Tax Law for New York on
Answered on Feb 21, 2019
Michael David Siegel's answer
As the year is over, it is too late for a wage payment as you did not withhold taxes. Therefore, issue a 1099. The tax issue is the same, as you will pay self employment tax on the 1099 income.

Q: doing my taxes now i dont remember when i opened my corp

1 Answer | Asked in Business Law and Tax Law for New York on
Answered on Feb 21, 2019
Michael David Siegel's answer
If it is a New York corporation, you can do a business name search at the website of the Secretary of State of New York State.

Q: My wife won a settlement from a lawsuit involving a wire mesh for a bladder sling. Do we have taxes to pay on it?

1 Answer | Asked in Tax Law for New York on
Answered on Feb 20, 2019
D. Mathew Blackburn's answer
It depends on what the damages were awarded for. Mental and physical pain and suffering are not taxable, most other awards are taxable. Yours may be a combination of different award types. You'll need to consult a tax professional and let them review the court documents to get a definitive answer.

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.

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