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New York Tax Law Questions & Answers
1 Answer | Asked in Banking and Tax Law for New York on
Q: Do I need to pay taxes when transferring money from my foreign bank account to my American account?

Hi, I wanted to get information about the possibility of transferring money I have in Brazil in my account there to my US account, about $225,000. Do I need to pay tax on that when I transfer, or in the end of the year? Do I need to declare it in my tax return? I am a temporary resident in the US... Read more »

D. Mathew Blackburn
D. Mathew Blackburn answered on Dec 3, 2019

Any transfer over $10,000 US is reported by the bank but is not taxed.

You don't report it on your personal income return as long as it's a personal transfer.

If it's a gift or earned income it changes things.

1 Answer | Asked in Tax Law for New York on
Q: Can NYS still assess individual income tax if it is beyond the three year statute based upon reliance on the IRS that
D. Mathew Blackburn
D. Mathew Blackburn answered on Dec 3, 2019

The State of New York has a three year statute of limitations to asses additional income tax, but that is not reliant on the federal statute of limitations.

3 Answers | Asked in Divorce, Tax Law and Real Estate Law for New York on
Q: Would I get hit with capital gains tax on house sold that I signed away in divorce settlement?

Signed away all rights to house in divorce, but spouse hasn’t and won’t refinance to take my name off mortgage. She plans on selling and I will get no money in the sale, would I get hit with a capital gains tax?

Michael David Siegel
Michael David Siegel answered on Nov 18, 2019

Not if all proceeds are reflected as going to her on the 1099.

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1 Answer | Asked in Tax Law for New York on
Q: How are real estate taxes claimed as a deductible in regard to a sold inherited rental property?

Inherited rental commercial property sold in 2019. Its 2019 Rent income received prior to sale. Past due taxes in total, inclusive of 2019 taxes, were paid at closing. When filing 2019 Estate tax returns for 2019, which is also Final Return, should these real estate taxes be claimed as deductible... Read more »

D. Mathew Blackburn
D. Mathew Blackburn answered on Nov 5, 2019

Property taxes related to a business are deducted in the year paid.

2 Answers | Asked in Estate Planning and Tax Law for New York on
Q: Does beneficiary pay tax on distributed rental income which the estate previously claimed as income on its tax returns?

Estate earned rental income in 2018, which was claimed as rental income on its 2018 tax returns. Such monies in 2018 were not distributed at that time to beneficiary. In 2019, same money was now distributed to beneficiary. Does beneficiary now need to claim such monies as distributable taxable... Read more »

Nina Whitehurst
Nina Whitehurst answered on Oct 29, 2019

That is a very good question, but no, the income does not get taxed twice. It only gets taxed once at the estate level.

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4 Answers | Asked in Employment Law, Immigration Law and Tax Law for New York on
Q: I'm overstayed visa. Can I use my SSN to work at restaurant? But I plan to get married soon.

I came here with j1 visa. My fiance is US citizen. Will I get in trouble when I apply for green card, if I use it?

Thank you

Leonard R. Boyer
Leonard R. Boyer answered on Oct 29, 2019

You are out of status and cannot work. If ICE catches you, then you will be deported and have at least a 3 year bar or longer before you could legally return.

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2 Answers | Asked in Tax Law for New York on
Q: I withdrew funds from my home equity line and deposited the funds into my retirement account. A few years later I paid

off that HEQ line with funds from the same retirement account. Now the IRS considers those withdrawals as regular income. Do I have any recourse?

I m 70 years old so there was no early withdrawal penalties. My issue is the money I deposited into the retirement account from my HEQ was not... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Oct 17, 2019

You should have thought to ask yourself this same question way back when you deposited new money into a retirement account that prohibits early withdrawals unless the known penalty is paid. The reason the IRS is seeking to tax the funds as regular income is because you violated the terms and... Read more »

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1 Answer | Asked in Tax Law for New York on
Q: If someone owes the irs over $ 150,000,would they still receive a tax refund after filing ?
D. Mathew Blackburn
D. Mathew Blackburn answered on Sep 23, 2019

No, any refund due would be kept to offset the amount owed.

1 Answer | Asked in Tax Law for New York on
Q: What does our church need have in line to legally rent to a for-profit daycare?

We (the church- 501c3) have been renting to a daycare for 30 years. It is a for-profit. The church has been renting for 1/2 market-value. There is no lease and they are paying via a "donation". It is my understanding that the IRS still considers that "rent". Is that accurate? I am also... Read more »

Jeffrey Anton Collins
Jeffrey Anton Collins answered on Sep 18, 2019

My experience with 501(c) exempt organizations is limited. But I can provide this:

The church should be concerned about what is called "Unrelated Business Income". The Internal Revenue Service defines the income generated from unrelated business activities as income from a trade or business...
Read more »

4 Answers | Asked in Tax Law, Divorce, Family Law and Child Custody for New York on
Q: My husband has been hiding income, rationing me for years, and has cut me off financially several times.

He also gaslights me, takes/hides my belongings, tracks my cell phone history (account is under his father’s. I have no access), has told me several times (during/post cancer) he wishes I would die, and is constantly creating financial hardship by spending large amounts of money on various... Read more »

Lawrence Allen Weinreich
Lawrence Allen Weinreich answered on Aug 16, 2019

Based upon what you have said, you would have grounds on the basis of fault. However, there is no need to go that route anymore. New York enacted "No Fault" divorce several years ago. All that is necessary to be alleged is that there is an irretrievable breakdown of the marriage for 6 months or... Read more »

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3 Answers | Asked in Estate Planning, Tax Law, Elder Law and Probate for New York on
Q: The IRS sent a notice of unclaimed 2017 refund + demand to file 2018 for a now dead person. Do I still need to file?

I'm the executor of Mother's estate + not in good shape to tackle this or pay to have it done. She died on Nov 4, 2018. I would say it's very unlikely she'd owed taxes, considering expenses from her long illness from Mar 2018 till her Nov 2018 death; all her MDW's were made on IRA's, etc. and she... Read more »

D. Mathew Blackburn
D. Mathew Blackburn answered on Aug 12, 2019

You should file 2018 and mark deceased and put the date of death. Without a deceased return the IRS can't know she died.

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1 Answer | Asked in Tax Law for New York on
Q: My bank sent me a letter that My W-8BEN forum was rejected, I was requested to fill a W-9 form, How should I reply?

My W-8BEN forum was rejected because it was incomplete (no non-U.S. foreign Tax Identification Number was provided on line 6, I was requested to fill a W-9 form in order to comply with US regulatory tax withholding and information reporting requirements.

I AM a Non-US citizens &... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jul 22, 2019

The amount of money involved ($9 per month) is way too small to be of interest to most lawyers--especially those of us here on Justia giving away their valuable time helping people solve real problems. (FYI, the law is not designed to solve every little problem that comes your way during this... Read more »

2 Answers | Asked in Estate Planning, Real Estate Law, Tax Law and Intellectual Property for New York on
Q: If there are 2 owners on a house and only one is paying the taxes how do you get a receipt in that 1 persons name ?

In my mother's name a grandparent had left money for me to purchase a home or use for college once I was of age . My mother had withdrawn the money once we found our small home and my father had convinced me to put his name on the home in case of any accidents or lawsuits . 3 years later the story... Read more »

Benjamin Z. Katz
Benjamin Z. Katz answered on Jul 18, 2019

You should get in touch with the County Assessor. However, I believe that whoever is listed on the Deed will be billed no matter who pays.

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1 Answer | Asked in Tax Law for New York on
Q: what happens if you never filled out form 709, when you transferred deed as a gift

My sister transfer deed for her condominium to her son back in 2009, Quitclaim deed was created, she did as a gift

but never filled out gift tax return form, how to fix it?

D. Mathew Blackburn
D. Mathew Blackburn answered on Jun 27, 2019

You can file it late, the penalty is based on the tax owed at the time of filing. IRC § 6651(a)(1). So if no tax would have been due then there's

In 2009 the lifetime exemption was 3.5MM so as long as the fair market value was less than that amount, reduced by any mortgage and the annual...
Read more »

2 Answers | Asked in Employment Law and Tax Law for New York on
Q: Told my employer an IRS debt was settled, she deducted my pay anyway. Now I’m receiving refunds. Was that legal?

This happened during the shutdown so I assume they hadn’t processed anything. I insisted that it had been settled. She just responded with “we will deduct it from the following 6 pay periods, if you want to speak to them go ahead”

Im currently receiving refund checks, but it’s... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jun 20, 2019

Yes. Not only was what your employer did legal--it was the most prudent thing that she could have done under the circumstances. Whether or not your employer "believed" you is not the point here. Why? Because your employer MUST obey the IRS lien or face stiff penalties. Be happy you are no longer... Read more »

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1 Answer | Asked in Real Estate Law and Tax Law for New York on
Q: Should Supreme Court be asking parties for their SS# and EIN# to account for distribution of sale funds of property?

In Supreme Court, unprobated real estate of my father's sold by private sale in court partition action. Myself and my brother's estate are beneficiaries/Heirs At Law. Funds are ready to be distributed. The court and its transactional attorney for the sale (Referee died 1-week ago) have not asked... Read more »

Michael David Siegel
Michael David Siegel answered on May 1, 2019

No. There is not a requirement to report anything to the IRS and therefore, no requirement to get a tax ID number. The order will state how the checks are cut.

1 Answer | Asked in Tax Law and Real Estate Law for New York on
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

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 to section 121.

do i fill out 4797 parts 1 and 3?

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Apr 15, 2019

Call a CPA or tax lawyer and run this alternative plan by them--before you make a huge mistake.

2 Answers | Asked in Business Law and Tax Law for New York on
Q: What is the difference between LLC structured as a S Corp and a Corporation elect to be a S Corp?

What are pros and cons for each type?

Michael David Siegel
Michael David Siegel answered on Apr 5, 2019

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.

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1 Answer | Asked in Tax Law for New York on
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.

Is my personal items safe under the current law?

Linda Simmons Campbell
Linda Simmons Campbell answered on Mar 11, 2019

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.

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