Lawyers, Answer Questions  & Get Points Log In
New York Tax Law Questions & Answers
1 Answer | Asked in Tax Law for New York on
Q: Under the covid stimulus package, will I be able to receive 2017 and 2018 tax refunds that would otherwise be garnished?

According to the covid stimulus package, those who are in default of their student loans will not have their tax refund garnished. My question is: Does this apply to only 2019 tax refunds, or will it also apply to 2017 and 2018 refunds? I am entitled to refunds for the past three years and never... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Mar 31, 2020

The stimulus does not involve tax year 2019--because 2019 tax returns are not even due until July 15, 2020. Moreover, If you have never filed tax returns for tax years 2018 or 2017 you will probably not receive any stimulus check.

1 Answer | Asked in Tax Law for New York on
Q: If I receive publicly-traded stock in lieu of cash for services rendered, how is that taxed?

I assume that I would have to pay short-term capital gains taxes based on the immediate market value, then if I immediately sold it, would I then pay capital gains taxes again based on the original owner's cost basis? Thank you in advance for your insights.

David Ostrove
David Ostrove answered on Mar 25, 2020

If you received it for services rendered. The value of the Stock is ordinary income to you. And, the value is, therefore, your tax basis. If you sell it at a gain, the difference between your selling price and the value when you received it for services rendered is your capital gain; short term or... Read more »

1 Answer | Asked in Foreclosure, Real Estate Law and Tax Law for New York on
Q: Sale of note, then sale of collateral, then forgiveness of debt confusion.

When a mortgage and note (one document, titled NOTE AND MORTGAGE) is sold, the creditor/lender/noteholder/mortgagee changes, but the debtor/borrower/mortgagor stays the same.

If the debtor/borrower/mortgagor then sells the mortgaged property (the deed to his house), subject to the... Read more »

Elaine Shay
Elaine Shay answered on Mar 19, 2020

When a lender assigns a note and mortgage, the debt remains with the borrower even if the property is sold subject to the mortgage.

1 Answer | Asked in Estate Planning, Real Estate Law and Tax Law for New York on
Q: what forms do i need to complete to transfer real property to a living trust?
Nina Whitehurst
Nina Whitehurst answered on Feb 28, 2020

Real estate is transferred using a document of conveyance called a deed. However, there are a variety of types of deeds, and the choice is not always obvious. I do not ever recommend using quitclaim deeds because of issues with insurability. That leaves possibly a warranty deed or a special... Read more »

2 Answers | Asked in Estate Planning, Real Estate Law and Tax Law for New York on
Q: I have a real estate worth $850.000 in Long island city, NY. How much tax my kids and spouse has to pay when i pass away
David Ostrove
David Ostrove answered on Feb 27, 2020

Your kids pay no estate tax. Your exemption will more than cover $850,000.

View More Answers

1 Answer | Asked in Tax Law for New York on
Q: I have a rent to own lease on a apartment building. I live in one of the 3 apartments and pay for repairs for the all

the apartments myself. I also rent out the apartments and collect rent from tenants like a property manager does. How do I go about doing my taxes?

Linda Simmons Campbell
Linda Simmons Campbell answered on Jan 27, 2020

Unless you have a tax preparation background you should hire someone to prepare your taxes. That way you will not have to worry about making a mistake, getting audited, and paying someone like me a lot more then you would have paid an accountant. Find a good accountant, with experience in this... Read more »

1 Answer | Asked in Tax Law for New York on
Q: Can New York state seize my car if I owe back taxes and I've been on social security for the last 15 years

I started out on Social Security Disability because I am hearing disabled. 15 years ago.

D. Mathew Blackburn
D. Mathew Blackburn answered on Jan 20, 2020

Yes. Once a tax warrant has been filed the state can, and will, seize non-exempt property and auction it to pay your tax debt.

If you call them and setup a payment plan they'll pause collections activity.

You'll also want to check to see if you're driver's...
Read more »

2 Answers | Asked in Business Law and Tax Law for New York on
Q: New York notice for additional sales tax owed plus interest and penalties going back to tax year 1999.

Operated a auto repair shop in NY in 1999. Had CPA do my taxes and paid what he said that I owed for sales tax tax for year 1999 which was around $500. Later got notice that I owed more than I had paid so I contacted CPA and he said he would take care of the issue. Had unfortunate events occur in... Read more »

Terrence H Thorgaard
Terrence H Thorgaard answered on Jan 17, 2020

You are going to need a New York attorney. The fact that you may now be in Florida is immaterial. So ask in Justia > Ask a Lawyer > New York > Tax Law.

View More Answers

1 Answer | Asked in Divorce and Tax Law for New York on
Q: IRS saying I am not allowed to take mortgage interest and real estate tax deduction given to me as part of divorce.

In my divorce decree, my ex-spouse agreed that I could take the full mortgage interest and real estate tax deduction on our property jointly owned until our son is financial independent. The IRS is now saying that I am only allowed to take 50% of the deduction because we both own it. The property... Read more »

Lawrence Allen Weinreich
Lawrence Allen Weinreich answered on Jan 16, 2020

Your decree cannot over rule IRS rules. You should sit down with your tax advisor or a tax attorney to go over your decree, agreement and the IRS ruling.

2 Answers | Asked in Tax Law for New York on
Q: I am in trouble with the IRS and State for infilled and also owe a substantial in back taxes. I have no money to pay

An attorney but need help. Is there a pro bono person that can help me? I live in MYC

Linda Simmons Campbell
Linda Simmons Campbell answered on Dec 19, 2019

You can see if one of the low income taxpayer clinics in your area can help. Here is a link to the page where you can search for one near you.

https://taxpayeradvocate.irs.gov/about/litc

View More 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.

View More Answers

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.

View More Answers

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.

View More Answers

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 »

View More Answers

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... 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...
Read more »

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.