James L. Arrasmith Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Apr 1, 2024

Investing capital gains from the sale of property into an Opportunity Zone can provide tax benefits, but it does not automatically avoid capital gains tax. Here's some information about Opportunity Zones and capital gains:

1. Opportunity Zones: These are economically distressed areas... View More

There are ways to avoid or reduce your capital gains from the sale of land. Commonly accepted methods are transactions involving a 1031 Exchange or investing the gain in Opportunity Zones. With a 1031 Exchange, you must use a Qualified Intermediary which holds the sale proceeds of the land, and... View More

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answered on Mar 13, 2024

Based on the information provided, it seems you are a resident of Portland, Oregon, and receive income from a California S-Corp through a K-1 form. In this case, you may be subject to the Supportive Housing Services (SHS) tax and the Preschool for All (PFA) tax, which are local taxes in the... View More

I recommend that your father return to his estate planning attorney to discuss the pros and cons of adding someone to the title of his house. With few exceptions, at his death the mortgage will very likely need to be paid off and the property taxes will need to be paid. If the mortgage company... View More

The answer to your question is complicated, and more information is needed.

Generally, a person has 60 days after filing a Voluntary Acknowledgement of Paternity to request that the father’s name be removed from the birth certificate, or more than 60 days if the request is based on... View More

It is common for parents to exchange tax returns for purposes of determining whether a modification of child support is appropriate. In many custody orders, the parents are ordered to exchange this information.

If you are not subject to a court order that requires you to give yours, you... View More

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answered on Mar 2, 2024

I understand the frustration, but cannot recommend refusing to pay income taxes. There are a few reasons for this:

1. Not paying income taxes is illegal, regardless of one's political views or government policies. The ramifications like heavy penalties and interest make this very... View More

Anthony M. Avery Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Sep 29, 2022

Executing a Deed to her takes effect now, even if it is a vested Remainder taking possession at your death. Wills must be Probated for the Will to have any effect, which also attracts other relatives and creditors.

Yes - the IRS can "come after" you for not paying payroll tax. When you are paid under the table, it is your duty to make sure you are still reporting those earnings as income. The IRS and other agencies that receive your payroll taxes can also go after your employer for not deducting... View More

Example: father purchased the property for $50,000 in the 80s. His orignial "tax basis" is $50,000. So that if he sells it for $50,001 he has a gain of $1. Now its 2021 and It is now worth $200,000. The built in gain is $150,000.

If he holds onto the property, either as a... View More

I am only licensed to practice in Oregon so I can't speak to Florida law but in general it is better for your children to inherit your property because they receive a stepped-up basis. This means when they inherit your house after your death their new basis in the property is your... View More

Anthony M. Avery Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on May 25, 2020

Each Tenant In Common owns an undivided interest in the property. The IRS is the priority lien holder on the whole property. The Tax Lien does need to be examined for enforceability (SOL, Taxpayer's Name, Tax Debt Due, possible Tax Court Case, etc.). You all might try an Offer In... View More

First off H&R block are not accountants, they're return preparers regardless of their other certifications.

Second, they do have a responsibility but you're going to have file a lawsuit to get them to do much of anything once they've been paid. They do this all the time... View More

Child support payments are for CHILD SUPPORT. That means they are paid to the person responsible for supporting the child, which is certainly not the child. In some cases the court allows the mother (or the father, sometimes) to continue receiving the child support for some period of time after... View More

Not sure I understand everything that is going on and you will probably have to have a one on one with a lawyer at some point to sort this out. Courts are pretty much close right now so you won't get a hearing any time soon to order him to pay support but the child support offices are... View More

If you mean that the garnishment caused you to bounce checks you have already written, you are responsible. The IRS gives you time to get the levy released. If the bank has not already sent the money to the IRS you still have time to reach a collection alternative with them. Most of us offer a... View More

It’s hard to say without seeing the lease and buyout agreements. In some cases, taxpayers can argue that a payment like that is actually a reduction in the monthly lease payments based on not receiving the value that you initially bargained for. In other words, an adjustment to the purchase... View More

Who said you can't question the IRS. That's really bad news for my career if it's true. Which it's not. Hire a professional if you have an issue with a government agency and challenge their position. It's literally what lawyers are for.

Sounds like you should hire someone to help you with that.

If you operate a a WA company from OR WA still taxes you on any income since you're a resident. The only way to avoid that would be to operate the company as a corporation and don't take any salary or dividends.