Tax Law Questions & Answers

Q: My step mom will not let me see the will or give any info. It has not been probated. Do I have a right to see the will?

1 Answer | Asked in Probate and Tax Law for Tennessee on
Answered on Dec 11, 2017

This is not a tax question and you don't clearly specify your relationship to the deceased. However, if you are a relative of the deceased, you have a right to be notified of any probate proceedings. If a will is submitted for probate, it becomes a public record amd you can get a copy from the probate court clerk.
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Q: My ex is insisting that he is entitled to half of my tax return because he pays child support. Is this true?

2 Answers | Asked in Child Custody, Child Support and Tax Law for Pennsylvania on
Answered on Dec 10, 2017

No. Are you divorced?? There may be reasons he is entitled to a portion of your tax return, but paying child support is not one of them.
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Q: Can I sue someone I paid for false pretense that they would help me get my driver's license and then they never do

1 Answer | Asked in Civil Litigation, Contracts, Small Claims and Tax Law for Pennsylvania on
Answered on Dec 9, 2017

It would depend on the amount at issue. It's not clear what he promised to do. He doesn't have a right to take it under false pretenses. Before you sue, make sure you establish independence by getting drivers training and taking the test.
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Q: I just opened an online store and i will be dropshipping from other retailers to my customers. Do I charge sales tax?

1 Answer | Asked in Tax Law for Pennsylvania on
Answered on Dec 9, 2017

Seems to be the law and practice. You would be better off talking to accountants or tax lawyers.
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Q: Hi do I have to report taxes flipping domains (reselling )

1 Answer | Asked in Tax Law for Florida on
Answered on Dec 5, 2017

Yes, the profit would be taxable income to you.
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Q: My mother is on Medicaid. She and I co-own a condo that I wish to sell but without affecting her Medicaid. How can I?

2 Answers | Asked in Estate Planning, Tax Law and Elder Law for Florida on
Answered on Dec 5, 2017

Simply put. This is a very complicated area of law. You need to get offline and go meet with an elder law attorney / Medicaid planning attorney ASAP to discuss options and to review how the deed into her was set up. All of that information is critical to what can be and should be done here.

Good luck.
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Q: Am I required to pay taxes on gains earned from cyptocurrency like Bitcoin if I sell it?

1 Answer | Asked in Tax Law for Massachusetts on
Answered on Dec 2, 2017

Yes. See https://www.irs.gov/newsroom/irs-virtual-currency-guidance
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Q: My friend pays me to buy things online for him. Do I have to pay taxes on the money he gives me to make those purchases?

1 Answer | Asked in Tax Law for Kansas on
Answered on Nov 29, 2017

If you have another job then you need to include the few hundred dollars (minus any allowable deductions) as self employment income on your tax return. If this is your only income you may be under the amount that would require you to file a return. If you are audited you will need to prove that the funds you received went towards the purchase of the items for your friend. You should keep a separate bank account. This will make it easier to show where the funds you receive are going. Keep...
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Q: If a man is giving ex $ for child (not court ordered child support) can he claim that money on his taxes?

1 Answer | Asked in Child Support and Tax Law for Michigan on
Answered on Nov 29, 2017

You cannot deduct child support on your taxes (only alimony). The person receiving the child support does not pay taxes on the money received. If you are talking about taking the child as a dependent that depends on who provides over half the support for the child. Generally the person that provides more than half the support is allowed to take the child as a dependent. The noncustodial parent may be treated as the parent who provided more than half of the child's support if the custodial...
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Q: What are the best ways for a child to purchase assets from parents and avoid the estate tax (state+federal)?

3 Answers | Asked in Estate Planning, Real Estate Law and Tax Law for New York on
Answered on Nov 28, 2017

Again, this is not a real estate question but rather Estate planning one. You need consultation with experienced estate planning lawyer as you are not taking into consideration an appreciation in value of the real estate in your parents hands over time.

If you purchase it from them you will inherit their original Basis and hense will be hit with huge capital gains taxes at sale. If you receive it from them in a Trust after their death you may avoid such tax as you will get Step Up...
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Q: Would it be advised to purchase member interest in an LLC to acquire a property?

2 Answers | Asked in Real Estate Law, Tax Law and Estate Planning for New York on
Answered on Nov 28, 2017

I think you need to have a consultation with Estate Plannig not real estate attorney as there are estate planning/tax consequences involved here. I would obviously look at the basis (value of real estate investment at purchase) and consider capital gain issues. Best idea is to put LLC shares into a trust. Give our office a call.

Inna Fershteyn

Law Office of Inna Fershteyn and Associates, P.C.

1517 Voorhies Ave, Suite 400

Brooklyn, NY 11235

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Q: How can a General Partnership be dissolved in NYS with an rogue member?

1 Answer | Asked in Tax Law, Business Formation and Business Law for New York on
Answered on Nov 28, 2017

File a final tax return with zero income. Mark it as final. Do a NYS return as well. That is it.
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Q: I am on social security disability and am going to receive a lump sum pension payment. Do I need to have taxes taken out

1 Answer | Asked in Tax Law for California on
Answered on Nov 23, 2017

Your pension is taxable, but it seems below the threshold and you may not owe any taxes. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).
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Q: Have 30k in cash given to me by mother. What is best way to get into bank and will there be tax liability?

1 Answer | Asked in Tax Law, Banking and Divorce for California on
Answered on Nov 23, 2017

You can deposit and the bank will issues 8300 for it, but shouldn’t be a problem. No tax liability. Mom will have gift tax filing requirement. If there are concerns, consult a tax attorney with Bank Secrecy Act (BSA) experience. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi,...
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Q: my sister was married, and her husband gave my mom $20,000 life insurance to pay for funeral expenses.

1 Answer | Asked in Tax Law, Elder Law and Estate Planning for California on
Answered on Nov 23, 2017

Life insurance will not qualify for medical and a gift tax return may be required (splitting). The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).
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Q: I am donating a house to a non-profit organization. What documents do I need for the IRS besides Form 8283?

1 Answer | Asked in Real Estate Law and Tax Law for Maryland on
Answered on Nov 21, 2017

A donor may need to get a qualified appraisal of the property. The instructions to Form 8283 give more details. Determining entitlement to a deduction in a particular case will be quite fact-specific and is best raised with your accountant or tax professional.
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Q: My husband recently passed away, he had a will but left everything to me, such as insurance policies, 401k's, the house.

1 Answer | Asked in Real Estate Law, Estate Planning and Tax Law for Pennsylvania on
Answered on Nov 20, 2017

The Will will need to be filed (probated) and an estate opened. You would be best advised to at least consult an attorney to help you with the estate.
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Q: What are the tax strategies for selling a condo that I am currently renting out?

1 Answer | Asked in Tax Law and Real Estate Law for New York on
Answered on Nov 20, 2017

You are talking about a 1031 exchange, which is an option for an investment property. A primary residence comes with an allowed lifetime non-taxable gain. You have to determine your real gain, when you take into account expenses you have paid.
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Q: Can a parent that only has a child 48 days out of the year claim the child on their taxes?

1 Answer | Asked in Tax Law for Michigan on
Answered on Nov 17, 2017

IRS Publication 596 discusses the exemption for divorced parents. The rules are as follows:

Special rule for divorced or separated parents or parents who live apart.

A child will be treated as the qualifying child of his or her noncustodial parent (for purposes of claiming an exemption and the child tax credit, but not for the EIC) if all of the following apply:

The parents:

Are divorced or legally separated under a decree of divorce or separate maintenance,...
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Q: I created an LLC. I submitted a 2553 to become an s-corp. What do I do for franchise taxes?

1 Answer | Asked in Business Formation and Tax Law for Texas on
Answered on Nov 17, 2017

If you created the LLC in Texas, the Comptroller's office normally sends a mailer to the registered agent's address with information on how to file franchise tax reports and pay any amounts owed.
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