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Tax Law Questions & Answers
Q: We live in my husband's grandfather house for almost 10 years. His grandfather died and years ago left the house to his
2 Answers
| Asked
in
Estate Planning, Family Law, Real Estate Law and Tax Law
for
Texas
on
Answered on Jun 25, 2017
Answered on Jun 25, 2017
Terry Lynn Garrett's answer
Your payment of taxes and insurance does not entitle you to property -- unless it has been abandoned and you have paid the taxes for at least 10 years. The daughter might well view this as rent -- and maybe not enough rent. Either of the heirs can force a partition and sale, perhaps buying out the other.
Your payment of taxes and insurance does not entitle you to property -- unless it has been abandoned and you have paid the taxes for at least 10 years. The daughter might well view this as rent -- and maybe not enough rent. Either of the heirs can force a partition and sale, perhaps buying out the other.
Q: Is there a way to separate Airbnb income from a house in a trust from trustee personal income like getting a EIN
Zaher Fallahi's answer
I would ask Airbnb for the figures in details. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
I would ask Airbnb for the figures in details. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
Q: I failed to report $9k on my 2014 business tax return, why do I owe them $9k instead of just owing the tax?
Zaher Fallahi's answer
Find out from the tax authorities or the supplementary information they sent you. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
Find out from the tax authorities or the supplementary information they sent you. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
Q: Does California tax inherited investment funds (excluding inherited retirement funds)?
Zaher Fallahi's answer
I hope I understand your question, California doesn’t have inheritance tax. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
I hope I understand your question, California doesn’t have inheritance tax. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
Q: For one LLC, can different properties have different ownership %? Will taxes be based on ownership % in LLC?
Zaher Fallahi's answer
Generally, no. Your tax adviser may assist you in arriving at the desired goal by legitimate means. Taxes may be based on pro rata profit and loss. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
Generally, no. Your tax adviser may assist you in arriving at the desired goal by legitimate means. Taxes may be based on pro rata profit and loss. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
Q: I am expecting 3 checks for property sold. Can I invest and avoid taxes? Or pay taxes now?
Zaher Fallahi's answer
Generally, no. You may exclude some or all of the capital gains, if the property qualified for “primary residence exclusion”. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
Generally, no. You may exclude some or all of the capital gains, if the property qualified for “primary residence exclusion”. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
Q: mother stroke I live 300 miles brother 2 miles not trustworthy give Rep payee to him? if she dies he gets her money?
Terry Lynn Garrett's answer
Life insurance is payable to the named beneficiaries. If no beneficiaries are named, it is payable to the estate.
A "rep payee" is a Social Security term. A rep payee creates a bank account to receive the monthly Social Security retirement or disability benefit payments as direct deposits and is responsible for using them in the person's best interest, submitting an annual account to the Social Security Administration. These benefits are only payable while someone is alive....
Life insurance is payable to the named beneficiaries. If no beneficiaries are named, it is payable to the estate.
A "rep payee" is a Social Security term. A rep payee creates a bank account to receive the monthly Social Security retirement or disability benefit payments as direct deposits and is responsible for using them in the person's best interest, submitting an annual account to the Social Security Administration. These benefits are only payable while someone is alive....
Q: Can I start an online buisness and sell fidgets(which are toys) before registering to anything just to test the market
3 Answers
| Asked
in
Tax Law, Business Formation and Business Law
for
New York
on
Answered on Jun 21, 2017
Answered on Jun 21, 2017
Barry Eran Janay's answer
Yes, just check with the dept. of taxation regarding whether you have to charge sales tax or not if you are just selling online.
Yes, just check with the dept. of taxation regarding whether you have to charge sales tax or not if you are just selling online.
Q: I lost my Home in Oakland County to tax foreclosure I have money to pay now is can I appeal
1 Answer
| Asked
in
Appeals / Appellate Law, Foreclosure and Tax Law
for
Michigan
on
Answered on Jun 20, 2017
Answered on Jun 20, 2017
Adam Alexander's answer
I suggest you contact Michigan's Step Forward program to see if they can help. The link is here: https://www.stepforwardmichigan.org/en/
You should also contact the Michigan Treasurer's office to see if they can point you in the right direction. You still may have redemption rights but tax foreclosure fees and levies are hefty.
I suggest you contact Michigan's Step Forward program to see if they can help. The link is here: https://www.stepforwardmichigan.org/en/
You should also contact the Michigan Treasurer's office to see if they can point you in the right direction. You still may have redemption rights but tax foreclosure fees and levies are hefty.
Q: Got a bill for late fees for not filing timely when my LL partnership ended. Is there something that we can do?
Peter Munsing's answer
Contact Kelly Erb. Tell her I suggested you call. If you need her contact info call me. I believe it's possible she can get you a reduction. If you are in the Philadelphia area and need a good accountant I can give you the name of someone.
Once you don't pay, you are 3rd or 4th and long yardage. Unlikely you can get a rollback.
Contact Kelly Erb. Tell her I suggested you call. If you need her contact info call me. I believe it's possible she can get you a reduction. If you are in the Philadelphia area and need a good accountant I can give you the name of someone.
Once you don't pay, you are 3rd or 4th and long yardage. Unlikely you can get a rollback.
Q: Can someone get income by being involved in direct sales / MLM while on a H1? Thanks
1 Answer
| Asked
in
Tax Law, Employment Law and Immigration Law
for
Kentucky
on
Answered on Jun 16, 2017
Answered on Jun 16, 2017
Roger Carl Algase's answer
An H-1B employee is only allowed to receive income from the H-1B employer as described in the H-1B petition. Working for any other employer would require a new petition or a "concurrent" H-1B petition from the second employer. H-1B also depends on an employer-employee relationship. One cannot run one's own business or engage in free-lance employment with an H-1B work permit.
An H-1B employee is only allowed to receive income from the H-1B employer as described in the H-1B petition. Working for any other employer would require a new petition or a "concurrent" H-1B petition from the second employer. H-1B also depends on an employer-employee relationship. One cannot run one's own business or engage in free-lance employment with an H-1B work permit.
Q: I am looking for a pro bono tax attorney
Michelle D. Wynn's answer
I suggest contacting your local Low Income Taxpayer Clinic. You can find a listing of them in your area by following this link to the Low Income Taxpayer Clinic Map: https://taxpayeradvocate.irs.gov/about/litc
I suggest contacting your local Low Income Taxpayer Clinic. You can find a listing of them in your area by following this link to the Low Income Taxpayer Clinic Map: https://taxpayeradvocate.irs.gov/about/litc
Q: Can we get back our money for false representation on a Tax Company out of California?
Ali Ebrahimzadeh, Esq.'s answer
If you've been wronged, you can sue in small claims court and report the business to the Attorney General. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts,...
If you've been wronged, you can sue in small claims court and report the business to the Attorney General. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts,...
Q: Does a DFEH settlement count as a discrimination settlement for tax purposes?
Zaher Fallahi's answer
There may be too much of speculation here. If I were you, I would consult a tax attorney familiar with eh IRC Section 104(a)(2).. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
There may be too much of speculation here. If I were you, I would consult a tax attorney familiar with eh IRC Section 104(a)(2).. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
Q: Is there a deadline to amend tax returns?
Tristan Kenyon Schultz's answer
Baring very rare exceptions an amended return can be filed by the later of: (1) 3 years form the filing of prior returns or (2) 2 years from the date the tax was paid.
Baring very rare exceptions an amended return can be filed by the later of: (1) 3 years form the filing of prior returns or (2) 2 years from the date the tax was paid.
Q: What kind of tax consequences a China's company will have when open website see virtual service for US consumers?
Michelle D. Wynn's answer
This is an excellent question for you to ask, as there may be US tax consequences as a result of this activity. However, there are a great many factors to be considered before someone here can answer even your basic questions, such as whether you have to report this income to the US government. Most likely you will have to report this income through US income tax return filings. I strongly suggest seeking professional assistance from a tax attorney or CPA who specializes in tax compliance for...
This is an excellent question for you to ask, as there may be US tax consequences as a result of this activity. However, there are a great many factors to be considered before someone here can answer even your basic questions, such as whether you have to report this income to the US government. Most likely you will have to report this income through US income tax return filings. I strongly suggest seeking professional assistance from a tax attorney or CPA who specializes in tax compliance for...
Q: Do I need a to get a EIN number from business's who I am paying rent to every month in order to take it as a tax writoff
Wesley Winsor's answer
If you are running it as a sole proprietorship, then you don't need to get a separate EIN, you can just use your own Social Security number when you report your taxes. If your company is an LLC then you will already have an EIN and you will u se the EIN when you do your taxes.
Can you write off the expense of renting parking lots as business expenses? Yes absolutely. It is a cost of doing business. I may classify it as a marketing expense. All of your expenses including this one...
If you are running it as a sole proprietorship, then you don't need to get a separate EIN, you can just use your own Social Security number when you report your taxes. If your company is an LLC then you will already have an EIN and you will u se the EIN when you do your taxes.
Can you write off the expense of renting parking lots as business expenses? Yes absolutely. It is a cost of doing business. I may classify it as a marketing expense. All of your expenses including this one...
Q: I haven't worked in USA since 2010 or filed a tax return. I am now living in USA since 2013, no work. How do I file?
Michelle D. Wynn's answer
If you have earned enough income to have a filing requirement, or if you have income from US or foreign sources that produces specialized tax requirements, regardless of whether the income is from employment, then you need to file a tax return. Any US citizen, permanent resident (Green Card holder), or resident (regardless of immigration status) of the United States is required to file and pay taxes on income produced worldwide (including investment earnings, pension plans/retirement plans,...
If you have earned enough income to have a filing requirement, or if you have income from US or foreign sources that produces specialized tax requirements, regardless of whether the income is from employment, then you need to file a tax return. Any US citizen, permanent resident (Green Card holder), or resident (regardless of immigration status) of the United States is required to file and pay taxes on income produced worldwide (including investment earnings, pension plans/retirement plans,...
Q: What type of tax filing option is best for my business?
D. Mathew Blackburn's answer
You should seek out a tax attorney to advise you. You're asking for legal advice and attorney's can't provide legal advise to people who are not their client.
You should seek out a tax attorney to advise you. You're asking for legal advice and attorney's can't provide legal advise to people who are not their client.
Q: I own a house in North Carolina but my main residence is new york. Do I have to pay north Carolina State income tax ?
Barry Eran Janay's answer
Generally you don't have to pay income taxes in a state where you just own property, but if you live there part time and if you earn income from a source there that is a different story.
If I were you I would review the primer here and try to match it to your individual circumstances:
https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/Multiple-States---Figuring-What-s-Owed/INF12055.html
A CPA can also answer any questions you have.
As for...
Generally you don't have to pay income taxes in a state where you just own property, but if you live there part time and if you earn income from a source there that is a different story.
If I were you I would review the primer here and try to match it to your individual circumstances:
https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/Multiple-States---Figuring-What-s-Owed/INF12055.html
A CPA can also answer any questions you have.
As for...
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