Tax Law Questions & Answers

Q: ISO: business/tax lawyer

1 Answer | Asked in Tax Law, Business Formation and Business Law for Colorado on
Answered on Oct 20, 2018
D. Mathew Blackburn's answer
Tax is not restricted to only attorneys that are licensed in the state. I have cases in about 10-11 different states. I'd have to go count them to be sure.

A Colorado attorney can help you with this issue.

Q: What is method to transfer deed in sale for lot still titled under defunct corp of deceased owner?

1 Answer | Asked in Real Estate Law and Tax Law for New York on
Answered on Oct 19, 2018
Michael David Siegel's answer
I had a case like this last year. There are ways to deal with it but it depends on the facts. Saying you are a shareholder when you are not is not the right thing to do, as you assumed. There are State and Federal estate tax and income tax consequences to doing this right. Also, the partition case was not done right if this issue arose post judgment.

Q: Capital Gains tax on living in new home 9 months or less.

1 Answer | Asked in Tax Law for California on
Answered on Oct 17, 2018
Eric Steven Day's answer
You will still be able to take the exemption from gain on the sale of a personal residence under certain circumstances. It's called the 50 mile rule. If the location of the new job is 50 miles or further away you will be able to take the exclusion of the 2-year rule and the entire transaction would be tax free

Q: We are being sued for delinquent taxes but the property is not in our name. Help!

1 Answer | Asked in Real Estate Law and Tax Law for Texas on
Answered on Oct 16, 2018
Tammy Lyn Wincott's answer
You can speak with the attorney who is suing and find out some options. At a minimum I would suggest filing an "Affidavit of Heirship" in the County where the property is located. This takes two people who have known the family for a long time, know relatives and circumstances; however, it cannot be anyone who could inherit, i.e. a spouse of a relative does not qualify.

You might file a disclaimer to real property as well.

Q: Taxation of an LLC owned by non USA residents

1 Answer | Asked in Business Law and Tax Law on
Answered on Oct 15, 2018
Eric Steven Day's answer
If the income is earned within the U.S., the taxpayers always have to file a US tax return to pay taxes on the income that they generate in the U.S. They may also have to file the income in the foreign country that they reside in, but they will likely get a credit for any income taxes that they pay to the U.S. on the same income. A lot of this depends on the country and whether the U.S. has any treaties with the foreign country.

Q: Tax-wise, is there a way to write off the cost of mandated drug/alcohol testing and/or fines and fees paid to the court?

1 Answer | Asked in DUI / DWI and Tax Law for Michigan on
Answered on Oct 10, 2018
Brent T. Geers' answer
You'll need to consult with a tax attorney or other tax professional, particularly about whether mileage is deductible. It will all obviously depend on your overall tax situation; with the raised standard deduction starting with this tax year, a lot of people who used to itemize may no longer be able to do so, which would make your question a moot point if you are one of those people.

Very generally, I am unaware of allowable deductions for fines, fees, or costs related to criminal...

Q: Will I have to pay additional tax and do I have to pay the 20% tax now on a beneficiary 401k

1 Answer | Asked in Tax Law for Florida on
Answered on Oct 9, 2018
Eric Steven Day's answer
When you withdraw funds from an inherited IRA, the money is subject to income tax to the beneficiary that withdraws the IRA. However, you should not be required to pay the 10% penalty for the early withdrawal of these funds. Therefore, the first 10% withholding would be a good idea in case you owe taxes after deductions on the distribution, but the additional 10% which would be to cover the penalty if there was one is not necessary. I would have them withhold the first 10% even though you...

Q: Do international companies located outside the USA have to pay Sales tax in colorado for goods purchased.

1 Answer | Asked in International Law and Tax Law for Colorado on
Answered on Oct 6, 2018
Richard Sternberg's answer
Unlike VAT, sales tax is paid by the vendor at point of sale. So, if the purchase was in Colorado, the vendor must report and pay sales tax on the sale unless there is an exemption under state law. Such exemptions often exist for non-profit charitable entities with § 501(c) status, but the exemptions are controlled by Colorado state law. You should consult a lawyer in Colorado for details.

Q: Do International Business's pay state taxes in colorado if the vendor supplied to an international company not located

1 Answer | Asked in Tax Law for Colorado on
Answered on Oct 5, 2018
D. Mathew Blackburn's answer
It's going to depend on the goods and services provided. Is the company paying for a service or a good? Services are not subject to sales tax, goods are. If I have my brakes changed am I buying brakes, the installation service, or both? The first step would be an analysis of what was purchased and how does CO treat that purchase for sales tax.

For income tax purposes if the international company is buying from you and selling to a 3d party that you then deliver the stuff to, it...

Q: My husband has hidden all his money in a non profit and my son"s name along with the corporation he has. .

1 Answer | Asked in Criminal Law, Divorce, Family Law and Tax Law for New York on
Answered on Oct 5, 2018
Linda Simmons Campbell's answer
The only suggestion that I have is to try a law school legal clinic in your area. One of them may take family law cases.

Q: If I sell a condo for a $40,000.00 loss, how much of that can I write off on my taxes & over what time span?

1 Answer | Asked in Tax Law for Louisiana on
Answered on Oct 5, 2018
Jon Dowat's answer
The amount of the "write off" depends on the nature of the Condo. Was the Condo you personal residence or was it an investment property.

If it was a personal residence you will not be able to claim the loss. If it was an investment property you will have generated an ordinary loss. One can use this loss ($40K) up to 100% of your taxable income.

For example if it was an investment property your $40,000 loss can be used to offset up to $40,000 of taxable income regardless...

Q: Can tax return note distribution to a Fiduciary if she will not give EIN number for estate?

1 Answer | Asked in Estate Planning and Tax Law for New York on
Answered on Oct 4, 2018
Michael David Siegel's answer
You should not have made the distribution without getting the EIN number for the return. When you get a receipt and release you should also get the EIN number. However, the IRS will accept the return.

Q: For my case, theyre offering me 5000 for a settlement. Will that be taxed? Or is it nontaxable like temp dis. benefits?

2 Answers | Asked in Tax Law and Workers' Compensation for California on
Answered on Oct 3, 2018
Nancy J. Wallace's answer
NOT TAXABLE. It's not wages for earnings. it's a partial payment on a physical and monetary loss.

Q: How can we transfer ownership of a condo to me from my ex-husband without paying taxes?

1 Answer | Asked in Tax Law for Texas on
Answered on Oct 3, 2018
Tammy Lyn Wincott's answer
If it was addressed in your divorce decree and awarded as part of a property settlement, I suggest filing a certified copy of the divorce decree in the county deed records where the property is located.

Q: A quality control audit on behalf of Amerihome requested me to verify a gift of money for mortgage loan.

1 Answer | Asked in Tax Law, Contracts, Real Estate Law and Banking for Florida on
Answered on Sep 26, 2018
Terrence H Thorgaard's answer
You didn't keep records of these transactions? Your bank doesn't have such records? I find that very strange if you and your bank don't have such records.

Consider if it may be some sort of Internet scam.

If they are threatening you with criminal prosecution, and particularly if you don't have the records, simply ignore their request.

Q: Am I required to have an attorney with me if I'm called in for an audit or can I go by myself?

1 Answer | Asked in Tax Law for North Carolina on
Answered on Sep 26, 2018
Linda Simmons Campbell's answer
You can always go on your own but I usually recommend at least speaking with an attorney first. Frequently it is to your benefit to hire an attorney.

Q: I'm a student -- how much can I make before I have to file taxes?

1 Answer | Asked in Tax Law for New Jersey on
Answered on Sep 26, 2018
Jon Dowat's answer
The answer is simple. Under the new tax code you no longer receive a personal exemption. However, the good news is your standard deduction went from $6,300 to $12,000.

If you have no other deductions then you can earn $12,000 and pay no taxes. However, if you are in the 25% tax bracket and you pay college tuition you may be able to earn another $10,000.

The college tuition tax credit can offset up to $2,500 in taxes allowing you to earn another $10,000 in income with no...

Q: I have a rural property, 12 acres that the deed is in my name and also in my EX-boyfriends name.....

2 Answers | Asked in Land Use & Zoning, Real Estate Law and Tax Law for New York on
Answered on Sep 25, 2018
Elaine Shay's answer
He doesn't have to protest your cabin.... He, like you, could simply move into it. You are not the first person to find themselves owning property with someone with whom an agreement to manage or sell the property cannot be reached. Fortunately, you can commence a partition action to force the sale of the property. Many times, even when a co-owner previously refused, a negotiated settlement can be reached after a partition is commenced that allows one party to buy out the other.

Q: My 2016 taxes were rejected... What do I do?

1 Answer | Asked in Tax Law for Florida on
Answered on Sep 25, 2018
Jon Dowat's answer
It is not clear from the question what the problem is. The IRS does not send a tax return back saying it was rejected. However, the one exception is when a taxpayer submits a non traditional tax return. For instance a tax return that states that the taxpayer "is a sovereign nation" and not subject to to income taxes, or a tax return has all zeros, or the part of the return says signed under penalty of perjury is scratched out or otherwise modified.

Therefore, save for the "TAX...

Q: I was arrested in December of 2017 for dwi and told I would receive a letter with court date. When will I receive it?

1 Answer | Asked in DUI / DWI and Tax Law for Texas on
Answered on Sep 24, 2018
Grant St Julian III's answer
First, your license suspension is a separate proceeding from the DWI. If a blood sample was taken on your DWI, it may take several months for the crime lab to return the results, which causes a delay in the filing of the criminal case. Call an attorney in your area; don't wait for a phone call. Good luck.

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