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1 Answer | Asked in Tax Law and Business Law for Pennsylvania on
Q: Hi there, Can you please explain if trucking company operates interstate, can it be exempt in WY?

Hi, i am a trucking company owner and operate interstate and do have a interstate operating authority. Currently one of my truck broken down and getting repaired in state of Wyoming. I am trying to explain the the shop that i am exempt and taxes for parts and repairs needs to be waived. But they... View More

James L. Arrasmith
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answered on Jul 2, 2024

As a trucking company owner operating interstate with an interstate operating authority, you may indeed be eligible for certain tax exemptions in Wyoming, including exemptions on sales tax for parts and repairs. Here's how you can approach this situation:

1. Wyoming Tax Exemption for...
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1 Answer | Asked in Real Estate Law, Tax Law and Estate Planning for Puerto Rico on
Q: Is donation a viable option if the land and property on the land does not have a deed? what would be the impact of an

excuted donation when the land and property are not registered? Was the donation process illegal and can the lawyer be held accountable for malpractice if it impacted tax liabilities to all other heirs of an unregistered, unsegregated land belonging to multiple parties?

James L. Arrasmith
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answered on Jul 2, 2024

This is a complex question involving several aspects of Puerto Rican property law, tax law, and legal ethics. I'll break down the key issues and provide some general insights, but please note that this is a situation where consulting a qualified local attorney would be crucial for specific... View More

1 Answer | Asked in Family Law, Immigration Law and Tax Law for New York on
Q: My father want to become netrilize citizen of U.S and he didnt pay tax of 2 years will it effect on his case.

Hi i am abroad of U.S my father is in new york city he wants me to go there now he wants to file 130 petition and also he is a green card holder and also wants to applay for citizenship ( want to neutralize) but he didnt give tax for 2 or 3 year( because of some reasons) will this effect on his... View More

James L. Arrasmith
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answered on Jul 2, 2024

To address this situation, there are a few key points to consider:

1. Tax obligations:

Not filing taxes for 2-3 years could potentially affect your father's naturalization application. When applying for citizenship, USCIS (U.S. Citizenship and Immigration Services) looks at...
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2 Answers | Asked in Tax Law and Employment Law for California on
Q: If I got a paycheck for doing work at a friend's company, and then wanted to give that friend a cash gift, is that ok?

Essentially I did work at a company and got paid by the company. I also want to give a gift to a friend. Would it raise any flags that the friend I want to give the gift to is also the owner of the company I worked for?

James L. Arrasmith
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answered on Jul 2, 2024

To answer this question, we need to consider several aspects of tax law and potential implications. Here's a breakdown of the key points:

1. Legitimate income:

First, it's important that the paycheck you received for work at your friend's company is legitimate income....
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2 Answers | Asked in Real Estate Law, Tax Law and Contracts for California on
Q: Advice on Feasibility of a Lease-to-Own Agreement for Real Estate Investment

Hello,

I need advice on a potential lease-to-own arrangement. I invested in a person who can’t pay me back. He owns several properties but has low equity (around 25%). I’m considering renting the properties from him, making the mortgage payments directly to the bank, and taking... View More

James L. Arrasmith
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answered on Jun 29, 2024

Here's an overview of the key considerations for your proposed lease-to-own arrangement:

Legal feasibility:

This type of arrangement is generally legally possible in California, but would need to be carefully structured. You'd likely use a combination of a lease agreement...
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2 Answers | Asked in Real Estate Law, Tax Law and Contracts for California on
Q: Advice on Feasibility of a Lease-to-Own Agreement for Real Estate Investment

Hello,

I need advice on a potential lease-to-own arrangement. I invested in a person who can’t pay me back. He owns several properties but has low equity (around 25%). I’m considering renting the properties from him, making the mortgage payments directly to the bank, and taking... View More

Delaram Keshvarian
Delaram Keshvarian
answered on Jun 29, 2024

Thank you for your question!

You need an attorney to draft a lease agreement for you to protect your rights. If you are paying directly to the bank, you do not have to worry about the landlord's defaults.

You need to record the lease in the country recorder to protect your...
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1 Answer | Asked in Tax Law and Civil Litigation for California on
Q: By the language within this settlement agreement do I have to pay taxes?

1. PAYMENT OF MONEY

In consideration for the execution of the general release and agreement to the other terms

of this Agreement by Claimant herein, Respondent will pay a Total Settlement of (xxxxxxxxxxxx) (“Settlement Sum”)

to

Claimant. The consideration paid... View More

James L. Arrasmith
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answered on Jun 29, 2024

Based on the language provided in this settlement agreement, it appears that you will likely need to pay taxes on at least part of the settlement amount, but not necessarily on all of it. Here's a breakdown:

1. The portion described as "Non-Wage Payment" for "non-wage...
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1 Answer | Asked in Tax Law for Colorado on
Q: IRS taking 10+ weeks to return my money wrongfully taken out. Can I sue?

I owed and payed off but they took the sum out again even though I already paid. Have contacted them several times by phone and tried to make in person meeting but they are booked out the next 60 days. Tried to fax a form 911 for TAS to help but getting error messages for their fax number. Called... View More

James L. Arrasmith
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answered on Jun 27, 2024

While I understand your frustration with this situation, here's an overview of your options and some considerations:

1. Suing the IRS:

It's generally not advisable to sue the IRS over delayed refunds or processing errors, especially within this timeframe. Courts typically...
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1 Answer | Asked in Tax Law and Estate Planning for California on
Q: Is sibling buyout payment taxable?

We are 3 siblings/beneficiaries of our mother's trust. Our sister wants to buyout the 2 of us. Will the buyout payment each of us receive be taxable? Will either of us 2 buyout recipients be responsible for higher property tax payments if they become due prior to the sibling property transfer?

James L. Arrasmith
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answered on Jun 27, 2024

Based on the information provided, here's a general overview of the tax implications for a sibling buyout in California:

1. Taxability of the buyout payment:

The taxability of the buyout payment depends on several factors:

a) If the buyout is for your share of the...
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2 Answers | Asked in Contracts, Real Estate Law and Tax Law for Georgia on
Q: Are brokers responsible for their clients' property taxes?

I am a real estate agent. I helped a foreigner sell his house. We had listing brokerage agreement. During this period, the seller did not pay the property tax. The county collected late fees from the seller. The seller said that I did not tell him about paying the property tax. I did not receive... View More

James L. Arrasmith
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answered on Jun 27, 2024

Based on the information provided, it's unlikely that you as the real estate agent would be responsible for your client's property taxes or late fees. However, let me break down the key points and considerations:

1. Broker/Agent Responsibilities:

- Generally, real estate...
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1 Answer | Asked in Tax Law for California on
Q: Will paying off an $8,000 credit card bill in cash raise a red flag w/ the IRS
James L. Arrasmith
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answered on Jun 26, 2024

Paying off an $8,000 credit card bill in cash is unlikely to automatically raise a red flag with the IRS. However, there are a few considerations:

1. Cash transactions over $10,000 must be reported by businesses to the IRS.

2. Multiple smaller cash payments to avoid the $10,000...
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1 Answer | Asked in Social Security and Tax Law for Pennsylvania on
Q: How does earned income get reported in 2023 and not have a W2 or other documents from any source proving of the income?

Just received notification of the extra earned income for 2023. It's affecting my retirement benefits because of it. Possible fraud and It involves missing money.

James L. Arrasmith
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answered on Jun 25, 2024

I understand you're concerned about extra earned income being reported for 2023 that's affecting your retirement benefits, despite not having any W-2 or other documentation of this income. This is indeed a serious situation that could potentially involve fraud. Here's how I'd... View More

1 Answer | Asked in Estate Planning, Real Estate Law, Tax Law and Probate for Puerto Rico on
Q: Which Department to I check with for unclamed funds from the Sale of a Family Estate in Puerto Rico?

My Grandmother signed some documents while sick in a Hospital in PR and has since passed. Her Family never received a copy of the document signed and her heirs have not received their share of inheritence from the sale of a large multi-acre sale in Puerto Rico. My mother is now up in age and... View More

James L. Arrasmith
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answered on Jun 25, 2024

Based on the information provided, there are a few potential avenues you could explore to research unclaimed funds from the sale of a family estate in Puerto Rico:

1. Departamento de Hacienda (Department of Treasury):

This is indeed a good place to start. The Departamento de...
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1 Answer | Asked in Tax Law and Municipal Law for Wisconsin on
Q: My town -- town of Gibraltar is still charging me a TUF tax. Is this legal?

The town started charging after the Buchanan case was filed. CASE NO.: 2022AP1233

my town continues changing even though it was illegal there. It says the supreme ct agrees. Does that mean this town can keep charging me or is it illegal? It is a very unfair tax based on the feet of road... View More

James L. Arrasmith
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answered on Jun 25, 2024

It appears that the Town of Gibraltar is still charging you a Transportation Utility Fee (TUF) tax, which you're questioning the legality of given a recent court case. Let's break this down:

1. The Buchanan case (CASE NO.: 2022AP1233) you're referring to is likely the case...
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1 Answer | Asked in Foreclosure and Tax Law for Arizona on
Q: Can a tax lien foreclosure affect credit score? Tax liens aren’t reported but what about tax lien foreclosures?

I just found out I am a joint owner of a property that dates back to a previous marriage 30 years ago. Just was served with a lawsuit to take ownership of thr property via proprty tax lien. I have no interest in the property but don’t want to hurt my excellent credit. Not sure if I should... View More

James L. Arrasmith
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answered on Jun 25, 2024

This is an important question regarding tax lien foreclosures and their potential impact on credit scores. While I can provide some general information, please note that for specific legal advice about your situation, you should consult with a qualified attorney in Arizona who specializes in... View More

1 Answer | Asked in Tax Law for California on
Q: Is there a department for escalating tax lien issues that’s not the typical IRS phone system?

My income is tax exempt. The IRS wiped my bank account today by mistake (I hope it was a mistake!).

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answered on Jun 25, 2024

Based on the situation you've described, here are a few key points and potential next steps:

1. Escalation options: While there's no specific "escalation department" outside the IRS phone system, there are alternative ways to address urgent tax lien issues:

-...
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2 Answers | Asked in Tax Law for Texas on
Q: Remote worker outside of state

If I work for a texas company and my residence is still texas. But I work remotely, if I take my laptop and go work, let's say, in South Carolina for 2 weeks. Does that mess up taxes for the company? They are telling me that it does. But that doesnt make sense to me. I'm not moving.... View More

John Michael Frick
John Michael Frick
answered on Jun 24, 2024

You may be legally required to file a nonresident state income tax return in South Carolina. Texas, of course, has no state income tax. Most other US states, however, do. Each state has the power adopt its own laws in this regard. As a result, those laws differ from state to state. If you... View More

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2 Answers | Asked in Tax Law for Texas on
Q: Remote worker outside of state

If I work for a texas company and my residence is still texas. But I work remotely, if I take my laptop and go work, let's say, in South Carolina for 2 weeks. Does that mess up taxes for the company? They are telling me that it does. But that doesnt make sense to me. I'm not moving.... View More

James L. Arrasmith
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answered on Jun 25, 2024

This is an interesting tax law question. To provide a concise answer:

Generally, working remotely for 2 weeks in another state should not significantly impact your or your company's taxes, especially if you maintain your Texas residency. However, there are some nuances to consider:...
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2 Answers | Asked in Real Estate Law and Tax Law for Michigan on
Q: cost basis when selling property that has been owned by family for 90 years. Purchased by Grandparents in 1930's.

A Deed was recorded in 1978 joint tenancy with rights of survivorship, not tenants in common, to grandmother and her 4 children. Grandmother and 2 of the children are now deceased. Last year new QC deed to just my mother. She is now planning on selling. how is cost basis and capital gains... View More

James L. Arrasmith
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answered on Jun 21, 2024

This is a complex situation involving multiple transfers and deaths over a long period of time. Here's a general overview of how the cost basis and capital gains might be calculated, but I want to emphasize that your mother should consult with a tax professional or estate attorney familiar... View More

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2 Answers | Asked in Real Estate Law and Tax Law for Michigan on
Q: cost basis when selling property that has been owned by family for 90 years. Purchased by Grandparents in 1930's.

A Deed was recorded in 1978 joint tenancy with rights of survivorship, not tenants in common, to grandmother and her 4 children. Grandmother and 2 of the children are now deceased. Last year new QC deed to just my mother. She is now planning on selling. how is cost basis and capital gains... View More

Brent T. Geers
Brent T. Geers
answered on Jun 20, 2024

It can get complex, and it depends on whether transfer affidavits and PRE exceptions were properly completed and filed along the way. Sounds like there would be an argument that there hasn't been a uncapping event at least since 1978.

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