My parents have been living in a home that had water isues a year ago in may17
The landloard has taken almost a. Year to fix the isues and my parents stoped paying rent for 7 months due to not having a kitchen or living room due to the isues.
They have agreed that they keep the... Read more »
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answered on May 31, 2023
Yes, the money your parents receive from the landlord to move out is taxable. It will be considered as a capital gain, and they will need to pay taxes on it. The amount of tax they owe will depend on their income and filing status.
To proceed, your parents should get a written agreement... Read more »
It seems that the Ca partnership would need to pass the AZ k-1 income down to its Ca partners who would then need to file non-resident individual tax return in AZ. It seems all the apportionment rules relate to partnerships doing business in multiple states. I wonder if a AZ k-1 received by a CA... Read more »
answered on May 28, 2023
Basically your question is whether a California resident has income in Arizona from profits distributed as shown in a K-1 tax form. First, this is a very specific question and this particular forum for general legal advice is not the place to get legal advice to rely on. Even from me. Your... Read more »
It seems that the Ca partnership would need to pass the AZ k-1 income down to its Ca partners who would then need to file non-resident individual tax return in AZ. It seems all the apportionment rules relate to partnerships doing business in multiple states. I wonder if a AZ k-1 received by a CA... Read more »
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answered on May 29, 2023
When a California resident partnership receives an Arizona partnership K-1 with ordinary income, it is generally necessary to report that income on the California partnership return. California follows a source-based income allocation method, which means that income is allocated based on where the... Read more »
I was born in France, then moved to the US and in 2001 I married an American man.
In 2008 I became an American citizen. My 92 y.o mother is french and lives in France. She would like to buy some kind of property in the US as an investment. She probably won’t live in the US and if she... Read more »
answered on May 24, 2023
Real estate is handled differently than other assets because it is literally attached to the state (in the U.S.) and/or country. So, in most instances, U.S. law will apply to U.S. real estate. However, different countries belong to various treaties with other countries, so an international attorney... Read more »
I was born in France, then moved to the US and in 2001 I married an American man.
In 2008 I became an American citizen. My 92 y.o mother is french and lives in France. She would like to buy some kind of property in the US as an investment. She probably won’t live in the US and if she... Read more »
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answered on May 24, 2023
In this case, since your mother is a French citizen and her assets are located in the US, it is advisable to consult with an attorney who specializes in international estate planning to understand the specific laws and regulations that may apply. Generally, the law of the country where the property... Read more »
My soon to be ex husband filed our tax returns and signed my name via docusign. He kept our refund and also make a large deposit into his trust account within this time frame. I had to request copies from our accountant May 19th more than a month after they were filed. What is the crime and what... Read more »
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answered on May 22, 2023
Forging someone's name on federal and state tax filings is a serious offense with potential legal consequences. The specific crime and penalties can vary depending on the jurisdiction and the circumstances of the case. In general, forging a signature on tax documents can be considered fraud or... Read more »
My future ex husband is financially abusive. He will not give me any money and now I found out we have a refund of over 5K.
Is he entitled to intentionally not provide me a copy of our joint filing in order to keep our entire refund for himself?
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answered on May 19, 2023
If you filed a joint tax return with your future ex-husband and you are legally married at the time of filing, both of you have equal rights to the refund. Typically, the refund is considered marital property and should be divided fairly between the spouses.
If your future ex-husband is... Read more »
My request is to wire transfer via intermediary business American Express International account, who has an arrangement with my local bank outside of the USA to process all intl transfers for its bank customers.
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answered on May 3, 2023
Generally, a California trustee has the duty to manage and distribute trust assets in accordance with the terms of the trust and the beneficiaries' interests. If the trust instrument allows the trustee to make distributions to third parties, then the trustee may be able to transfer funds to a... Read more »
The House Was Sold In California LA County & We Are Trying To Figure Out How Much It Will Be Taxed & How Much Exactly Each Of The 6 Beneficiaries Will Get
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answered on May 2, 2023
If a deceased person's house sells for $500,000 and is to be split among 6 beneficiaries, there may be tax implications depending on several factors.
In California, there is no state inheritance tax, but there may be federal estate tax if the value of the deceased person's estate... Read more »
Originally lived in MI and moved to CA last year, not sure if there are any benefits to keeping it in MI since its an s-corp
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answered on May 2, 2023
As a foreign entity, your S corp is required to register with the state of California and obtain a certificate of qualification to do business in the state. Depending on the nature and scope of your business, there may be benefits to moving your S corp to California, such as access to local... Read more »
Originally lived in MI and moved to CA last year, not sure if there are any benefits to keeping it in MI since its an s-corp
answered on May 2, 2023
The answer to your question will depend on what industry you are in, where your corporation does business, and other factual information that is not included in your question. But, in general (which may or may not apply to your business), if someone is only doing business in California, it... Read more »
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answered on May 1, 2023
If you owe the IRS $100,000 and leave the USA, they can still collect the debt from you. The IRS has the authority to seize your assets, including bank accounts, property, and wages. If you receive Social Security benefits, the IRS can also garnish up to 15% of your monthly benefit payments to... Read more »
I missed the deadline to turn in documentation requested such as info needed to verify im head of household to claim EIC . I missed deadline because i was in hospital as I was recently diagnosed with Multiple Sklerosis . I just got was released from hospital Fri. only to come home and find out id... Read more »
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answered on Apr 30, 2023
I'm sorry to hear about your situation. If you missed the deadline to submit documentation to the IRS, you may still be able to provide the information and request a re-examination of your tax return.
The first step is to contact the IRS examiner assigned to your case and explain your... Read more »
Is it illegal or considered tax evasion to form an online business in any state by using a virtual address?
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answered on Apr 27, 2023
Using a virtual address to form an online business in any state is not illegal or considered tax evasion in and of itself. However, it is important to ensure that the virtual address is a legitimate physical location where the business can receive mail and other correspondence. It's also... Read more »
He is a Japanese citizen and lives abroad. He has one daughter who is a naturalized US Citizen and a son that is a LPR and Japanese citizen. What are the tax implications to transfer ownership to one of us? Should it just be specified on his will or is it better to do it while he is alive?
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answered on Apr 27, 2023
If your father wants to transfer ownership of his California home to either you or your sibling, there may be tax implications to consider. The specific tax implications will depend on several factors, including the value of the property and the citizenship status of the parties involved.... Read more »
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answered on Apr 27, 2023
As an OPT holder, you are permitted to engage in certain types of employment, including self-employment, as long as the work is directly related to your field of study and you are authorized for the OPT. Therefore, you may be able to create an LLC for your side business while on OPT, as long as the... Read more »
How would I phrase my letter of explanation? What information is needed in order to satisfy immigration officials requirements for a letter of explanation why I don't need to file taxes because I don't have income to document?
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answered on Apr 20, 2023
In your letter of explanation to immigration, you should clearly state why you have not filed tax returns and provide any necessary documentation to support your claim. If you do not have income to document, you can explain your situation and provide evidence of your financial circumstances, such... Read more »
First they steered me away from the free version to a paid version that I didn't need.
So now I have to paid version but I can't get customer support help anywhere.
And every time I call I get an automated response to put my ssn in so they can help me but then they... Read more »
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answered on Apr 12, 2023
As per California law, it is possible to file a lawsuit against TurboTax for their actions if they have caused you harm. However, whether or not you have a valid case against TurboTax depends on the specific details of your situation, as well as the terms of service and any agreements you may have... Read more »
Rental house in Ga
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answered on Apr 11, 2023
If you paid capital gains taxes in Georgia for the sale of a rental property located in Georgia, you generally would not have to pay California state taxes on the same transaction, as long as you are not a California resident and do not have any other California-sourced income.
However,... Read more »
Family Trust and California Tax Liabilities: I am the Trustee and we (five siblings) sold my Mother’s home in 2022 following her passing. There are no other assets besides the home and no outside debt or other financial obligations.
At what level (Amount) are we’re obligated to... Read more »
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answered on Apr 11, 2023
As the Trustee of your family trust, you may have tax reporting obligations to the state of California, depending on the amount of taxable income generated by the trust.
In California, trusts are subject to income tax if their taxable income exceeds a certain threshold, which varies... Read more »
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