the corporation. Can I transfer the property in to my trust in ca without any tax consequences.
Do I need to create trust before transferring
answered on Jan 21, 2023
Anyone can place their real estate and other assets into a revocable trust (a trust that can be changed or modified by the owner, who is called a Settlor or Trustor) at any time and there shouldn’t be any tax consequences. Schedule A to the trust should list the corporation as an asset of the... Read more »
Can my foreign partner (who only visits the USA and does not live in the USA) with ITIN and a USA bank account simply file an IRS form 1040 instead of 1040NR? Also would this partner need to declare his foreign (Irish) income on the 1040?
answered on Dec 20, 2022
U.S. tax residents are subject to worldwide taxation. Your friend should discuss this situation with an experienced international tax accountant to determine if there is an opportunity to make an election to be treated as a U.S. tax resident. If there is an election to be treated as a U.S. tax... Read more »
The IRS offers The Taxpayer Advocate Office to assist in personal Federal tax cases. Is there additional assistance for individuals with the Franchise Tax Board for the State of California?
answered on Dec 13, 2022
CA FTB has taxpayer advocate services - see the link below
https://www.ftb.ca.gov/help/disagree-or-resolve-an-issue/taxpayer-advocate-services.html
I did file. I filed for my 2020 taxes and the I.R.S says I didn't. What do you I do?
answered on Dec 8, 2022
Your issue may be due to the online portal to receive a stimulus check. If you completed the process through the IRS’s online portal to get a stimulus check and have not filed your taxes, the IRS has filed a $1 tax return To get the money out to you. That is most likely the issue you are having... Read more »
answered on Dec 7, 2022
Hi, you may want to reword your question. If you are asking why your deceased parents put property in someone's name, no one can really answer that. Since they are deceased we are unable to tell what their intent was. They may have just wanted the individual to inherit the property when they passed.
Some one filed power of attorney over all my assets and I didn't know anything about it and I don't even know who did it that's how they began my identity theft
answered on Nov 28, 2022
Generally speaking you must give authorization, usually through signature, for someone to file a POA on your behalf. For example, the IRS POA forms require the taxpayer sign each form giving authorization.
I have been homeless since 2016 I've been unable to get food stamps, housing help or anything else these people have Stolen everything from me like my stocks that they sold iN January without my authorization they have access my email and sensed everything over seas with out my authorization... Read more »
answered on Nov 27, 2022
What you describe is criminal conduct. Report it to the police.
Your post suggests that by posting here you are trying to get an attorney seeing the post to reach out to you and represent you. That is not going to happen. It would be highly inappropriate for anyone on this site to... Read more »
So what does it mean by lien and is there any way of appealing this
answered on Nov 20, 2022
A lien is an obligation you owe. Liens can take many forms. Wage garnishment by a creditor is a common lien.
No one here can know what this lien is, or whether it is being lawfully being applied against your wages without knowing a great deal more about your situation. You are going to... Read more »
I have a small office building I am looking to sell and would like to advertise the tax depreciation opportunities that come with owning commercial building. Other ads don't do this and I am wondering why.
answered on Nov 15, 2022
If you have a buyer, what is there to "advertise." Speak with a local attorney for assistance. [I litigate cases. Anything posted here must not be construed as legal advice, nor as grounds for forming an attorney-client relationship. You should seek an attorney for formal legal advice and... Read more »
It is for a tax preparer.
Thank you,
answered on Nov 11, 2022
Hi! This forum is to ask questions regarding law not retaining counsel. I'd suggest researching tax firms and reach out to someone privately.
I have $1.802 mil tax liability from my short term tax gain in 2020. I am tax illiterate so I rely solely on my CPA to advise me what should be done. From my CPA’s neglect on my case, I am being charged penalty + interest at $60+ k a month. I have been trying to sell my apartment valued at... Read more »
answered on Nov 11, 2022
Unfortunately penalties and interest will continue to incur until the tax debt is paid in full; it is typically just reduced by the % amount. It might be worth engaging a professional to draft a penalty abatement request on your behalf, as these things do usually require some negotiations with the... Read more »
on the ee bonds be shown as the trusts income and therefore the trust pays the taxes or will the interest income have to be shown as income on the beneficiaries taxes, and therefore be the beneficiaries responsibility to pay those taxes personally?
answered on Oct 31, 2022
This is a great tax question. I recommend that you ask your CPA or tax advisor how this is handled. Tax questions are typically outside the lane of probate attorneys. However, I suspect that the proceeds will be considered non-taxable inheritance. The 2022 estate tax exemption amount is $12.92... Read more »
an amount to cover for my share of the home and quitclaim the home to my sister. Should the cash-out refinance and quitclaim occur at the same time? Do I have to pay any taxes for this quitclaim? Thank you.
answered on Oct 24, 2022
You really need to consult with a real estate attorney. There are many facts missing to answer your question in this forum. (i.e. is your sister on board with refinancing? do you both, and/ or each, qualify to refinance? who lives at the property? how much are you planning to cash out? and many... Read more »
I have been on disability for over a year. I owe $20,000 in back taxes and around $9,000 in penalties and fees. Qualifier notes that I qualify for an "offer in compromise" but most websites say it takes 6 months to get it approved. I am expecting a W.C. settlement soon... But would like... Read more »
answered on Oct 20, 2022
Unfortunately the IRS is still delayed when it comes to their backlog. Things such as resolution proposals, including an OIC, can take some time to be processed through their systems and assigned to a representative for review. I would say it's safe to say 6 months is a good estimate, however... Read more »
answered on Oct 4, 2022
You would use up part of your lifetime estate tax exemption, but the total amount is currently nearly $13,000,000, so unless you are very wealthy, you should not have to worry about it.
My mother just died and my father wants to add me to his bank account incase something happens to him so I'll be able to pay the bills and have access to his money once he dies. I owe the Cal FTB 25K and they have levied my bank account earlier this year and took around 1200 from previous... Read more »
answered on Oct 1, 2022
Yes they can. And while you might be able to get it back, it’s not worth it.
Simply get a power of attorney form from the bank and have your dad add you as a POD beneficiary on the account.
answered on Sep 20, 2022
Speak with an estate planning and tax lawyer about the tax consequences of placing property in trust. [I litigate cases. Anything posted here must not be construed as legal advice, nor as grounds for forming an attorney-client relationship. You should seek an attorney for formal legal advice and... Read more »
answered on Sep 18, 2022
I would recommend a qualified tax professional if you want to have a lot of itemized deductions; else, TurboTax is a good option.
answered on Aug 30, 2022
I'm sorry to say, your question doesn't make sense. Businesses are registered with the state, not registered at a property. Perhaps you can try asking your question again, but give the lawyers more information about what you need. Sorry about that!
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