Basically this guy is claiming that you can write off a car lease 100% as a business expense assuming the lease is made under the business name and as long as you create an agreement between you and your company stating that if I cover the cost of maintenance, insurance & upkeep, then the company... Read more »
No.
First of all it doesn't matter what sort of agreement you have the IRS will look at what actually happened This is called form over function.
Second, your personal use of the vehicle is taxable as a wage or a guaranteed payment depending on the entity.
The correct method... Read more »
Would I have to hire an appraiser who does retroactive appraisals? Could I just guess based on comparable sales?
Historical appraisals and comps from the date of death.
I was sent an income under reporting notice by the IRS for my 2017 1040. The 1099K was reported to IRS from a credit card processing company I never did business with. I called the company and they admitted I had no account with them. The EIN on the 1099K belongs to a former payor. How do I fix... Read more »
They should issue a corrected 1099. If they won't you'll have to appeal and then file in US tax court and subponea them.
Due to health problems they are having financial difficulty. They have a bank issued credit card with $24,000 in debt. I've read that the bank can't touch their SS but my question is can they come after other assets like their house which they have a mortgage on or their car which is the only car... Read more »
Yes. They can come after their assets such as their house and car, although they would be secondary to the mortgage holder on the house and the note holder on the car.
No labor involved. I'm a middle man delivery service.
Generally if you're not paying for the item and re-selling it you don't collect the sales tax.
You'd have to check your state, county, and city to be sure.
Congress defined a Public Office in Section 7701(26) as one that doesn't include the words of a "private enterprise." The 78 Congressional Record's recorded testimony of F. Morris Hubbard's (senior legislative draftsman of the Treasury Department) explanation in front of Congress in 1943 Volume... Read more »
Rather than trying to "prove you wrong" I would rather invite you to attend the next meeting of the Sovereign Citizens of America, Inc., to be held in the City Hall in Lubbock, Texas, on all hallows eve (called Halloween in some places). I will be standing in the back, watching and listening.
It depends.
For federal taxes, I would start with the Internal Revenue Code and the regulations enacted pursuant to that. You might go to IRS.Gov to see what is available there. The IRC is also a part of the United States Code (Title 26), available at various sites online. And then case... Read more »
Your question is really one of Michigan Law, not Florida. So you should ask it in Justia › Ask a Lawyer › Michigan › Tax Law ›.
I am now receiving a bill from IRS as they added it as income. It was 16k and with penalties and such total 6100.00 I appealed it and they want me to sign a form stating they will add to my income and tax appropriate. I think this is wrong. What do I do?
You may not be responsible for tax or the penalty.
You should hire a professional yesterday and file an appeal.
Our nonprofit rents space to 12 step groups. One board member wants to raise funds by selling key chains, shirts, etc at AA and NA meetings. He is claiming the exchange of merchandise for cash would be a donation. I disagree. I think he is selling and we have to pay sales tax.
You are correct. If it were really a donation, the buyers would also be able to get the items "sold" for nothing (i.e.: free).
I am selling a property in a foreign country, Peru. I am a citizen of peru but have been living in the US since 2000, became legal resident alien on 2019. Property has never been rented. How much tax will i have to pay on a 95k capital gain, approximate percentage?
20%
So my father is on his fathers Will an will receive about $40,000. his father is medically unable to change the will at this time. My father is on Social security disability, has medicare an medicaid which are very important because he needs them to pay for dialysis. I heard that if he gets this... Read more »
You can disclaim an inheritance but it won't necessarily go to his kids. There are also exemptions on medicaid/care for lump sums.
I would suggest hiring an attorney to advise him on this. If you don't do it correctly it'll be bad.
I now wish to dissolve this partnership. we have an outstanding property tax bill since we paid cash. the 80% owner now wants me to pay 50% instead of my vested 20%. she also wants me to pay 50% of the cost associated with the sell of the property, again instead of my fully vested 20%. we have no... Read more »
A deed doesn't create a partnership; it creates a tenancy-in-common. If you cannot agree on how to split the proceeds or the expenses, you probably need to sue for "partition".
Well that depends. Did you and other owner(s) have an agreement when you bought the place and it was determined that your percentage was 20% of the ownership interest as to how to divide other expenses or attributes of ownership of the property. Partnerships can be someone complicated and even... Read more »
Yes.
No, it doesn't. Look it up in the tax tables. Did you fail to file a tax return?
I purchased a small townhouse in 2012 and made it my homestead. I later purchased a home but I kept the townhouse and rented it. I sold the home and purchased another and then another. Each time I moved into the home and lived there from 1 to 4 years. The mistake I made was never canceling and... Read more »
Unfortunately, ignorance is not an excuse to the law. You were rightfully tagged for your mistake. I have been through this before with clients and, indeed the ignorance argument is always used and always loses. You have no choice but to pay up and file homestead (hopefully with portability) on... Read more »
I have not filed income tax for about 4 years as advised by VITA/TCE tax prep site in Lee Co, FL.
If it's passive you'd have to check the minimum filing requirements for income. If it's active then you would have to file since it's subject to Self-employed tax.
It's likely a passive activity. You should keep records of income and expenses. After the year ends you'll need to run the... Read more »
I want to make sure that my step-father, who is legally married to my Mom inherits nothing.
This is definitely a tricky planning area. The starting point for this type of question typically is whether the money would pass through a will, trust, IRA, joint bank account, etc. A trust may be best to handle this situation depending on the state law where you are domiciled at death. You... Read more »
My mother had he boyfriend find a place to live before she moved from ny. He found a owner that would do a loan for his own property now my mother paid for everything down payment, taxs,insurance then her boyfriend passed away and she noticed everything was in his name only. It's been almost two... Read more »
Unfortunately there is no easy or inexpensive way to solve this problem. The easiest way to do this is to open a probate with the assistance of his children, since without a will and not be married to your mother the property passes to the children, who can then transfer their interest to your... Read more »
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