I was a partner with an LLC startup & it converted to a C-Corp in Jan 2019. At that point, I had been vested 33% of my LLC units/C-Corp Shares. In Apr 2019, my total number of shares (vested + unvested) were reduced from 125k to 48k. In Jul 2019, I vested another 33% of the new amount (half of... Read more »
There are several different types of restricted equity that can be provided to an employee. Each is taxed in a different way. To review your particular situation is going to require the documents for the equity grant and the conversation documents to be reviewed.
Is it legal for me to rent out my Maryland state home to my LLC (Registered in FL)? My LLC's principle address is the same as my Maryland home, but now I want to rent the home entirely to the LLC and move out. I would live somewhere else, but use the home for business purposes only. Given the... Read more »
I agree with Mr. Blackburn that it is perfectly legal, but I don't think it accomplishes what you are trying to accomplish. If the LLC you form is a passthrough entity with partnership taxation, then the formation is a wash. The rental income passes through to you after writing off the...Read more »
There is not currently guidance on this matter from the IRS. However, if the individual passed in 2019 and the payment was based on the 2019 return there is a string argument that he payment is proper. Second, the IRS has made clear that outside fraud on the part of an individual these payment will...Read more »
I owe a debt to a local community college in Maryland. I never paid the school and the state sent me a letter last year telling me they would take my taxes if I didn’t pay. I called and set up a payment arrangement through the states debt collection systems. Although I have not kept up with these... Read more »
I AM A SINGLE OWNER LLC SMALL BUSINESS FILING AS DIREGARDED ENTITIY WHO RECEIVES A 1099-K FROM AMAZON FOR RETAIL SALES TRANSACTIONS. AMAZON "A payment settlement entity (PSE) must file Form 1099-K for payments made in settlement of reportable payment transactions for each calendar year. A PSE... Read more »
It is strongly advised to use an attorney to initiate foreclosure proceedings. Maryland law allows for reimbursement of the tax sale purchaser's attorney fees up to a specified dollar amount upon redemption, so nearly all of the time a certificate holder will use an attorney who can help...Read more »
Generally there is no transfer tax on a gift. There will be recording fees. For gift tax it will depend on the value of the property. If the value exceeds $15,000 ($30,000 if both parents are gifting) then a gift tax return is required to be filed. However, no tax will be due if you have enough of...Read more »
Assuming the other requirements of the personal residence exclusion are met. You exclude the first $250,000 ($500,000 if you are married) in gain on the sale. If you bought the property for $100,000 and you sell it for $350,000 you would have $250,000 in gain and that would be excluded from tax and...Read more »
There is no legal requirement for all owners named in the deed to pay all or any portion of the real estate taxes. On the other hand, there is no reason why all owners should not share in the tax burden either.
No, it is not. It is not defined as income because it is compensation for a loss. Sometimes a jury verdict will separate out lost income (past or future) that a party has suffered as a component of damages, and when that is done, that portion is subject to income tax. Otherwise, in a lump sum...Read more »
My employer used to provide my health insurance and it did not show up on my pay check. When I got married it was a cheaper and a better health plan for me to switch to my husbands insurance; so my boss requested I get on my husbands plan and he pay me a monthly premium to make up for what is being... Read more »
This question should be addressed to the lawyer who handled your divorce because there may be other information not available to lawyers who have not been involved, and who have never seen the underlying divorce papers.
While an attorney cannot analyze a purported lien without looking at it, property tax liens for failing to pay annual property taxes usually fall under the tax PROPERTY article, title 14 (not the tax GENERAL article).
The code section you cited in the general tax article usually...Read more »
No. So long as the house is in the name of the estate, not the names of the heirs, then the estate sells the house and distributes the proceeds to each individual heir entitled to receive a share. If, however, the PR of the estate decides to issue a deed transferring the house to all the children...Read more »
The recording office of the county where you file will know and allow you to fill in the cited section that applies. They are the authority who has to approve whether you have a tax exempt transfer. However, the list of exempt transactions generally appears in the Maryland Tax-Property Article,...Read more »
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