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New York Tax Law Questions & Answers
3 Answers | Asked in Real Estate Law and Tax Law for New York on
Q: Selling sister's condo, profit of $65K, she is a missionary in Peru how can she avoid taxes until return in few years?

Hi. My sister has been a missionary in Peru for four years, and plans to do this for several more years. I am in the process of helping her sell her Condo in NYC. She will have a net equity profit of approximately $65,000 at sale, she does want to use this to buy her next home when she returns... Read more »

D. Mathew Blackburn
D. Mathew Blackburn answered on May 15, 2020

If the property has been her primary residence and she has not changed residency then the property would qualify for the personal residence exemption and the first $250k in gain would be exempt.

There needs to be an analysis of her residency status. Just because she's out of the...
Read more »

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2 Answers | Asked in Immigration Law and Tax Law for New York on
Q: Wife and I file jointly but wife used her itin which made us ineligible for stimulus money she received ssn toda

Can we do anything to still get stimulus even though we already received the tax return

Drew Elesh
Drew Elesh answered on May 15, 2020

Amend your tax return and file it with IRS

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2 Answers | Asked in Tax Law for New York on
Q: i am a college student and was doing my taxes online, had a few general questions

Hi there,

im filing from New york

So basically the past year i worked off the books for ca heap wage off campus on a resturant, and so have no W-2 and thats why manually plugging the numbers

my important question is I was scammed a year ago of $3000 and thats why i had to... Read more »

George E. Patsis
George E. Patsis answered on May 4, 2020

According to the IRS, when a debt is canceled, forgiven or discharged, the canceled amount is part of your gross income and you must pay taxes on that income unless you qualify for an exclusion or exception. Creditors who forgive $600 or more of debt for you are required to file Form 1099-C with... Read more »

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2 Answers | Asked in Tax Law for New York on
Q: Can an owner of a small no income S corp, who does not receive a paycheck, get UI from other W-2 full time employer?

If an S Corp has been non-profitable, and officer had to work full time as employee with W-2 at same time for companies in Manhattan since they were on payroll, would they get UI?

Seems way things are worded on DOL, that if you are an officer of a corporation, you are still considered... Read more »

D. Mathew Blackburn
D. Mathew Blackburn answered on May 2, 2020

Your S-corp won't stop you form being eligible under a different employer so long as you don't have income.

You also are not eligible for UI form an S-corp if you had not W2 wages. An S-corp distribution is not SE or IC income for UI or PPP purposes. You have to have paid...
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2 Answers | Asked in Divorce, Estate Planning, Probate and Tax Law for New York on
Q: My father passed away last year and he is married to his wife who iam not in great terms with because of her infidelity.

Can I file his taxes or should I leave it alone? Is it legal for me to do it since he is married. He never gave consent for any specific individual to file taxes as we were in the process of doing so while he was diagnosed with cancer. Rapid divorce was not as rapid as his diagnosis unfortunately... Read more »

Michael David Siegel
Michael David Siegel answered on Apr 20, 2020

Only his estate representative can file his taxes. The wife is due the first $50,000 of his estate unless he had a will, so unless the refund is more and there are other assets, there is no need to do it.

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3 Answers | Asked in Banking, Contracts, Mergers & Acquisitions and Tax Law for New York on
Q: Can I file my dads tax returns if he passed away last year oct? How does this process work?

He is currently married to his wife in which her and I are in very bad term due to her infidelity. How can i go about this potentially without her?

Michael David Siegel
Michael David Siegel answered on Apr 16, 2020

Whoever is the estate fiduciary can file the return. The refund, if any, goes to the estate. The first $50,000 of any estate (unless there is a will) goes to the spouse. Thus, you need to determine if there is anything in it for you, if an estate is worth commencing, and if a return should be... Read more »

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1 Answer | Asked in Immigration Law and Tax Law for New York on
Q: Im I eligible for Stimulus Check if I'm a US Citizen & file taxes with my husband who is a nonresident alien but has SSN

I filed 2018 and 2019 taxes with my spouse and we currently make less than $150,000

Robert Roy Klein
Robert Roy Klein answered on Apr 16, 2020

Not sure your question, but you should be eligible. For your husband, it depends on whether he remained in the US for over 183 days. Along with the SSN, he'll be considered a resident alien for tax purposes. If so, he'll be eligible as well.

1 Answer | Asked in Tax Law for New York on
Q: Do I need to be concerned about rules similar to Golden Parachute for LLCs?

I know that entities like LLCs, partnerships, and tax-exempt organizations aren't subject to the golden parachute payment rules.

However, if one was selling their LLC and was to give a member or independent contractor a percentage of the sale proceeds, would it just be taxed as... Read more »

Marcos Garciaacosta
Marcos Garciaacosta answered on Apr 7, 2020

Consult with an accountant and attorney.

In general any payments or distributions are counted as regular income payments.

To avoid or defer taxes you may need to establish other mechanisms in place at your company.

May not be worth if the amount in discussion is not big enough.

1 Answer | Asked in Tax Law for New York on
Q: Under the covid stimulus package, will I be able to receive 2017 and 2018 tax refunds that would otherwise be garnished?

According to the covid stimulus package, those who are in default of their student loans will not have their tax refund garnished. My question is: Does this apply to only 2019 tax refunds, or will it also apply to 2017 and 2018 refunds? I am entitled to refunds for the past three years and never... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Mar 31, 2020

The stimulus does not involve tax year 2019--because 2019 tax returns are not even due until July 15, 2020. Moreover, If you have never filed tax returns for tax years 2018 or 2017 you will probably not receive any stimulus check.

1 Answer | Asked in Tax Law for New York on
Q: If I receive publicly-traded stock in lieu of cash for services rendered, how is that taxed?

I assume that I would have to pay short-term capital gains taxes based on the immediate market value, then if I immediately sold it, would I then pay capital gains taxes again based on the original owner's cost basis? Thank you in advance for your insights.

David Ostrove
David Ostrove answered on Mar 25, 2020

If you received it for services rendered. The value of the Stock is ordinary income to you. And, the value is, therefore, your tax basis. If you sell it at a gain, the difference between your selling price and the value when you received it for services rendered is your capital gain; short term or... Read more »

1 Answer | Asked in Foreclosure, Real Estate Law and Tax Law for New York on
Q: Sale of note, then sale of collateral, then forgiveness of debt confusion.

When a mortgage and note (one document, titled NOTE AND MORTGAGE) is sold, the creditor/lender/noteholder/mortgagee changes, but the debtor/borrower/mortgagor stays the same.

If the debtor/borrower/mortgagor then sells the mortgaged property (the deed to his house), subject to the... Read more »

Elaine Shay
Elaine Shay answered on Mar 19, 2020

When a lender assigns a note and mortgage, the debt remains with the borrower even if the property is sold subject to the mortgage.

1 Answer | Asked in Estate Planning, Real Estate Law and Tax Law for New York on
Q: what forms do i need to complete to transfer real property to a living trust?
Nina Whitehurst
Nina Whitehurst answered on Feb 28, 2020

Real estate is transferred using a document of conveyance called a deed. However, there are a variety of types of deeds, and the choice is not always obvious. I do not ever recommend using quitclaim deeds because of issues with insurability. That leaves possibly a warranty deed or a special... Read more »

2 Answers | Asked in Estate Planning, Real Estate Law and Tax Law for New York on
Q: I have a real estate worth $850.000 in Long island city, NY. How much tax my kids and spouse has to pay when i pass away
David Ostrove
David Ostrove answered on Feb 27, 2020

Your kids pay no estate tax. Your exemption will more than cover $850,000.

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1 Answer | Asked in Tax Law for New York on
Q: I have a rent to own lease on a apartment building. I live in one of the 3 apartments and pay for repairs for the all

the apartments myself. I also rent out the apartments and collect rent from tenants like a property manager does. How do I go about doing my taxes?

Linda Simmons Campbell
Linda Simmons Campbell answered on Jan 27, 2020

Unless you have a tax preparation background you should hire someone to prepare your taxes. That way you will not have to worry about making a mistake, getting audited, and paying someone like me a lot more then you would have paid an accountant. Find a good accountant, with experience in this... Read more »

1 Answer | Asked in Tax Law for New York on
Q: Can New York state seize my car if I owe back taxes and I've been on social security for the last 15 years

I started out on Social Security Disability because I am hearing disabled. 15 years ago.

D. Mathew Blackburn
D. Mathew Blackburn answered on Jan 20, 2020

Yes. Once a tax warrant has been filed the state can, and will, seize non-exempt property and auction it to pay your tax debt.

If you call them and setup a payment plan they'll pause collections activity.

You'll also want to check to see if you're driver's...
Read more »

2 Answers | Asked in Business Law and Tax Law for New York on
Q: New York notice for additional sales tax owed plus interest and penalties going back to tax year 1999.

Operated a auto repair shop in NY in 1999. Had CPA do my taxes and paid what he said that I owed for sales tax tax for year 1999 which was around $500. Later got notice that I owed more than I had paid so I contacted CPA and he said he would take care of the issue. Had unfortunate events occur in... Read more »

Terrence H Thorgaard
Terrence H Thorgaard answered on Jan 17, 2020

You are going to need a New York attorney. The fact that you may now be in Florida is immaterial. So ask in Justia > Ask a Lawyer > New York > Tax Law.

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1 Answer | Asked in Divorce and Tax Law for New York on
Q: IRS saying I am not allowed to take mortgage interest and real estate tax deduction given to me as part of divorce.

In my divorce decree, my ex-spouse agreed that I could take the full mortgage interest and real estate tax deduction on our property jointly owned until our son is financial independent. The IRS is now saying that I am only allowed to take 50% of the deduction because we both own it. The property... Read more »

Lawrence Allen Weinreich
Lawrence Allen Weinreich answered on Jan 16, 2020

Your decree cannot over rule IRS rules. You should sit down with your tax advisor or a tax attorney to go over your decree, agreement and the IRS ruling.

2 Answers | Asked in Tax Law for New York on
Q: I am in trouble with the IRS and State for infilled and also owe a substantial in back taxes. I have no money to pay

An attorney but need help. Is there a pro bono person that can help me? I live in MYC

Linda Simmons Campbell
Linda Simmons Campbell answered on Dec 19, 2019

You can see if one of the low income taxpayer clinics in your area can help. Here is a link to the page where you can search for one near you.

https://taxpayeradvocate.irs.gov/about/litc

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1 Answer | Asked in Banking and Tax Law for New York on
Q: Do I need to pay taxes when transferring money from my foreign bank account to my American account?

Hi, I wanted to get information about the possibility of transferring money I have in Brazil in my account there to my US account, about $225,000. Do I need to pay tax on that when I transfer, or in the end of the year? Do I need to declare it in my tax return? I am a temporary resident in the US... Read more »

D. Mathew Blackburn
D. Mathew Blackburn answered on Dec 3, 2019

Any transfer over $10,000 US is reported by the bank but is not taxed.

You don't report it on your personal income return as long as it's a personal transfer.

If it's a gift or earned income it changes things.

1 Answer | Asked in Tax Law for New York on
Q: Can NYS still assess individual income tax if it is beyond the three year statute based upon reliance on the IRS that
D. Mathew Blackburn
D. Mathew Blackburn answered on Dec 3, 2019

The State of New York has a three year statute of limitations to asses additional income tax, but that is not reliant on the federal statute of limitations.

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