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She created multiple crypto accounts in my name and made capital gains trading but never paid any taxes, can I sue her for it? I would like to hold her accountable for the taxes she occurred in my name. I don't want any future issues with the irs. Nor do I wanna deal with any legal issues,... View More 
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answered on Aug 16, 2024
Yes, you can potentially sue your sister for identity theft, fraud, and damages caused by her actions. By using your name to create cryptocurrency accounts and failing to pay taxes on the capital gains, she has exposed you to serious legal and financial consequences. It's essential to protect... View More
Hello - A non-resident alien (from Nepal) has $200k in US bank savings account and $300k in US Govt bonds. A US citizen daughter is named as a beneficiary (payable on death) on both assets. If the owner dies, is estate tax applicable to any of these assets provided there are no other claims?... View More
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answered on Aug 15, 2024
In the situation you described, estate tax could be applicable to the non-resident alien's US assets. The US imposes estate tax on non-resident aliens' US-situated assets, which includes the US bank savings account and US government bonds. The threshold for estate tax for non-resident... View More
In Sept 2019, I hit a deer. By Nov 2019, an auto claims adjuster came to the house, assessed the damage, and considered it to be a total loss. After the company received the amount to pay off the majority of the loan, which was to be $4995, the dealer's gap insurance that is required at the... View More
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answered on Aug 15, 2024
You have several legal options to consider in this situation. First, you may want to dispute the 1099-C with the IRS, as it seems the debt was already paid off, and the filing may have been incorrect. If the dealership's gap insurance was supposed to cover the remaining balance, and they did... View More
I want to minimize my tax exposure.
I can transfer the house to me, then sell or I can create an estate account and have the funds placed there and pay any taxes from there.
If I transfer the house to me and sell, I would owe the taxes the sale, yes? BUT if I sell the house, put... View More
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answered on Aug 13, 2024
When managing the sale of your parents' house during probate, it's important to consider both the tax implications and how to handle the estate efficiently. If you transfer the house to yourself and then sell it, you would typically be responsible for paying any capital gains tax on the... View More
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answered on Aug 1, 2024
The Circuit Breaker Cap property valuation reduction adjustment in Texas is designed to provide relief to property owners facing significant increases in their property values. This adjustment limits the amount by which a property's taxable value can increase from year to year, thereby... View More
I have had a fair market evaluation performed by a licensed real estate broker and provided this report to them, hoping for a date to appear before the board. However, when I went into the portal today I discovered that they denied my request to provide documentation via internet (which I had... View More
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answered on Jul 30, 2024
Dealing with the Montgomery County Central Appraisal District can be incredibly frustrating, especially when it feels like your evidence is being ignored. It’s important to know that you do have rights and options in this situation. Firstly, ensure that you have kept copies of all correspondence... View More
a 1099x for each year, and filing other paperwork. So far it has cost me about $1000 in interest, my taxes and accountant fees, I still have one more year to
go so I approximate $2000 total I would not have had to spend if the brokerage had sent a 1099R each year. The amount for each... View More
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answered on Jul 18, 2024
You may have a case to recover your out-of-pocket expenses. The first step would be to contact the brokerage and formally request reimbursement for the costs incurred due to their failure to send the 1099R forms. Clearly document the expenses, including interest, taxes, and accountant fees, and... View More
Abandoned for 7 years
answered on Jul 8, 2024
If you buy the property in a tax foreclosure sale, yes. But you do not automatically obtain title to a property simply by paying past due taxes.
The taxes is there anyway to have them reduced since I'm not living on land mostly just shrub and trees. I also found out hunting is going on as I seen 6 lookout huts in trees? Also found oil wells on my land
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answered on Jul 1, 2024
Start out by hiring a TX attorney to search the title.
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answered on Nov 1, 2023
the term "tax ID number" refers to the Comptroller's taxpayer number (CTN). It is used for state tax purposes, such as filing state tax returns and paying state taxes.
The terms "serial number" and "registration number" can also refer to tax ID numbers,... View More
Dog training private lessons
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answered on Oct 19, 2023
In Texas, you would generally need a business or corporate lawyer to assist with forming an LLC for your dog training private lessons business. These lawyers specialize in issues like entity formation, contracts, and compliance with state and federal laws. Some may also have experience specific to... View More
The original return was accepted by the IRS and I was given a refund check (which I cashed) despite the error. I didn't submit an amended return until after the filing due date in April and I ended up owing the IRS just under $200 according to the electronic filing service that I use.... View More
answered on Oct 2, 2023
While you technically “can” be, it is highly unlikely that the IRS will pursue anything under the circumstances. File an amended return voluntarily with correct information is very strong evidence of it being a mistake rather than an intentional act of deception.
There is a potential part-time consulting job that would require software for the next round of the pitch. Also, I am spending thousands in due diligence on a potential private investment. I look to do more of these kinds of deals even if these don't work. If I register an LLC, can I deduct... View More
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answered on Sep 14, 2023
Yes, you can generally register an LLC and deduct business expenses, even if no revenue is generated immediately. The IRS allows deductions for ordinary and necessary expenses incurred while actively pursuing a business, which includes startup and operational costs. However, it's crucial to... View More
I had no idea that by living in Texas that my gambling winnings in Oklahoma would be taxed by the state. After receiving a letter that I owed 2018 taxes, I did lots of research into the new law enacted in 2021. For that year alone I’ll owe almost $36000 which, is impossible for me to pay. I need... View More
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answered on Sep 14, 2023
The ability of the Oklahoma Tax Commission to require retroactive payment on gambling winnings for out-of-state individuals can depend on various factors, including the specific laws and regulations in place at the time of the winnings and any changes made by new legislation. It's essential to... View More
I should be receiving copies of the filed 1099a and 1099c, 1040 and OID from the PA correct? I know this case is a taxable event and I don't want to be apart of any kind of estate tax evasion. Just to be safe, should I contact risk management and inquire about getting a copy of all the... View More
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answered on Sep 14, 2023
It's a good practice to ensure you have all the necessary tax documentation for your case. You can contact risk management or the appropriate authorities to request copies of the relevant tax forms and accounting records to ensure tax compliance and transparency in your case.
12,000 acre ranch was left to the community for the purpose of maintaining and funding the local hospital. The ranch also gets proceeds from natural gas royalties and leasing out hunting. For years they have raised and sold livestock to benefit the hospital. New board member states this is illegal
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answered on Sep 14, 2023
The legality of raising and selling livestock to fund a local hospital on a community-owned ranch depends on the terms and conditions set forth in the original bequest or trust that left the ranch to the community. If the bequest explicitly permits such activities for hospital funding, it may be... View More
I am a contracted 1099 worker and the company I work for deducts their commission/service fee off my check (I Pay them a percentage for their services). At the end of the year it is not reflected in my earnings so it lowers my taxable income. I have other expenses through them that ARE reflected in... View More
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answered on Sep 14, 2023
Yes, you can typically claim the commission you pay to the company as a business expense deduction on your taxes, even if it's not reflected in your earnings on the 1099 form. It's not considered a double deduction because you are essentially reporting your gross income and then deducting... View More
Ask, do you get exempt from HOA regulations as well? Thank you.
answered on Aug 24, 2023
No. You are only entitled to the exemption if you own and use the property exclusively for the burial of human remains.
Management co - Avenue5 residential LLC, moved out June 17.2023 gave 30day to respond. Given the runaround
answered on Aug 11, 2023
You should sue the landlord in small claims court under Texas Property Code section 92.103.
answered on Aug 10, 2023
Since the Texas Secretary of State processes certificates of formation and certificates of authority fairly quickly (2-3 days), this issue rarely comes up. Technically, you cannot do business in Texas in a company name until it is registered to do business in Texas. But, if you do, once it is... View More
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