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can we invoke "ex post facto" doctrine in this case
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answered on Sep 6, 2024
My understanding of the Bill you mentioned, is an additional part of the Tax Exemption law in Texas. The Bill allows the Tax Appraiser in each county to verify the property owner's exemption status every 5 years. That verification may be done in portions, and broken up into multiple years of... View More 
The daughter says that the IRS will not let her do anything with the house (sell, rent, fix up, etc). She says the IRS told her that she's allowed to stay there a few times during the week, but if a family member or friend wants to stay the night or a wknd, she would have to be present the... View More
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answered on Sep 1, 2024
The Federal Tax Lien is a legal tool the IRS uses to help secure and enable tax collection. Liens and other "security instruments" direct third parties to first use any proceeds (cash) from transactions to satisfy (pay-off) the associated debt.
However, not all lens are... View More
A parent has a trust with 2 beneficiaries. We would like to move a house into a separate trust with only one beneficiary. So the house is being given to one child but the other should get half of the 2024 value somehow
Not sure the best way to do this so the other child gets half the 2024... View More
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answered on Aug 30, 2024
Giving the house to one beneficiary now could have many unintended negative consequences such as loss of step up in basis at the death of the gift giver and a hefty Medicaid penalty period assessed against the gift giver on account of the lifetime uncompensated transfer.
This is not the... View More
The land is taxed way above actual value . It was on the market for years. Before the owners died , So it is basically unsaleable. I would like to forfeit the land in exchange for the debt located Mechanicsville Maryland.
answered on Aug 28, 2024
As the trustee of this estate, your primary responsibility is to act in the best interests of the beneficiaries. While forfeiting land for debt might seem like a direct solution, it's generally not a feasible option. Forfeiture typically occurs due to illegal activity, not as a means of debt... View More
The land is taxed way above actual value . It was on the market for years. Before the owners died , So it is basically unsaleable. I would like to forfeit the land in exchange for the debt located Mechanicsville Maryland.
answered on Aug 28, 2024
While there is no legal process to "forfeit land" practically speaking if the owner defaults on the annual property taxes it would go into tax sale, and if someone else purchased the property at tax sale it would have the same practical effect as forfeiting. However, a Personal... View More
Sister passed away a few years ago in Indiana. She had no spouse or children and left no will, but did list a sibling as an insurance beneficiary.
answered on Aug 27, 2024
When a person dies, their assets must go through a legal process called probate. This process involves identifying the deceased's assets, paying off debts, and distributing the remaining assets according to the terms of their will. If your sister had a will, then the home goes to the named... View More
The taxes were assessed by Delaware for failure to file annual tax returns and reports. The assessed taxes are owed by a failed start-up.
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answered on Aug 27, 2024
No, shareholders are not liable. Not really.
One of the benefits of corporate structure is the limitation of thÿe company's lability. A shareholder will only be "liable" for corporate income tax up the amount of their investment in the company. That invested part represents... View More
Just formed my LLC and want it to be the holding company and an S corp what do I need to file and in what order?
answered on Sep 6, 2024
I mostly concur with the earlier answer provided to your question above. Here is my response with a few more notes
1) Use Your LLC as a Holding Company: Structuring your LLC to act as a holding company simply involves using it to own other businesses or assets. You don’t need to file... View More
It is an empty lot of land, 0.5 acres, entirely wooded and overgrown with no servitudes, buildings, or other property besides the land itself. Any attempt to check who the original owner might be comes up short, since it is in the name of an estate rather than a person. The last record for the... View More
answered on Aug 8, 2024
The adjudiciated property process is similar not not completelyt identical throughout the state---I would recommend that you contact a property lawyer in your area-----or contact the parish attorney's office in the parish you purchased the adjudicated property----ask to sit down and discuss... View More
My father runs a cleaning (franchise) business that is under my name, but I am not actively involved and I do not receive proceeds. It opened in late 2017 and didn't see any revenue until 2018 when it first acquired contracts. I'm looking to transfer ownership to my father for the... View More
answered on Jul 26, 2024
You can transfer 100% of your interest in the business to your father. You will be legally responsible for all taxes incurred by the business prior to the effective date of your transfer of your ownership interest.
my Brother sister and I inherited a house from our dad who passed away. He did not live in that house as his primary residence. We are selling the house. It is in escrow. Do we have to pay California tax on the sales price?
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answered on Jul 26, 2024
When you sell an inherited house in California, the key factor for tax purposes is the stepped-up basis. The stepped-up basis is the property's fair market value at the date of your father's death. This value is used to determine the gain or loss when you sell the house.
If the... View More
If assets in my will shall pass to a minor and I have named a guardian in the will, must the guardian be approved and monitored by the court?
On the other hand, if the assets are passed to a trustee (whom is also named), must the trustee be approved and monitored by the court?
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answered on Jul 24, 2024
If you've named a guardian in your will for a minor beneficiary, the court typically needs to approve this guardian to ensure they are fit to take on the responsibility. The court's approval process involves verifying the guardian's suitability and may include ongoing oversight to... View More
I want to avoid capital gain taxes as much as possible.
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answered on Jul 23, 2024
Using money from the sale of property to pay down your mortgage can be a wise move, but it requires careful consideration of your overall financial situation. Paying down your mortgage can reduce your monthly expenses and the amount of interest you pay over time. However, it's important to... View More
Good morning. I have a question about filing IRS form 433-f (Collection Information Statement) for the purpose of requesting "Account Not Collectible" status in regards to several unpaid and/or unfiled tax years. In the section asking about home equity - do I need to include my home and... View More
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answered on Jul 23, 2024
Good morning. When filling out IRS Form 433-F, you do need to consider the home equity section. However, since you are purchasing your home under a Contract for Deed and the title is still in the seller's name, you technically do not have ownership or accessible equity in the property yet. In... View More
Good morning. I have a question about filing IRS form 433-f (Collection Information Statement) for the purpose of requesting "Account Not Collectible" status in regards to several unpaid and/or unfiled tax years. In the section asking about home equity - do I need to include my home and... View More
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answered on Jul 23, 2024
I agree with James L. Arrasmith, in part.
It is true that the IRS does not usually attach itself to the title of any asset (like your home) if you are not included on the title. However, if you have enforceable rights of ownership, and those rights bear an equity interest, then the IRS can... View More
Is it legal to deduct credit card processing fees from an employees paycheck without knowledge or written consent? Is it legal to make an employee cover cash till shortages without written consent?
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answered on Jul 23, 2024
No, it is not legal to deduct credit card processing fees from an employee's paycheck without their knowledge or written consent. Employers must obtain explicit authorization from employees before making any such deductions. This protects the employee's right to understand and agree to... View More
They badly dropped my credit. Also they are being sued in California but I wonder if it had anything to do with the taxes of federal witheld. Is it normal for a company not to tax you federal taxes if the gross pay is lower than $1000.00 but yet when they taxed me on a check which was a christmas... View More
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answered on Jul 23, 2024
If your credit score was damaged due to your employer's mistakes, it's important to address this issue directly. Start by gathering all relevant documentation, including pay stubs, child support payment records, and any communication with your employer. Contact the credit bureaus... View More
Or is it, if I owe a grand total of 30k in property taxes each year, I would only have to pay roughly 5k? This is Indiana Code law
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answered on Jul 21, 2024
In Indiana, under the statute 6-1.1-12-13, a property tax deduction is provided for certain individuals. If you purchase a $500,000 home, this deduction would reduce the assessed value of your property by $25,000. This means your home would be taxed as if it were valued at $475,000 instead of... View More
My son bought my house on 3 acres. He could not finance the adjoining 20 acres. I would like to give it to him the best way for him to pay at least in taxes
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answered on Jul 21, 2024
To transfer the adjoining 20 acres to your son in the most tax-efficient way, you should consider gifting it to him. Gifting property can often be done without significant tax implications if the value of the land is within the annual gift tax exclusion limit, which is $16,000 per recipient as of... View More
Hi, i am a trucking company owner and operate interstate and do have a interstate operating authority. Currently one of my truck broken down and getting repaired in state of Wyoming. I am trying to explain the the shop that i am exempt and taxes for parts and repairs needs to be waived. But they... View More
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answered on Jul 2, 2024
As a trucking company owner operating interstate with an interstate operating authority, you may indeed be eligible for certain tax exemptions in Wyoming, including exemptions on sales tax for parts and repairs. Here's how you can approach this situation:
1. Wyoming Tax Exemption for... View More
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