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John P Fazzio III
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John Fazzio’s Answers

869 total


  • I started a not for profit to help people. i have received donated used clothes. how do i handle giving them a receipt what

    What can i give people who donated clothes to help my not for profit out reach ministry. To write it off on their taxes?

    John’s Answer

    In order to claim a tax deduction for charitable contributions on Schedule A, a donor must receive a "written acknowledgment" for a contribution valued at $250 or more, and a charitable organization is required to make a "written disclosure" for any contribution received of $75 or more. The best practice is to provide receipts for every donation.

    The "written disclosure" you provide to each donor should contain: (1) name of your organization; (2) value of any cash contribution; (3) description of non-cash contributions; (4) statement that no goods or services were provided by your organization in exchange for the donation; (5) good faith estimate of value of goods--to your best ability; and (6) statement that any goods or services provided were of a religious nature only.

    For regular donors, you could also keep a log and send one "written disclosure" on a quarterly or annual basis. Many churches use this method for collection envelopes.

    To make a good faith estimate of fair market value, you should approximate what similar items are going for at thrift stors.

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  • Am I allowed to give customer information like name address and telephone #if request by the State Board of equalization of CA

    I own an online business that sells via amazon we are located in NY state. We received a letter from the state board of equalization requesting us to furnish records related to sales in CA It seems illegal for me to be able to give this ...

    John’s Answer

    You should consult a local attorney who specializes in Sales Tax law and show them the letter. Apparently California is asking for the information to attempt to impose sales tax. If these are re-sellers, they may be looking to see what they've purchased for sale in state.

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  • Income tax

    hi I,m 36 years old , and green card holder for only one year which I spent it inside US still I don't have job . should I fill income tax file even no income ?? and what is the minimum income limit to fill out ?? thanks

    John’s Answer

    You should file your tax return stating no income, rather than relying on the fact that you don't need to file. That way you will be insulated from potential audit when the statute of limitations on collections runs.

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  • I owe a half million in ny state sales tax. I am on ssi/ssd. they took my drivers license. i cant pay can I get my license back.

    I had a pizzeria. I got sick it closed and I owe them a half million. I have nothing to my name. I get 840 a month to live on. they have a lean or judgment on my drivers license so my drivers license was suspended. I am afraid to contact the new Y...

    John’s Answer

    This is a very common question. If you are only receiving $840/mo you probably qualify for Currently Not Collectable ("CnC") status. It is difficult to get New York State to agree to this if you have a sales tax debt. Sales tax debtors are looked on with special disfavor by New York State. Nonetheless, with a $500K debt and no regular income other than SSI/SSD, you can make a compelling argument that you are unable to pay at this time, and may be able to potentially avoid license suspension under NYS Tax Law Section 171-v(5).

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  • Are ongoing assessments for real estate taxes in co-operatives, tax deductible?

    We are looking to buy a coop apartment in Manhattan. The coop has a maintenance of $1800 and an "ongoing real estate tax assessment" of $1400. The coop says that the maintenance is 50% tax deductible (which I presume is applicable against the $180...

    John’s Answer

    If you itemize on Schedule A, you can deduct mortgage interest and real estate taxes, on a pro rata basis determined by square footage, converted to a per share calculation. The Co-Op should send you a Form 1098 that includes a $X per share conversion for the allowable mortgage interest and real estate tax calculation for the year. This can then be used as back-up for your Tax Return. Hope this helps.

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  • What are real benefits for a couple with no money or assets in nys?

    My fiance and I plan to wed in the next 6 months in our home with a small group of family and friends. We are not sure if we should do a commitment ceramony through our pastor before god (not legal through nys) or get legally married. We are not s...

    John’s Answer

    You have a divorce law question relative to child support enforcement. This is not related to taxes. I am not familiar with this issue, but I do not believe a child support enforcement order in NYS can extend to your spouse's income; however, I do believe the Child Support Standards under the CSSA and the Domestic Relations Law generally do not include a new spouse's income. I also do not think it matters for purposes of household income whether or not you are legally married.

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  • Foreclosure sale date

    I have a foreclosure sale date on my property set for Sept. 3, 2015. Curious. It just hit me. Is there any way to fight this case that I already obviously lost because I think that I may have not been represented properly? Or any way to rebut th...

    John’s Answer

    With a pending sale date there is not much you can do. But, there are still some basic options. If your confidence in present counsel is lacking, find a new foreclosure defense attorney, get a second opinion, and see if you can make a play to save your home.

    That said, there is a point to cut your losses. If you can't get the funds together to cure the default, can't identify a big problem to re-open the case, and can't find a buyer to potentially go to short sale... then your last best option is to show up at the sale. At some point you will ultimately run out of options, but get one last legal opinion before you give up. At a minimum a competent lawyer should negotiate or bid the court for more time in the house, even after sheriff sale.

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  • I had a chapter 7 bankruptcy discharged in January 2013. There was a second mortgage showing as a lien - how can I remove that?

    Is there a way to get my second mortgage lien released? It is not gathering interested and the amount is $35k (it has not changed since the bankruptcy and I have not rec'd any statements or anything from them). I have moved out of the property an...

    John’s Answer

    The Ch. 7 discharge frees you from the debt, but the lien against the collateral remains. Thus, the mortgage lien is not released. There is something called "lien stripping" that can sometimes occur in bankruptcy court, but you have not gone through that process, so that does not apply here.

    On a short sale the second lender would likely negotiate a reasonable payoff for a nominal sum.

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  • FORECLOSURE: Is the DC foreclosure court summons negotiable to exclude delayed interest payment, can I refinance principal only?

    After a business bankruptcy and almost a current personal one as a result (which might follow anyway) I received a summons to appear in court for a foreclosure in DC. I can afford to refinance the principal but no way I can refi to includ...

    John’s Answer

    You cannot refinance principal only. Banks make loans for the interest and once it accrues, they expect to receive it. Find a local foreclosure defense or bankruptcy attorney that can assist and guide you right away.

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  • Rental property in AZ is in my name as sole and separate, will a foreclosure effect my spouse, if so how?

    The property was purchased as my primary residence. A year later I got married. A year after that, I refinanced it and my husband signed statement that the property was mine alone. The loan is in my name only. We have since moved and it became ...

    John’s Answer

    Long story short, a foreclosure can effect your spouse, and their credit.

    Foreclosure shows up on the credit of anyone who appears on the mortgage. Generally, with married couples, the bank underwriting guidelines dictate that both spouses be on the mortgage as a precaution under state property/title law. From what I know about Alabama law, Alabama is what they call a title state, where the nominal ownership of the property may rest with the homeowner, but the legal right to foreclose by nonjudicial means rests with the mortgage holder on the basis of routine provisions in the mortgage. A local foreclosure attorney can provide greater detail.

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