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John P Fazzio III
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John Fazzio’s Answers

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  • If my ex-husband owes over 4,000 in back child support but haven't files taxes in over 6 years what could happen?

    Any information would help to see what I can do in the situation.

    John’s Answer

    You can file a contempt of order motion in court. You should probably consult a family law attorney in your area.

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  • How much taxes does a foreigner have to pay?

    If i was to have my families house deed in usa transfered into my name ( I am a Italian Citizen) do i have to pay an extra taxes for being a non resident foreigner?

    John’s Answer

    I do not believe that you do, but consult with a real estate attorney to confirm.

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  • Would my current federal tax liabilities become the responsibility of a new wife should I remarry? My first wife died in 2011.

    I have federal tax liabilities. I just want to know if I remarry if my new wife will have ANY responsibility for satisfying those liabilities.

    John’s Answer

    No, old liabilities will not attach to your new wife.

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  • My Sister purchased my leased vehicle for not a penny over what the buyout was. Do we both have to pay double the taxes now?

    My Sister and I entered into an agreement and she purchased my leased vehicle for 14k. She had 6k in her savings and took out a used car loan for 8k. She gave the bank 6k and they wrote 1 check out for 14k and sent it into my leasing company and ...

    John’s Answer

    Generally, when you lease a vehicle, The finance company buys the car and pays the tax on it. The finance company passes some of the tax on to you in the form of a use tax which you pay monthly based on a portion of the car's value.

    When you do a lease buy-out, you are creating a transaction with the finance company to purchase the vehicle and transfer the title from their name to yours. You will then be responsible for paying sales tax on that transaction.

    Some states have a rule, where, if you sold the car in 30 days from purchase, the middleman can skip paying the tax.

    The third party agreement with your sister cannot be for $0.00 because the state will require tax paid on the FMV on the car if it is sold below the FMV to begin with.

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  • How may we sell rental property and avoid tax on capital gains without buying another rental?

    The house was our residence until 1991 and has been rental ever since. It is currently being rented by our daughter and her husband. We plan to sell it in the next couple of years.

    John’s Answer

    You can look into a 1031 exchange. A knowledgeable attorney or CPA may be able to help you with this.

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  • Can I press charges if my ex used a revoked power of attorney to file taxes

    I left on a deployment at which time my ex-husband informed me that he wanted to separate. I subsequently informed him via email that he no long had POA to file taxes on my behalf. He replied to my email but still filed taxes on my behalf a mont...

    John’s Answer

    It can void the filing of the return. If you sue, you will have to prove some damages. I can only imagine that if the filing of the return is voided, you will be responsible for filing a proper return and will be responsible for late filing and payment penalties.

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  • Refund of Fundraising Money

    We participated in fundraising for our daughter's softball team. We left before the money was used for its intended purpose and would like the money back. The organization is a for profit venture, not a 501(c)(3). Do we have any legal recourse? T...

    John’s Answer

    If they misrepresented the purpose of the funds, you may be able to bring a legal action.

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  • In estate planning is it normally a federal issue and not a state issue because the estate taxes have to be paid to the

    federal government?

    John’s Answer

    Some states have an estate tax, so there will have to be planning on both ends if you live in one of those states.

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  • Tax question

    My business partner and I have developed a game which is now being sold through a gaming company. We will get paid directly by company and my partner and I each have a percentage on sales. The gaming company will issue 1099 at end of year. However...

    John’s Answer

    I would hire a tax professional to prepare your taxes - but in a nutshell, you should file a 1099 for your business partner for his portion of his income. Your partner will be subject to withholding since he is a foreigner.

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  • Can one explain how real estate taxes are assessed and increases determined on residential property? My neighbor's home recently

    sold, and it appears their taxes (real estate, county, school) increased 25 percent in 10 year period. Upon comparing my home to theirs, we both have relatively the same square footage, on same lot size and bedroom/bath. However, my annual taxe...

    John’s Answer

    I am not sure how to county appraiser assessed the value of the home. You can appeal the determination, but I would start by getting your own appraisal.

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