Henry Daniel Lively’s Answers

Henry Daniel Lively

Costa Mesa Tax Lawyer.

Contributor Level 20
  1. Did a deed in lieu last year , got a 1099 for 100,000 is there still a tax forgiveness for fed. and state of calif.

    Answered about 2 years ago.

    1. Henry Daniel Lively
    2. Frank Wei-Hong Chen
    3. Christopher Michael Larson
    3 lawyer answers

    For your principal residence the feds allow you to exclude up to $2 million of qualified mortgage indebtedness under the Mortgage Forgiveness Debt Relief Act of 2007, and California allows the same exclusion, but limits the debt to be excluded to $500,000. If the Act does not provide sufficient coverage or this is not your principal residence or qualified residence indebtedness then you can look to exclude the income under IRC Section 108 if you are insolvent or discharge the debt in a bankruptcy.

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  2. What are the benefits for siblings for joint tenants vs. tenants in common in re: capital gains tax and probate?

    Answered about 2 years ago.

    1. Henry Daniel Lively
    2. Michael S. Haber
    3. Curtis Lamar Harrington Jr
    3 lawyer answers

    This is a tough question to answer with the minimal facts presented. If you hold title as Joint Tenants, then if any one of the tenants die, the remaining tenants take the property. Nothing will go to the estate of the deceased tenant. If you hold title as tenants in common, their is no automatic transfer on death by operation of law as with a joint tenancy. The interest will have to be probated if it is not disposed of by will or trust. Therefore, joint tenancy will avoid probate and...

    10 lawyers agreed with this answer

  3. California taxes

    Answered over 2 years ago.

    1. Phillip Monroe Smith
    2. Henry Daniel Lively
    3. Mayer Nazarian
    4. Richard W Beck
    4 lawyer answers

    I agree with attorney Smith. California does not have the same 10 year rule as the IRS. Primarily because California does not have a 10 year statute of limitations on the collection of taxes.

    9 lawyers agreed with this answer

    1 person marked this answer as helpful

  4. Can an illegal person with ssn file tax return? and is that helpful to them by any means?

    Answered 11 months ago.

    1. Carl Michael Shusterman
    2. Alexander M. Ivakhnenko
    3. Henry Daniel Lively
    4. Alexander Joseph Segal
    5. Lachezar Vanchev
    6. ···
    6 lawyer answers

    It is a legal requirement for non-U.S. Citizens to file a tax return for all income earned in the United States.

    11 lawyers agreed with this answer

  5. How to report employer who did not deduct Social Security, Medicare and Cal SDI/SUI taxes from my pay checks?

    Answered about 2 years ago.

    1. Henry Daniel Lively
    2. Marilynn Mika Spencer
    3. Brian S Wayson
    4. Kevin Brendan Murphy
    4 lawyer answers

    Absolutely, you must report the income you earned. You should inform your employer that they need to correct this situation. If they do not, then you should contact the labor board.

    9 lawyers agreed with this answer

  6. My father dissolved a family trust after my mothers death to exclude 2 children and leave all assets and property to one child.

    Answered about 2 years ago.

    1. Molly Cristin Hansen
    2. Richard W Beck
    3. Henry Daniel Lively
    4. Cecilia A Tsang
    4 lawyer answers

    There is no standard answer to your question. A review of the actual trust document would be the first step. It would be a good idea for you to have your own attorney represent you in this matter.

    9 lawyers agreed with this answer

  7. Can we gift more than $26,000 per year to each child without paying gift tax?

    Answered about 2 years ago.

    1. Christopher Michael Larson
    2. Henry Daniel Lively
    3. Mary Lynn Symons
    3 lawyer answers

    You can gift $13,000 to any person each year, $26,000 with split gifting without gift tax consequences. Beyond this amount you must use your life time gift tax exclusion which is currently $5,000,000. So long as you do not exceed this exclusion you will not have any gift taxes payable.

    10 lawyers agreed with this answer

    1 person marked this answer as helpful

  8. Can my attorney take a tax deduction for the services that he renders for my non-profit. 501(c).

    Answered about 2 years ago.

    1. Curtis Lamar Harrington Jr
    2. Henry Daniel Lively
    3. E. Martin Davidoff
    4. Jonathan B. Lefkowitz
    4 lawyer answers

    No, the attorneys time is not tax deductible as a charitable deduction. If he has out of pocket expenses or travel this would be deductible.

    10 lawyers agreed with this answer

  9. As trust beneficiaries, do my bother & I have the right to ask for copies of the taxes prepared for the trust for last year?

    Answered about 2 years ago.

    1. Henry Daniel Lively
    2. Rabeh M. A. Soofi
    3. Christopher Michael Larson
    3 lawyer answers

    You are required to receive an accounting and a K-1 for your distributive share. You should ask for a copy of the tax return, even if you do not have an absolute right to receive it. Most the time a trustee will provide it to you upon request.

    8 lawyers agreed with this answer

  10. Should I File Back Taxes?

    Answered about 2 years ago.

    1. Henry Daniel Lively
    2. John Adam Wetenkamp
    3. Christopher Michael Larson
    4. J David Hopkins
    5. Brett A. Thompson
    5 lawyer answers

    Yes, you need to file. You have a filing requirement and to not file is a crime. Just because the IRS has not caught up with you yet does not mean that they will not eventually catch up with you. See a tax professional that can help you get all of your past filings completed.

    8 lawyers agreed with this answer