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Justin C. Lowenthal

Justin Lowenthal’s Answers

445 total


  • I purchased a tesla for my personal use and used it 50% for my s corp business. But I was wondering if I want to use the $2500 p

    I purchased a tesla for my personal use and used it 50% for my s corp business. But I was wondering if I want to use the $2500 plug in electric vehicle tax credit for the tesla do I need to have the title also under my business name? if you look a...

    Justin’s Answer

    Although you will need to confirm with a CPA, I believe the answer is no, title does not need to be under the name of the corporation. So long as it is used for business and is considered a business asset/liability, the business should be able to take the EV tax credit.

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  • I AM INCORPORATING MY BUSINESS FOR THE EIN APPLICATION SHOULD I DO IT AS AN INDIVIDUAL OR AS A BUSINESS PROVIDING CURRENT EIN?

    NONE

    Justin’s Answer

    Typically the answer to your question is determined by the owner or principal party managing the new company. If it is YOU (and not one of your other companies) taking responsibility for tax matters regarding the new LLC, you should use YOUR SSN. If, lets say, your company is apply for the EIN on behalf of the new company, use YOUR COMPANY'S EIN. In all likelihood, the number that should be used is your personal SSN but I can't say for sure without additional facts.

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  • Converting from CA LLC to NV LLC for a CA resident moving to NV

    I am currently a CA resident with a single-owner CA LLC that has no employees or contractors in CA. It is an online information service with subscription-based customers all over the world (some of whom are in CA, the vast majority of whom are not...

    Justin’s Answer

    If the business is online and grants interstate use/access, it is only necessary that it be registered in California if you control the business from that state. If you move to Nevada, you will be controlling the business from that state and therefore registration in NV is appropriate. What you'll need to do is form a like entity in NV and merge the CA entity into that entity. You will then cease doing business in CA - you will file with the Franchise Tax Board a final return and be done with that state. However, if you maintain leased space, have employees, etc. in CA, you will need to qualify to do business in CA as the NV entity. There is a simple form that can be filed with the CA Secretary of State.

    If you want to avoid paying tax in CA for 2016 you cannot do business in the state during 2016.

    I recommend hiring a business lawyer to help you with the reorganization of your business. It won't be too expensive and it may save you time and money in the end.

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  • In real state market, is that the discrimination to ask the listing agent what nationality is the owner of the property is ?

    Or any other question about the seller born country

    Justin’s Answer

    No, this is not discrimination. The listing agent may not know, however, and has no duty to obtain that information for you.

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  • Our Resident's Association discovered as in entity, that they were suspended, need some answers.

    Suspended by the SOS back in 2013. Well this was discovered by the newly elected association. It can not move forward unless a revival is made and in the meantime all privileges and functions are null and void. Even the previous Asso. should have ...

    Justin’s Answer

    Internal actions may still be valid and enforceable, but no business may be conducted by the corporation, nor can it initiate or defend a legal action. I still recommend ratification of prior board action after the revivor.

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  • In real state market, is that the discrimination to ask the listing agent who is the owner of the property ?

    or where the owner of the property is from?

    Justin’s Answer

    Absolutely not. It also public record in case you wish to investigate property owners yourself. Contact your county recorder/assessor for information about property records.

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  • Timeshare - contract listed me as cosigner but I did not sign. Is it valid?

    Over 3 yrs ago, an ex-partner and I visited a timeshare presentation in Las Vegas. We were going to purchase and when we left my ex partner made all the arrangements for payments and kept all the documents. We did sign a contact but the area of fi...

    Justin’s Answer

    Sorry, you are going to have to see an attorney about this. It is impossible to respond to your question without seeing the contract and what was signed (and not signed).

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  • What is the minimum term for seller carryback financing under current Dodd-Frank rules when transaction is exempt from TILA?

    Buyer wants seller carryback financing for one year. Is a one-year term legal under the current rules? The transaction does fall under Dodd-Frank exemption No. 1., making compliance with TILA requirements unnecessary. If a one-year term is not le...

    Justin’s Answer

    Only fully amortized loans are permitted (no balloon mortgages allowed). If the loan can be repaid in 1 year it should be fine. However, the seller must determine in good faith and document that the buyer has a reasonable ability to repay the loan. Unless this is a very small loan, I seriously doubt that this is an exempt carryback.

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  • Gift Tax: Risk of taxes when add adult daughter on title to home?

    I am adding adult daughter on title to my home. I am currently the sole owner. Title (in CA) will be held as "joint tenants with right of survivorship." So at moment of passing, house belongs 100% to her (avoid probate). Except for some savings a...

    Justin’s Answer

    This may be an obvious question, but have you met with a realtor or real estate attorney about your short sale options? It seems impractical to be concerned about estate planning when you have no real assets and you are paying on a house significantly underwater.

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  • Can I sue real estate agent for referring me to a real estate developer/investor who turns out to be a fraud.

    I went to a real estate brokerage office and explained a real estate agent that I want to mortgage my house and purchase a rental condominium. Real estate agent told me that in the next office is a real estate investor who can help me. That I ca...

    Justin’s Answer

    All of my colleagues provide sound answers. Something to add might be that you should consider contacting the Bureau of Real Estate and ask the BRE to investigate and assist you. If the real estate broker(age) had any notice whatsoever that the "real estate investor" was a fraud, or at least deceitful, advising you to place your money with him was arguably gross negligence. You may want to file a BRE complaint and sue the brokerage if you have a meritorious claim.

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