How do i avoid / not have to pay excise tax for a house that i bought with someone i was not married to when we file a quitclaim

There are a number of exemptions from the real estate excise tax under Washington law. However, the exemptions may not be applicable in your case due to the fact that you are assuming responsibility for the underlying debt obligations. There are subtle, but important distinctions and documentation requirements related to a determination of whether the excise tax applies to your transaction. You shlould seek the assistance of a tax professional who is familar with Washington's real estate excise...

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What are the steps to transfer an Estate's LP holdings to 4 heirs?

The answer to your question will, in part, be determined by how ownership of the partnership interests were held. If ownership of the partnership interests was held in the name of decedent, authority for transfer of the partnership interests will require an order from the probate court. If ownership of the partnership interests was held in the name of a revocable trust, the trust provisions will control any distribution of trust assets. In either case, once authority for transfer of the...

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Soon to be ex-husband committed major tax fraud.

This has the potential to become a somewhat delicate situation. Your friend should contact a local tax attorney she can work with in the very near future. There are not less than four reasons for her engage a qualified tax attorney. First, any conversations she has with her attorney or information she provides her attorney will be confidential. This protection could become important in her divorce proceedings or in future dealings with the Internal Revenue Service. Second, her tax attorney...

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We were audited without knowledge or notice given and assessment made by Revenue department with falsified info.

Could you please clarify whether you are asking about procedural matters with the Internal Revenue Service of the Washington Dept. of Revenue ... there will be a considerable difference in the response. Based upon your question, it appears that your problem resides with the Washington Dept of Revenue.

Can a member of an LLC take payment in the form of both guaranteed payments and distributions? What are the tax implications?

Whether it is beneficial to take a portion of your compensation as a guaranteed payment or as a distribution will be dependent upon a series of factors that you should discuss with either your CPA or attorney before you make a decision. However, there is some general information that may help you get started in the decision process. First, your level of compensation will need to be reasonable relative to the level of services you are providing to the LLC. Too little compensation and the IRS...

What is the Washington State law regarding spouses beneficiary designation on an IRA account.

The answer to your question will depend upon whether the IRA is considered to be community property or your spouse's separate property. If the possibility exists that the IRA could be characterized as your spouse's separate property, you should meet with an attorney who has working knowledge of the community property and probate laws, review the history of the IRA and determine whether your spouse has exclusive ownship rights to the IRA or not. If the IRA is community property, the answer is...

The lawyer doing my fathers will needs all the childrens ss numbers...why??

In addition to a request for SSNs on standard forms, we have also found SSNs to valuable in locating and identity confirmation of beneficiaries. With blended families becoming more common, it is not all that unusal for one or more of an estate's beneficiaries to be unknown to the decedent's personal representative. When distributions are to be made from the estate, confirming the beneificary's identification is necessary and the SSN can be extremely helpful. Another situation that does come up...

I was in a domestic partnership, without the paper. My partner died. Both our names are on the house we own. What do I do?

This question cannot be answered based upon the information you have provided. It is highly probably that you will need the assistance of an attorney to determine the status of the title in the home. Nevertheless it is likely that you will ultimately find your answer in the areas of estates and probate. First, you will want to confirm how legal title to the house was held. There are several possibilities and each one will provide you with a different answer to your question. One possibility is...

Is commumity property divided equally when the husband paid off the property with the sale of property left to him by his father

This is a somewhat difficult question to answer without additional information. You should see a local attorney to discuss this matter in greater depth. However, based upon the information you have provided, there are some general community property principals that you may find helpful. FIrst, property acquired by a husband and wife in Washington is generally considered to be community property. This is generally true with the exception of property acquired by gifts or inheritance. It would...

Tax reporting for Single person LLC

Your infomration is correct. For federal income tax purposes, a single member LLC is disregarded for income tax purposes. Any business activity conducted by the LLC is reported on Schedule C of your personal income tax return. Accordingly, a quarterly estimated tax return would only be required if you personlly would be required to file one. Regarding the WA B&O and Sales tax returns, if the LLC has not yet realized any gross sales from the business activity of LLC, there is no requirement...