Questions answered by E. Michael Paturis

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Lifetime Exclusion. Can you gift 4 people $50,000 without having to pay taxes on it?

E.'s answer | Answered on June 19, 2015

You are essentially correct. As the other attorneys stated, your sister, if married, can, with her husband, jointly give $28K to each of the four...

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I am the sole beneficiary of an IRA (inherited). Can I choose to cash out?

E.'s answer | Answered on June 18, 2015

Your rights with respect to the IRA depend on the terms and conditions of the IRA. I recommend you consult a local tax attorney who can advise you...

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The IRS charged me 26000.00 the CPA got it direct Deposited to Him

E.'s answer | Answered on June 18, 2015

I recommend you employ a local tax attorney, but I, regrettably, believe you will not have the IRS concede much in this unfortunate mess. The IRS...

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What are the tax or gift implications of transferring a life ins policy to an ILIT?

E.'s answer | Answered on June 17, 2015

I agree with Mr. Souza's advice recommending you employ an estate attorney. Knowing nothing about the tax characteristics of the ILIT and fearful...

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How to estimate tax liability if 1099 is issued in the case of surrendering house in lieu of mortgage debt repayment?

E.'s answer | Answered on June 17, 2015

I agree with the other attorneys who believe 34k should be reported on the 1099. This is solely for informational purposes only and should not be...

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Business transfer ,just found out business has multiple tax state and fed. Leinster. Seller says they won't be attached to busin

E.'s answer | Answered on June 16, 2015

Suffice it to say, I agree with the other attorneys' advice questioning the seller's advice. I also recommend that you secure the services of a...

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I need advice on how to deal with the IRS. I am unable to pay what they say I owe.

E.'s answer | Answered on June 15, 2015

There simply is no completely painless avenue available to you. I agree with the suggestion of another attorney that you employ a local tax...

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For tax purposes, how would you classify the sale of a part-time artist's 40 year old archive?

E.'s answer | Answered on June 14, 2015

This is very similar to the other question and it is my view subject to the same answer. Your husband should employ a local CPA and review with...

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For tax purposes, how would the sale of a part-time artist's 40 year old archive be treated?

E.'s answer | Answered on June 14, 2015

Because these are products of your husband's services, you can expect the IRS to contend this is ordinary income. I doubt it will be necessary for...

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I live and work in CA 51% of the time. The other 49% I am working in NYC. Should my paycheck have CA or NY taxes taken?

E.'s answer | Answered on June 12, 2015

I agree that you owe Cal and New York taxes since you work in both places. I suggest you secure CPAs in both states so as to assure you are in...

E. Michael Paturis's Answers (246)

Lifetime Exclusion. Can you gift 4 people $50,000 without having to pay taxes on it?

I am the sole beneficiary of an IRA (inherited). Can I choose to cash out?

The IRS charged me 26000.00 the CPA got it direct Deposited to Him

What are the tax or gift implications of transferring a life ins policy to an ILIT?

How to estimate tax liability if 1099 is issued in the case of surrendering house in lieu of mortgage debt repayment?

Business transfer ,just found out business has multiple tax state and fed. Leinster. Seller says they won't be attached to busin

I need advice on how to deal with the IRS. I am unable to pay what they say I owe.

For tax purposes, how would you classify the sale of a part-time artist's 40 year old archive?

For tax purposes, how would the sale of a part-time artist's 40 year old archive be treated?

I live and work in CA 51% of the time. The other 49% I am working in NYC. Should my paycheck have CA or NY taxes taken?