How to figure inheritance tax owed

First, there is no inheritance tax in California. That was repealed in the 1980s. Second, if mom's estate was under $5,450,000, then there is no...

Sold 100% of my S corporation stocks in 2016 before filing my taxs for 2015.

You are liable for the K-1 passthrough income for the period of time during which you were a shareholder. That is true unless you have some...

What money is taxable when brought into the United States?

Simply bringing money into the U.S. is not taxable. Of course if you are a U.S. citizen or resident then you are taxed on your worldwide earnings.

Do you have to pay taxes on money that you illegally received and are paying restitution?

You owe taxes in the year of receipt. You are entitled to a deduction when you pay it back.

Can mortgage interest be tax deductible when a homeowner with 100% equity in a house takes a loan?

Yes, mortgage interest can be tax deductible when a homeowner with 100% equity in a house takes a loan up to $1,100,000 as long as it is used to...

How many years can California pursue back taxes?

20 years is the usual period to collect back taxes. However, if you didn't file a return, the 20 year statute of limitations does not begin to run.

How many years can California pursue back taxes?

20 years is the usual period the FTB has to collect.

First, the income tax basis of property has nothing to do with the assessed value of property for property tax purposes. So when you pass away,...

What does payment in Equitable distribution mean?

If your wife distributes money to you after a divorce from her own funds and it is for property, that is not taxable. If your wife distributes...

I want to take out part of my 401K plan to purchase some land for a business, if I do this will I have to pay tax on this money?

Yes you must pay regular income tax on the withdrawal. However, it sounds like you will be exempt from the 10% premature withdrawal excise tax of...