What do i do my dad left me and my sister and brother the house we sold it do we have to pay taxes?
Be very careful here if you are dealing with an insolvent estate. Or an estate that owes more to creditors than it has in assets. Get counsel....
Irvine, CA
Tax Lawyer at Irvine, CA
Practice Areas: Tax, Tax Fraud & Tax Evasion ... +3 more
Be very careful here if you are dealing with an insolvent estate. Or an estate that owes more to creditors than it has in assets. Get counsel....
In addition, if you properly formed the partnership in California, The FTB will hound you to the ends of the earth for their $800 minimum tax at...
You could possibly have a gain on the sale for the difference between your tax basis and the $70,000 of proceeds. Typically if you sell the...
Federal tax liens are encumbrances of a property in favor of the federal government. These liens are often incurred due to amounts owed the...
If you are California residents - California is a community property state. To avoid potential problems with pre marital debt either don't get...
Are you married? Spit the gift with your wife and no 709 would be due... 14000 + 14000 = 26000 of gifts before reportable... If not... file...
Here is a good answer to your question. https://www.irs.gov/newsroom/eight-facts-on-late-filing-and-late-payment-penalties Also......
I agree with what the first attorney said... You have to have lived in the house as your primary residence... See:...
Hmmm, An S Corp is a flow through entity that does not ordinarily pay federal; tax at the entity level and rather minimal taxes at the state...
Once she becomes a tax resident - yes her income will be double taxes but the tax code builds in some relief. The US taxes on World Wide income. ...