Tax implications of an Irrevocable Trust move from Florida to Calffornia

Yes, Unlike the law in many other jurisdictions, the settlor's residence is inconsequential under California's law. Instead, the income of a trust...

How can I sell my rental house without tax penalty?

It is possible to defer the capital gain on the sale of a rental house by completing a Section 1031 exchange (deferred exchange). This is a...

MEDICAL QUESTION/TAX QUESTION

There is no cost to obtain a resale permit in CA. You just must apply with the State Board of Equalization. You should have a tax attorney review...

A US resident dies leaving an offshore account to a child beneficiary who is a US citizen. No FBAR was filed by the deceased.

I agree with the other attorneys that responded. This is a tricky area and should not be tackled without advice from counsel. Failure to handle...

I have a judgment against me from 2001 from situation in 1992. Ohio sales tax.

I agree with attorney Fromm. This is a complex situation that requires the immediate attention of a tax attorney. The sum in question is warrants...

What is the tax impact between short sale and foreclosure?

When you do a short sale there are two different tax considerations. First, there is income from the cancellation of debt. This is the difference...

I agree with attorney Fromm. An irrevocable trust must have its own tax ID number.

I recently changed the name of my single member LLC. Do I need to file anything with the IRS?

Not immediately. When you file your next tax return with the IRS (form 1065 or 1120 if you elected to be taxed as a corporation) check the...

What happens to someones social security tax with held after they pass away

Social Security Taxes are due to the date of death and belong to the government once paid. The income earned on the pay check of the decedent is...

Gifting money

You would only have a gift if the amount you paid them was less than the fair market value of the property you purchased from them. Any amount...