Archived
In a family trust with two trustee's can the beneficiaries remove one of the trustee's?
Terrence's answer
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Answered on March 14, 2015
Generally the Beneficiaries can remove one of the trustees if the trustee can not perform his/her duties. Being in a different location in today's...
Can someone who steals from a family members trust fund be sued for the money?
Terrence's answer
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Answered on March 14, 2015
The general rule is that the trustee is held to a high degree of honestly and can not steal from the trust. Other people even though they are not...
Archived
Do I have to Pay Taxes This Year?
Terrence's answer
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Answered on March 14, 2015
Likely not based upon what I read but you can go to the irs website and get some better information....
Archived
What do I need to file with city hall in order to put home in my name only? Also what kind of taxes would be involved?
Terrence's answer
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Answered on March 14, 2015
In California you can change the title to the property by filing a quit claim or grant deed which states that your parents (Grantors) are giving...
Archived
Can I sue my former employer? I wasn't paid for hours I worked and federal taxes withheld weren't reported on my w-2?
Terrence's answer
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Answered on March 14, 2015
Yes you can sue but if they are out of business likely you will have no one to recover from. In California an individual of a corporation is...
Archived
Income tax on quit claim deeds.does the recipient of a quit claim deed have to pay any tax on the gift?
Terrence's answer
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Answered on March 14, 2015
Not to the IRS and no usually to the State. There may be some county tax. IRC 102 gifts are not taxable.
Archived
Do I have to report a gifted house as taxable income?
Terrence's answer
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Answered on March 14, 2015
No gifts are tax free to the recipient. IRC 102
Archived
Offer of compromise IRS and work credit with Social security
Terrence's answer
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Answered on March 14, 2015
Sorry about your mom's health.
Generally the Social Security credits will remain whether or not your mother files for an IRS Offer in Compromise.
Archived
If I am a Mexican National going to school, what consequences will I have if $100,000 is wired from Mexico to my bank account.
Terrence's answer
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Answered on March 14, 2015
There might be a hold by the bank just for the funds to clear(normal bank policy) but there will be no investigation of bank deposits just because...
Archived
Another CA capital gains question... I understand the 2 out of 5 year principal residence requirement, but are there exceptions
Terrence's answer
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Answered on March 14, 2015
You probably considered not selling yet but making it your principal residence again. But that might be the smart move
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