I received a letter last month from the Franchise Tax Board stating that I owe $1300 for the year 2005 and $13.00 for 2007. I?
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Answered on May 08, 2018
There is a 4 year statute of limitations in CA if these assessments are related to personal income tax. Thus, 2014-2017 remain open. Having said...
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Tax preparer
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Answered on April 24, 2018
I would not pay him a single dime. In addition, I would report him to the IRS, FTB and Better Business Bureau. Ignore his bills if he continues to...
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Question about real estate for a IRS TAX LAWYER. I am selling my home for $6,000 less than I paid for a year ago.
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Answered on April 24, 2018
If you sell it for less than you paid for it, you have no gain and thus do not have any income to report to the IRS or FTB related to this sale...
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We bought a home for $163k in June of 2017. Selling for $157k about a year later. Will I have to pay capital gains taxes?
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Answered on April 20, 2018
No; you will not have to pay capital gains tax as you are selling the home for less than you paid for it. As for your other question or point of...
How do IRS determine if you lived in a home for more than 2 years out of the last 5 years?
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Answered on April 19, 2018
An individual may exclude from gross income up to $250K of gain ($500K for joint return filers and surviving spouses) realized on the sale or...
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Do I need to pay inheritance tax on my Mother's home that I am selling that is in her trust?
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Answered on April 18, 2018
Typically, you are correct that when you inherit a home from a parent, you get a step up in basis to the value of the home on her date of death. If...
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Do I file the income on my taxes even if I don’t get a W-2?
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Answered on April 17, 2018
You must declare all income from whatever sources generally speaking. If you did not get a W-2 or 1099-MiSC, show it as "Other income" on your...
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The IRS requested that I file an amended tax return for 2016. They did not give an explanation why. Can they do that?
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Answered on April 17, 2018
This is very unusual. Contact a tax attorney and send that attorney a copy of the notice you received along with a copy of your tax return. ...
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Why does my ex husband need my ssn for taxes if we are legally divorced?
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Answered on April 13, 2018
There is no requirement that you give it to him; and, I cannot think of any reason that he might need it. Having said that, if you are filing...
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How can I get an extension to pay my tax, the original tax not the tax return?
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Answered on April 13, 2018
Simply fill out form 4868 which can be found at https://www.irs.gov/pub/irs-pdf/f4868.pdf and mail it in on or before April 17, 2018. You need to...
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