I agree with the other attorney's response but want to explain what a step up in basis means. When you inherit realty from another, the property is...

An individual may exclude from gross income up to $250,000 of gain ($500,00 for joint return filers and surviving spouses) realized on the sale of...

You are responsible for personal property taxes that are due annually from the date you bought the boat through 2025. Although the Assessor can go...

If you worked for a California employer, the Franchise Tax Board has taken the position that you must file a California income tax return and pay...

It is probably interest that continued to grow while paying off your tax liability. Paying it closes the matter, while ignoring it would only cause...

They want a W-9 so that they can properly report the settlement to the IRS. It is the normal practice. Provide them with the W-9 and you will get...

Sadly, he can do whatever he wants to do; but, you can let him know that you will turn him over to the IRS and EDD fraud unit if he fails to do so....

If the California Department of Tax and Fee Administration (CDTFA) duals your former spouse, the CDTFA is indicating that he is personally liable...

A California resident must report all of his or her worldwide income. Being in AZ temporarily does not change your residency. You remain domiciled...

Yes; a $300,000 difference might very well result in an audit, penalties of 10% for negligence or 25% for fraud plus interest. Jail time is...