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Can some shareholders pay individual property taxes in housing cooperative when tax bill is coming for 2 parcels.: Shareholders are not own apartments we are just shareholders .
Please let us know what law or amendment will educate us
Thanks

Asked over 2 years ago in Real Estate

Richard’s answer: You need to seek legal counsel to assure that ALL property taxes and other assessments are paid by the coop, otherwise you are at risk of your investment (and home, presumably) Your co-op docs should make provision for payment of taxes and should include an escrow process so you don't get an ugly surprise when taxes are due. I moving this question to real estate.

Answered over 2 years ago.


Help with my 2012 and 2013 taxes: My employer had my spouse listed as a domestic partner on my insurnace resulting in a partner imputed income, and causing me to owe this imputed income on my taxes, and they refuse to fix my w2s what should be done to correct this matter, since not only is he my spouse but is my federal dependant.

Asked over 2 years ago in Tax

Richard’s answer: There seem to be some missing facts. Generally the IRS, though pervasive, will not look to your insurance designation to determine imputed income. Are you asking your employer correct the W2 (then contact the State Labor Board) or the IRS, in which case you may want to work with an attorney with a tax focus.

Answered over 2 years ago.


Is there any way to have the owner avoid the capital gains tax in california when selling a rental: I am a renter in CA. My landlord want to sell to me and I want to buy more than anything. Landlord has not paid income taxes on rent for the last 16 years. She wants to live here for 18 months before selling to me. Its a 1 bedroom.

Is there any way I can be added to the title and in 2 years we sell to my sister, who will give it to me? Or another creative way? Ive lived here for 9 years.

Asked over 2 years ago in Tax

Richard’s answer: My only addition to the excellent commentary you have already received is BE CAREFUL! Your landlords failure to report income could be considered tax fraud and you don't want to be guilty of assisting her in that. Also remember that if the IRS determines the landlord owes back taxes it can lien the property you just "bought" and you'd be responsible for clearing the lien!

I love creative arrangements like you are proposing, but the more creative you are the more you need competent legal advice to make sure you don't run afoul of the law in some way you haven't considered.

Answered over 2 years ago.