Los Angeles County, Ca.: If I put my 50% of house into a Revocable Living Trust, will the property taxes remain the same?

Both of the above answers are correct. Rev. & Tax Code Section 62(d)(2) is the section that provides a transfer of property to a revocable living...

Family Limited Partnership and Value Discount

As the others have mentioned, you need to visit a tax and estate planning attorney. This is not a "do it yourself" area. When you do visit...

Is it true everyone is required to declare sale taxes on purchases done online even if they are not charging? How is this done?

California has a "sales" and a "use" tax. Normally, when you buy something in CA, the vendor withholds the applicable sales tax and pays it. ...

Home sold (foreclosure) at a much lower value than its purchase. Will I need to pay recapture on my home office depreciation?

When you take a loss on the sale of an asset there is no depreciation recapture. You wil also not have to worry about debt forgiveness income...

Obtaining tax deductible donation

As an alternative to your proposed transaction, if Party A has substantial income, then it may be advisable to donate said photographs to the...

LLC pass-through taxation

(This does not consitute an attorney-client relationship and the answer below provides general information) Because your single member LLC is...

First off, California law requires you to adopt a plan of conversion. Section 17540.3 of the California Corporations Code lists all the...

You might want to consider actually statutorily converting your LLC to a Corp under CA law. Under conversion, all of the LLC's debts and assets...

Tax lien on trusts?

Generally, a federal tax lien reaches all property and rights to property belonging to a taxpayer, including interests in trusts. If B is a...

Can the CPA filing an LLC tax return reduce the value of one member's capital account and increase another's?

There are a number of possibilites why this could occur. Generally, a member's capital accounts is decreased according to the member's share of...