Archive for the ‘Tax’ Category

Our loan of $750,000 was given to me without even making more than $350 a week! They even suggested my husband’s name be taken off so he would not have to deal with it. I am not very wise when it comes to left-brain things and basically signed on the lines they told me to. We now have a horrible loan, we had to live off credit cards for 3 years because we needed all our money to keep our home and we are paying $5500 a month and we still owe $720,000! The loan was sold so many times that I lost track. Chase owns it now and won’t modify. We are in large industry construction and when the recession hit we almost lost everything. We can’t even afford health insurance and are now strapped with paying emergency room bills because of heath issues. We make too much to qualify for assistance even though all our money is spent paying bills. Our business has picked up a bit and we’ve done everything to pay all our bills on time but we need help. So many companies are calling! to get my credit cards cut in half and promising to hook me up with their lawyers for $5000 and $29.95 per month for years. I don’t know who to turn to but do know that everyone has told me my case is the best they’ve ever seen for loan fraud! They promise to get all our money back and a really great loan but why do I have to go through a middleman? Is there a good faith lawyer out there who handles this sort of fraud? We don’t qualify for the Obama loan modification by $60,000, I believe, and we make too much for medical help. Can you assist me in not making anymore mistakes with our home loan?

by

For such a complex case, you do need to immediately consult with an attorney who is an expert in debt management, and at the same time an expert negotiator who could deal with your creditors and possibly convince them to agree on a different terms or modes of payment. Read the rest of this entry »

I have IRS debt accumulated over the years which now amounts to $25,000 plus thousands in interest. I had a payment agreement but received a CP523 notice to call in all the debt and terminate installment agreement with all debts due immediately per notice. How do I stop this as I do not have the cash to pay all these outstanding tax bills at once. I tried getting through them to talk to IRS but the call volumes are too high and I can’t get through. I need advise.

by

It may be a good thing that you did not go through the IRS hotline before you have consulted with a lawyer who could study your case and suggest options that are better for you. You can request the IRS to reinstate your agreement, or file an appeal if you think that there is an error in the computation of your taxes. Tax laws could be complex and it may be quite difficult at times to deal with the IRS yourself. Read the rest of this entry »

My house was purchased in 1974 and has been the primary residence since then. If i am eligible for an exemption from federal tax income for the sale of a primary residence, would I also be exempt from state income tax in California?

by

California tax laws have a lot of differences with federal tax laws. However, there is an exclusion for gains for a sale of a home in California not exceeding $250,000. There is also an exception from withholding tax under Section 121 of the Tax Code. Read the rest of this entry »

Can the state Franchise Tax Board garnish my recently-deceased father’s account for back taxes? The money in his savings account was all social security wages.

by

Social security wages cannot be garnished. However, if one opened a bank account and deposits the SS earnings there, they should notify the FTB. Otherwise the bank account will be used as part of their collections activities. There must be proof that ALL the money in the bank account came from social security alone, and that no other amount has been deposited from other sources. Read the rest of this entry »

How long and to what extent would one have to file IRS tax returns after renouncing officially US citizenship?

by

Renouncing US citizenship may not have an effect on tax obligations. The US government still imposes taxes on US income for nonresidents. If you are renouncing your U.S. citizenship and are no longer planning to receive US income, you may be required to file taxes only for the portion of the year that you were still a US citizen.

Read the rest of this entry »

I am looking for an attorney who deals with property tax law. I was just served with a Notice of Tax Collector’s Impending Power to Sell, Five-year Schedule. This property is held in a trust. I would like to know if there is anything that can be done to stop this. We are current on our taxes except for the year 2008. I have attempted to setup a payment plan with Nevada County and they are asking for a really large deposit. I am getting nowhere on working out a payment schedule.

by

You are right to be looking for a property tax attorney. However, be warned that you should not delay any further since the deadline for redemption or initiation of payment plan for a property that tax-defaulted in 2008 is on July 1, 2013. It would be best to find a lawyer who is not only knowledgeable on tax issues, Read the rest of this entry »

I want to start an adult kickball league where member dues will cover their insurance and pay for equipment, referees, facilities, website and salary of the commissioner. Would this qualify for 501(c)7 or 3?

by

Whether an organization falls under IRS Code Section 501(c)7 or IRS Code Section 501(c)3 depends on the nature and objectives of the group. A social club that is organized for pleasure, recreation, and other similar purposes, and supported by membership dues, fees and assessments would usually fall under IRS Code Section 501(c)7 for non-profit organizations. Read the rest of this entry »

If a parent puts an adult child on the title of a real property such as a single family residence/rental, with no mortgage, and then wants to sell the property at some point in the future, what are the tax consequences for both the parent and the child on the grant deed?

by

A grant deed basically “transfers title to real property or a real property interest from one party (grantor) to another (grantee)” (Farlex Legal Dictionary). Selling a rental property may have tax consequences on the seller (under whose name the property is on before the sale), depending on whether there is a gain or loss from sales. Read the rest of this entry »