Ask a Lawyer Tax Law

Yes, there is either a 2-year or 4-year statute of limitations for debts in California. However, this doesn’t stop the collection agency or the creditor to file a lawsuit against a debtor. Read the full answer…

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?

Question Asked on: August 5th, 2013

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 full answer…

It is a difficult situation where you want something achieved but you seem to be not getting it. First, speak with your lawyer and ask him exactly why he would refuse to do it the way you told him. He might have a valid response, and since he knows your case more than anybody does, he is in the position to give you the necessary advice. Read the full answer…

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 full answer…

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 full answer…

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 full answer…

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.

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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 full answer…

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 full answer…

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 full answer…

Generally, a cancelled or forgiven debt for less than its full amount is considered as income for tax purposes (IRS Publication 4681). In cases of cancelled or forgiven debts following foreclosure or repossession, it is treated as a sale for which the debtor may realize gain or loss. Read the full answer…

It is not unwise at all to contact IRS if one believes that they have unpaid taxes. In 2012, the IRS has made some changes on handling expat tax returns, giving them “a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations and resolve pension issues,” Read the full answer…

In order for an individual to be able to claim dependents, he or she must not be a dependent him/herself. Generally, an individual may not claim those who are married and file a joint return as dependents. In order to claim a child as a dependent, there are a few guidelines that must be met.

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Are money gifts tax deductible on income taxes?

Question Asked on: April 12th, 2013

Generally the individual who is gifting money is responsible for paying the applicable gift tax. A monetary gift is a direct or indirect transfer to another individual without full consideration in return. Generally money gifts other than a charitable contribution, are not tax deductible.

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Almost all personal and investment property are considered capital assets. When a capital asset is sold, the difference between the original purchase price and the selling price is considered a capital loss (if selling price is lower) or a capital gain (if selling price is higher). Read the full answer…

 

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 full answer…

Yes, they are “exempt from taxation… from the claim of creditors, and shall not be liable to attachment, levy or seizure by or under any legal or equitable process, either before or after receipt by the beneficiary”.

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This is one of the many reasons why it is important to hire a competent lawyer to represent the support recipient, because that lawyer would know that courts could go directly to attach a veteran’s disability compensation, as specifically stated in 42 U.S. Code 659:

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