Oklahoma 2021 tax return Form 511 instructions states:
"An Oklahoma resident individual is taxed on all income reported on the federal return, except...the gains/losses from the sales or exchange of real property in another state."
What is the specific Oklahoma Statute that addresses this?
answered on Jun 5, 2022
When dealing with taxes I encourage you to contact a tax law attorney- however if you still desire the information you may start looking at 68 O.S. § 2358 (OSCN 2022)
I've been trying to recieve a federal grant/loan for buying a home. Down payment assistance is something my family needed, so we decided to try a USDA or FHA loan. We have been told by multiple loan officers that because of my place of employment, I cannot recieve these funds. I pay federal... Read more »
answered on Jun 3, 2022
No. Taxation without representation means that a group of people has a tax imposed on them by a government in which they had no right to elect a representative (such as a member of the Illinois House of Representatives, a state senator, a Congressman or US Senator) who could participate on behalf... Read more »
I own a single member LLC in Wyoming but now live in New York. I’d like to create a newer NY LLC subsidiary with the out of state LLC as the parent company. Is this allowed?
I am looking for information on the potential outcome for the above. There was harm done to a child and involvement of DCPP, the assault done to the child has not been established in court due to postponement. I am curious about this outcome as it will severely affect parental time and the... Read more »
answered on May 30, 2022
Jail time certainly looks like it is almost certain for the above offender as this person has multiple charges that could lead to that. That being said everything depends on the facts of the case and how good of a lawyer the defendant hires and lastly never under estimate luck.
In the case of divorce - Trust 1, which has a clause that names the beneficiary as spouse A & states distributions are not community property, owns an S corp (an LLC). The S corp paid distributions to spouse A, which were claimed jointly as non passive income in a community property state (AZ).... Read more »
answered on May 25, 2022
Unfortunately, you are asking a very difficult question. The answers hinge on the documents currently in place as well as the status of the divorce. The attorney will need to see if there is premarital agreement in place. If so, that agreement may control. We also need to look at the S... Read more »
I am the only child of their only child and they have no siblings left alive. My father who was their only child died 20 years ago. They had no will.
answered on May 19, 2022
Your question is not specific enough to answer. What are “death benefits?” Is this life insurance, real estate, etc.?
As a general proposition, a portion of estate assets would ordinarily go from one grandparent to the other and a portion would have gone to your dad, unless your... Read more »
I want to claim leftover proceeds from 2017 tax auction. I owed $1,500 selling price was $29,000
answered on May 16, 2022
I'm not sure you have a claim after so much time has passed, or if it would be financially worth it for you to pursue. Generally, when houses are foreclosed and auctioned, the taxes get paid and the bank or mortgage company get what they get. Sometimes they win big; sometimes not.
answered on May 16, 2022
When you file for bankruptcy relief, you must sign several bankruptcy Schedules showing ALL your estates and ALL your debts, and swear to their accuracy. You cannot leave anything out.
Credit card and medical bill debts are generally unsecured, i.e., there is no collateral securing... Read more »
answered on May 16, 2022
Certain types of taxes are dischargeable in bankruptcy, IF you have filed a tax return showing those taxes as due longer than two years and four months prior to the date you file for bankruptcy relief.
i want to know what my rights are, and if irs can come after me for not paying income tax?
answered on May 13, 2022
Yes - the IRS can "come after" you for not paying payroll tax. When you are paid under the table, it is your duty to make sure you are still reporting those earnings as income. The IRS and other agencies that receive your payroll taxes can also go after your employer for not deducting... Read more »
I'm planning to move across country coast to coast, and plan to drive. It's going to be a few days of driving. Assuming I:
Move between 05-09/August
Started a lease on an apartment in new location, 01/August
Ended my lease in old location, end of August
For... Read more »
answered on May 11, 2022
You should consult an immigration lawyer for specifics on any nuances you may be subject to - particularly whether you need to declare a new location before moving. But generally, residency is prospective and intentional, determined by the place you intend to reside going forward. You have a lease,... Read more »
Hi.
I am getting audited for 2018 for my short-term rental business in California ( LLC ) but all the receipts for the expenses have been stolen with other stuff in one of my apartments by guests during COVID and all the receipts I was gathering are gone. What should I do? How can I back... Read more »
answered on May 7, 2022
If you paid those expenses using credit/debit cards, you may be able to use your bank statements or credit card statements as proof. If you paid cash, do your best to document your cash payments and explain to the auditor why you are unable to produce the receipts.
My friend is starting up a business, he’s doing good and now needs a shop to work. He does not have the credit to lease a place. He asked me to help him lease in exchange for 10% of earnings. What would I have to report to the IRS or does his total earnings affect me in any way? I am aware I’m... Read more »
answered on May 6, 2022
Although not mandatory, I hope you have this agreement in writing. The 10% payment in exchange for co-signing a lease is considered in the broad definition of gross income. So, the short answer is yes, it must be reported to the IRS. Your friend may also have an obligation to issue you a 1099, so... Read more »
I also used worked from home so I’m filling out line 30.
answered on May 4, 2022
With the presumption that you live in California, the income and expenses you claimed in your Sch. C are generally allowed in California with some exceptions. In preparing your CA return, you start with your adjusted gross income (AGI) then you adjust for additions and subtractions. For instance,... Read more »
To qualify for the rebate, I had to 1) Sell my current home to Zillow, 2) Purchase my new home through an approved Zillow real estate agent, and 3) Finance my new home through Zillow Home Loans. After all three requirements were met, I received a Rebate of 2% of my former home's selling... Read more »
answered on May 4, 2022
You are correct. Generally when a company pays a customer compensation in the form of a rebate as an inducement to use their services (sell/buy/loan), that payment is not considered income. Price adjustments and rebates are not considered in the broad definition of gross income.
My husband and I can get gifted $16,000 each and from each parent without triggering any gift tax. The total gifted equity amounts to $100,000. If we can include our son as well then we could have $96,000 untaxed.
answered on May 4, 2022
You are missing a key concept. There is a unified credit. There is no gift tax on any amount in this range. You are mixing lifetime giving with annual giving. If you have no idea what I am talking about, get a good lawyer or accountant for whatever you are doing.
The property was purchased on the greenbelt in the 90’s, last year while cutting timber on said property, police showed up and told me I need to stop cutting because I didn’t own the property. Apparently 7 years ago the property was taken off of the greenbelt clause making me delinquent on the... Read more »
answered on May 2, 2022
There is a lot more to this than simply getting notice of Delinquent Taxes. Hire a competent attorney to search the Title. The Redemption period is probably past, but the alleged owner may only have a Bill of Sale, not a Deed. An Ejectment Action may be possible. The legal description should... Read more »
On the filing of article incorporation of a NPO, two purposes available for ticking : Public purpose and Charitable purpose. What’s the difference? Also If Public purpose is checked can the organization still get 501(c)(3) tax exempt status ?
answered on Apr 28, 2022
A good question. It's not helpful that courts in California have frequently used the terms "public purpose" and "charitable purpose" interchangeably.
Taking your last question first: the IRS will not likely deny a 501(c)(3) determination if you check the box for... Read more »
I have two children, I am domicile, My ex-husband claims one child, and I claimes the other. That’s how it has been for three years. This year I am without work, as my current husband works so that I may stay home with the children. My ex-husband is threatening court as he believes that he is... Read more »
answered on Apr 28, 2022
Yes your second husband can claim the dependency on your joint tax return.
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