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Questions tagged [california]

for questions that relate to the laws, practices, and products for the state of California. California is a state within the 50 state union of the United States.

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California depreciation options for Rental house landscape

I can use Bonus depreciation (100% for 2018) on my federal taxes for my rental house landscape project, or depreciate it over 15 years. What are my options for California taxes, since they don't do ...
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1answer
51 views

Should I pay off my home mortgage due to TCJA cutting SALT deductions?

Definition Under prior law, in addition to being allowed to deduct 100% of state and local income (or sales) taxes, homeowners could deduct 100% of their state and local personal property taxes. ...
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1answer
50 views

In the US, is cancer medication (for a parent living in South America), tax-deductible?

The cancer medication of my parent costs 10,000 USD a month. I would like to pay for this, but I wouldn't have enough money to live off of myself. I was wondering, would the expense would be tax ...
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0answers
29 views

How to report HSA capital loss on California tax returns, Schedule CA 540 form?

How do we report Capital losses on HSA for California State taxes form schedule 540? Do we need to attach Schedule D (of CA)?
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1answer
68 views

In California, how should I report the $1500 income from the BAR CAP vehicle retirement program?

The California Bureau of Automotive Repair (BAR) runs Consumer Assistance Program (CAP) for vehicle retirement. In a nutshell, if you have an old car that fails a smog check but still runs, you can ...
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1answer
94 views

How to learn status of bankruptcy?

I was a contractor for a company that went bankrupt seven months ago. I am still owed money. I have not heard from the bankruptcy lawyers. How can I find out the status of the bankruptcy, who the ...
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0answers
78 views

Is my contribution to corporate housing tax deductible?

My residence is in NY but my company moved me to CA for a temporary assignment (one year). They are providing corporate housing but I still have to contribute approximately $900/month. Is the $900/...
2
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2answers
133 views

When buying a house in California, what inspections should you do?

I am in the process of buying a house in Indio, California In the event my offer is accepted, what type of inspections do I need to do. I am actually living in the UK (the property will be a short ...
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2answers
81 views

Better if parents claim me as a dependent or I get the education credits?

Which route would offer more tax credits for the family? I claim $10k+ of education expenses and receive credit by filing as parents can claim me but won't. My parents claim me as a dependent and ...
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1answer
53 views

Can I deduct 529 college savings plan contribution from California income tax as a gift?

When I contribute to a 529 college savings plan, can I deduct the contribution from my California income tax as part of the gift tax exclusion (up to $15000)?
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0answers
56 views

Bonus which will have to be paid back [duplicate]

I received a retention bonus during the tax year 18, with the clause that if I leave within the year I have to pay back the full amount. I will hand in my resignation and will have to pay back bonus ...
2
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1answer
171 views

Can I pay off mortgage in full to keep my insurance claim check?

I've received an insurance claim check due to water damage in our house and the check was made in my name as well as my mortgage company's name. We believe that we can do the necessary repairs for ...
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2answers
188 views

Can I get my property tax assessment lowered by comparing to my neighbors?

This video states: "If you find more valuable homes that pay less, you certainly have a good reason to appeal". Zillow shows many of my neighbors homes have much higher value AND much lower ...
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1answer
584 views

Was I a victim of illegal bait and switch mortgage fraud?

My wife and I recently purchased a home and I think we were victims of bait and switch mortgage fraud and I wanted to find out of what happened to us was illegal, or just very strange. We were first ...
6
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2answers
116 views

How to get liability insurance for an electric kick scooter in California?

I just purchased a Segway Ninebot ES4 electric kick scooter. I'm from the Netherlands but live in the United States (California). I have a global liability insurance but it excludes motorized ...
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1answer
84 views

Unemployment eligibility for U.S. citizen working overseas for California based company

I received word I will be getting laid off at the end of the year. I currently work overseas for a California based company. I am a U.S. citizen and will be returning to CA (my home state) due to ...
6
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1answer
411 views

Mortgage interest tax deduction

I am having some issues figuring out how the tax deduction for mortgage interest works. This is for California, USA I have a home that I bought for $807,000, with 2 loans: $645,600 at 4.5% $80,700 ...
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0answers
123 views

No provision for beneficiary at HSBC

Background: My wife and I live in California (if that matters) and have a living trust. My wife and I recently opened an online savings account at HSBC. APY is 2.01 which was the motivation. HSBC ...
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4answers
160 views

Are there any statutes of limitations on insurance claims?

I damaged my car a year and a half ago, and at the time I was mad and embarrassed at my mistake to the point that I just ignored it ever happened, even though I have full insurance on the vehicle (no ...
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1answer
78 views

Is it ok to withdraw from 403b and 401a while collecting unemployment?

Do I need to claim it as earned income and chance not getting unemployment benefits for that week. The choices says retirement 401k but not 401A or 403B. Plus its not earned income. I withdrew early ...
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3answers
508 views

Questions from dealer when paying cash for a car

My wife and I recently bought a new Chevy from a dealer here in California. We didn't use a loan, paid using a personal check. Even though we told them we weren't financing the deal, they insisted on ...
4
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0answers
90 views

How to avoid Kiddie Tax on UTMA account with bad fees

My father-in-law opened a mutual fund UTMA for my two kids when they were little and has made periodic contributions over the years. They're high school and college now. Each account has about $10k in ...
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1answer
79 views

How can I file California tax returns if I do not owe any tax?

For 2017, I do not owe any tax to the State of California. How should I file my taxes? Online or by sending hard copies of forms? Also, do I need an ITIN for this?
106
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13answers
25k views

Should I take out a loan to pay off a relative's credit card debt?

Recently a close relative revealed to me that she has run up $40,000 in credit card debt over the last few years, which she can no longer manage because the interest payments are eating up all of her ...
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1answer
627 views

Can I get back withholdings after losing my job?

If I was taxed at 120k starting January, but only worked for 4 months and don't plan on working for the rest of the year, is there anyway I can take the adjusted withholdings (40k instead of 120k ...
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1answer
85 views

Is my wife an eligible student for the American Opportunity Tax Credit?

My wife took 2 courses in a community college in California. She completed one semester and then did not continue. I paid for her fees. (All of her previous education was completed in India.) She ...
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0answers
316 views

On California's form DE 4, should one not leave line 1 (Worksheets A and B) blank when using Worksheet C?

I'm switching to a new benefits provider, Sequoia One, so I need to fill out my W-4 and DE 4 again. At my previous provider, I filed as Single, whereas I'd actually like to file as Head of Household ...
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0answers
62 views

How to sell a financed car in California? [duplicate]

Hi I'm trying to sell a financed car. I have around 5k left to pay through Wells Fargo and and I'm selling the car for 10k. A few questions: Q1: Do I still have to fill out a Bill of Sale and a ...
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1answer
82 views

cash out refi question

If I refinance a commercial property and take money out to pay off my primary residence- is this a taxable event? and is the mortgage interest on the new commercial loan tax deductible? Property is ...
4
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2answers
355 views

Home loan discharged in bankruptcy - distribution of funds from sale

My ex-wife was the primary borrower on a home loan with me as co-borrower. After our divorce was finalized she filed for bankruptcy and the loan was discharged. However, I remained in the home and ...
2
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1answer
258 views

Is self-employed work performed out of state for a California organization “California source income?”

I recently received a request from the California Franchise Tax Board saying that they believe I need to file a tax return. I am a sole proprietor programmer, with a client in California who paid me ...
1
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1answer
42 views

claiming property tax and getting property tax documents

I bought a home last year (Feb 2017), so doing taxes myself for the first time as a homeowner. I need to claim property taxes I paid. So, I have the 1098 from the lender, which has mortgage interest ...
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2answers
147 views

What's the best frugal way to move from CA to NY?

What's the best frugal way to move from CA to NY? I am not moving furniture and I plan on driving my car, a prius, across country. I mainly have clothes, shoes, some small odds and ends, and ...
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1answer
368 views

If I earn RSUs in a private company while living in California, and am no longer employed with the company at IPO, do I owe California taxes?

I'm employed at a private company in San Francisco. Part of my compensation is in RSUs, which are subject to the standard two vesting conditions for startup company stock: time, and the occurrence of ...
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1answer
92 views

Estimated taxes itemized deduction?

Seeking a second opinion on what my tax preparer provided me in my 2017 taxes. I made an estimated tax payment of $20,000 to the State of California in Dec 2017 (for a stock sale I made in Nov 2017). ...
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0answers
45 views

Procedure to mail 1040NR-EZ, 540NR from outside of US

I have to mail my federal and state tax returns 1040NR-EZ and 540NR to IRS and FTB, CA respectively from India? What are the mailing addresses and which is the best courier service to choose to ensure ...
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1answer
219 views

How to report 1042-S income on California Schedule CA 540NR when resident alien for federal purposes?

Lots of background: I visited the US several times since 2014, and in November 2015 I entered the country as a J-1 research scholar. I left the US again by November 2017. By the substantial presence ...
3
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1answer
186 views

New mortgage lender is requiring I buy condo owners insurance

I live in California, I have applied to refinance my condo, which I have owned for 30 years. The new lender is requiring that in addition to the HOA (Homeowners' Association) insurance policy on the ...
2
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1answer
398 views

How to redeem California tax income return warrants?

During 2016, I have overestimated my state taxes; as a result, the state of California have issued a "tax refund warrant". This is what it looks like (with personal identifiers removed): So, in ...
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0answers
61 views

1099'd Telecommuter - I work by phone from SC with CA company - who gets state tax?

I am a 1099'd telecommuter that used to live in California. I moved to South Carolina in 2017. I need to file 2017 taxes with 4 months in CA, 8 months in SC. In 2018 I will need to file 12 months in ...
2
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0answers
24 views

CA taxes on invesment income for part time-resident

I lived outside of the US from July 2016 - November 22d of 2017. All my income from this period is investment income. My understanding is that because it is investment income it does not qualify for ...
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1answer
243 views

Can I file California State tax as a part year resident/non resident, if I am filing Federal tax as a Resident?

I am on H1B since October 1, 2017. I am filing Form 1040 for my Federal taxes, which I will file after May 2018, filing for an extension. How should I file my State tax? I live in California. Does ...
2
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0answers
180 views

Can my landlord raise my rent for switching to a month-to-month lease?

When I first rented my apartment in Los Angeles 3 years ago, it was not rent-controlled. It had a clause saying my rent would increase by $600 per month if I went month-to-month, with a $600 fee to ...
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1answer
194 views

How to get a mortgage with low income but good assets

I have low income about $50,000 a year since divorce. But I am about to sell my house for $2 million, and possible gain about $1M profit. I can put a down payment of $300,000 to down size to a house ...
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1answer
126 views

Tax implications of adding a LPR spouse as a joint account holder

If a US permanent resident adds a US permanent resident spouse as a joint account-holder on a brokerage (or other) account, what are the gift tax implications, if any? I believe that in the case of ...
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4answers
1k views

Company options after leaving

I joined a company in California back in September 2007, I got a 2,000 options package. The stock price was 27 USD when I was hired. I left the company in July 2012. Options vested already but they ...
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2answers
404 views

My dentist sent a forged bill to my insurance (California, US)

I had an appointment with my dentist and they gave me a receipt with a total amount $409.00 for the services. Then they claimed $985.00 from my insurance. Insurance paid $750.00. They didn't ask me ...
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1answer
93 views

Debt sent to collections while still attempting to solve with vendor

In California, can personal debt be sent to collections while you are still engaging in a potential resolution with the vendor? Example: communication with the vendor towards a solution is moving, ...
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1answer
96 views

Does the address on a W9 matter? IE for state taxes?

I have a PO box in CA where I have been receiving mail, and wish to continue to as I don't have a stable address in NYC where I live. When I send clients a W9, would it be an issue to use a CA ...
3
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1answer
326 views

Do state disability contributions that are federally deductible remain so if employer-paid?

According to the IRS, mandatory employee contributions to state disability insurance, such as California SDI, are included in "state and local income taxes" that federal taxpayers who itemize on ...