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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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2answers
146 views

Is it a wise decision to buy a home in the current market in a coastal market where prices are at a premium [on hold]

I am looking at the possibility of purchasing a property in the San Diego costal area, however I wanted to get some feedback from people that know the economic outlook better than I would. Is it a ...
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1answer
120 views

If I plan to get investments later, should I start a C Corp now? Or LLC then convert to C later?

Should I start an LLC then convert later once it is time for investments? Or just start as a C-Corp now? At the moment what I have are open source software tools, and ideas on how to monetize them ...
2
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1answer
87 views

Do we need a revocable living trust?

I'm considering setting up a trust for my father but would like a second opinion before meeting with an estate planning attorney. His estate is fairly simple; a home, bank accounts, a CD, a vehicle, ...
4
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1answer
177 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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0answers
131 views

How much will my property taxes go up after new construction

Here is the situation: This is in California My family's home was bought 10 years ago at $1,000,000, they are paying over $10,000 in taxes every year. The current market value of the home is around ...
2
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2answers
575 views

What does “Carry the decimal to four places” on line 47 “Deduction percentage” mean in 2016 Schedule CA NR?

If I get 0.93342 after "Divide line 37, column E by line 37, column D", then should I put down 0.9334 or 1.000, given the "Carry the decimal to four places" instruction? When I read "Carry the ...
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1answer
22 views

Can I report all my taxable interest in Schedule CA NR Column E even if I wasn't a resident for the entire year?

Filing 2016 taxes. The place I having a savings account in reported $12 in 1099-INT. I started living in California at the end of January. Will my taxes get rejected if I report all $12 in column E ...
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0answers
72 views

Rights as joint tenant paying mortgage

In California, my husband and I bought a home in which we are still paying the mortgage. His family (mom, dad and sister) are not paying anything on the mortgage but all 5 names are on the deed. If ...
4
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2answers
382 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 ...
1
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4answers
346 views

Family of 4 (1 adult, 3 kids) dealing with eviction. How to find a new place to live?

About 4 years ago I was evicted from our apartment in California. I have been staying with family but this is no longer an option. I have been trying to get a place for us but keep getting denied due ...
2
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2answers
173 views

Break even for renting house in California

Hi am trying to figure out what our break even would be for renting out my house in California. All the options with taxes can be a bit confusing so i wanted to ask if have calculated it correctly ...
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1answer
55 views

Do I need business license and account to work as a software contractor

I started a software development contract and decided to open a separate bank account just for this activity. The bank gave me a list of required documents needed when opening a business account for ...
1
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1answer
106 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 ...
1
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1answer
91 views

Why is California's income filing threshold GREATER than the standard deduction?

For California, the tax instruction booklet says that you need to file the income tax forms if your income is over $17,693 "gross" or $14,154 "adjusted". However, the state's standard deduction is ...
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0answers
84 views

Can't file taxes probably due to ITIN -> SSN change

I get the following error while filing married filing jointly taxes in California via TaxAct (electronically, paperless): Rule Number: F540/NR/NRS/2EZ-230 Rule Number Description: There is an ...
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2answers
246 views

Securing a loan with a loan, does this even make sense?

My friend wants to buy a house; however he does not have the capital to put twenty percent down because he loaned out his capital as a secured business loan last? year. He thinks all other business ...
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0answers
23 views

Trading or Investing on Equities Annual Taxing in California

Trading Imagine an individual trading account for 2018 fiscal year increased from ~$100K to ~$200K Total amount of trading transactions were at >~$20M Imagine for a married couple with another ...
2
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5answers
4k views

what is a UPS/FedEx accepted physical address for the California Franchise Tax Board

I need to file my California tax returns but am living abroad. I was told that I can only use FedEx/UPS to send my tax returns, but the California Franchise Tax Board only has a PO box address where ...
2
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0answers
64 views

Retiring to Europe from California-Implications for taxes, drivers license & voting

I retired & moved to Italy April 2018. I will be living in Europe for at least ten years. In filling out my California state tax form, there was a question regarding whether I moved out of the ...
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0answers
74 views

Do I have the right to insist on my options being 100% vested if they are for work already performed last year?

I am getting some stock options for work I already finished last year, but they said it needs to vest for tax reasons. My lawyer said I don't have to pay taxes until I exercise my options which ...
1
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1answer
70 views

CA Safe Harbor Estimated Taxes

Assuming no income taxes are withheld, does paying 30%, 40%, 0%, and 30% (33, 44, 0, and 33 for high earners) of previous year taxes by each respective estimated tax due date meet safe harbor ...
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0answers
17 views

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
65 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. ...
6
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2answers
133 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
51 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
45 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
200 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 ...
2
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1answer
96 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 ...
3
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0answers
79 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
141 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 ...
1
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1answer
699 views

Does an employer pay payroll taxes on non-taxable wages like 401K matches?

In addition to what the employee would pay in income tax on taxable wages an employer also pays their own payroll taxes on all taxable wages like: FICA FUTA SDI SUI ETT Are these taxes due from the ...
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2answers
84 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 ...
1
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1answer
58 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
203 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 ...
2
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2answers
150 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 ...
7
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1answer
2k views

Can I prevent Equifax from collecting my personal information?

Given the recent news about Equifax leaking information about millions of U.S. consumer (and some from U.K. and Canada), Is there any way for me to prevent Equifax from retaining my information? ...
2
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2answers
267 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 ...
7
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1answer
704 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 ...
4
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3answers
2k views

Are 529 earnings state-taxable in California?

Whether contributions to a 529 plan can be deducted from income for state tax purposes has been discussed and is documented in many places. However, I am interested in the California state tax ...
7
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1answer
261 views

Capital gain treatment when moved to a no state income tax like Texas

I am planning to move to Texas early 2018. If I lease my California principal residence for 9 months, while waiting for my new home in Texas to be built, and then sell the California house 9 months ...
6
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1answer
435 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
233 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 ...
1
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1answer
7k views

How much can you write off on a car lease through a LLC?

If you lease a car over buying it, how much can you write off of the car lease for the LLC? Given that you can lease it through the business, is that a more wise decision than buying financially? ...
4
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3answers
797 views

Negotiating rent at lease renewal

I'm renting an apartment in Mountain View, CA. My lease will be up for renewal in about 7-8 weeks. My landlord has not sent me a renewal notice yet, and when I called asking about it I was told that ...
2
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0answers
344 views

Should CA sales tax be charged to vehicle lessee on the portion of capitalized cost reduction from a federal rebate?

Should California sales tax be charged to a vehicle lessee (at inception of lease) on the portion of the capitalized cost reduction that is 'paid for' by a federal rebate? Background: certain ...
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3answers
2k views

Is interest on a personal loan tax deductible?

My father loaned me money to invest in a company and the company pays me quarterly profits. I have to pay back the loan to my father plus interest. What I would like to know is whether or not the ...
0
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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 ...
1
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1answer
80 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 ...
2
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1answer
310 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 ...