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.
361
questions
112
votes
13
answers
28k
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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 ...
- 1,045
42
votes
7
answers
6k
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Is insurance company’s preferred auto shop biased?
I was rear-ended. There's a crack on the upper part of my bumper and the plastic part of the trunk locking mechanism is broken (though the trunk still closes).
The insurance company was pretty ...
- 463
37
votes
5
answers
7k
views
How does 'upgrading' from one house to another work?
Consider this scenario.
For a given neighborhood, a small house is $100K. A big house is $150K.
For simplicity, assume that you purchase the small house with all cash. 5 years later, it is now worth ...
- 472
31
votes
6
answers
315k
views
Sales tax "trick" while buying a used car; i.e. declaring sale at lower than actual transaction value?
I am selling my car and have found a potential buyer. After I transfer the vehicle ownership, the buyer will have to transfer the vehicle title to himself, and will also need to pay sales tax on the ...
- 421
31
votes
3
answers
5k
views
What is the difference between salary and bonus with respect to taxes?
Let's assume one company offers 200k salary and another 100k salary and 100k bonus at the end of the year. Is there a difference for me at the end of the year (after all taxes are returned)?
The ...
- 691
27
votes
11
answers
17k
views
How to pay less tax on a high salary?
I'm working as a software engineer in the Bay Area.
I file my taxes as "Single" and because of the high salary, I fall into the 32% bracket. Some of my salary goes into a 401(k).
What are some ways ...
- 389
25
votes
2
answers
7k
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Do I need to pay taxes as a food delivery worker if I make less than $12,000 in a year?
I started working for Doordash, a food delivery service. Technically I think I am a self-employed contractor.
I saw online that you don't have to declare taxes if you make less than $12,200 in a year. ...
- 303
16
votes
5
answers
7k
views
Is it typical to start charging HOA fees before a community is fully built?
I am currently in the process of buying a home at a new community.
My home is part of phase 1 out of 4 phases and will be ready for move-in
prior to the completion of the entire community. But the ...
14
votes
4
answers
6k
views
Property tax on land where you discover you can't build anything on?
California has a 0.77% tax on real estate, including land. California also has passed a bill that prevents developers and land owners from building on or near earthquake fault lines which essentially ...
- 613
13
votes
2
answers
113k
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What is the "California SOS file number" and where do I find it?
My LLC's taxes are due soon and I want to pay the $800 annual tax here in California. I'm a little confused about something I'm supposed to write on the check: the "Calfirnia SOS file number". Google ...
- 233
12
votes
3
answers
3k
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 ...
user13722
12
votes
2
answers
3k
views
If someone had purchased some stocks prior to leaving California, then sold these stocks outside California, do they owe any tax to California?
If an individual moves from California to another US state and had some RSUs granted before leaving California, then they'll owe some taxes to California (mirror):
Allocation Ratio = (total workdays ...
- 10.8k
12
votes
1
answer
1k
views
Can a gift be re-gifted before a Chapter 7 Bankruptcy?
About a month or so ago, I gave a family member $10k to purchase a car, because he needed a reliable car for his two hour commute. He's going through some financial trouble, and is now looking to ...
- 123
12
votes
3
answers
2k
views
How do people trade up from one house to another?
Newbie question here folks. My wife and I currently own our first (20% down on a condo in San Francisco in 2009; fixed 30-year loan). Obviously at some point (maybe 2-4 years from now) we would like ...
- 173
10
votes
5
answers
3k
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Is there any way to form an anonymous General Partnership?
Update: When I say anonymous, I don't necessarily mean from the IRS (although that would be ideal). I mean anonymous from the general public. I don't want anyone to be able to look up my real name and ...
10
votes
3
answers
1k
views
How high should I set my KickStarter funding goal in order to have $35,000 left over?
I'm creating a KickStarter to raise enough funds to take 3 months off from my full-time job and finish an iOS game that I've been working on for about 3 years now. Put simply, all I need is about $35,...
- 203
10
votes
2
answers
314
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What do I do after requesting and receiving a debt validation letter for a medical debt I don't recognize?
I received a debt collection call a few months ago from a professional debt collector for a debt I didn't recognize, followed by a written notice. I wrote back that I dispute the debt and requested ...
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9
votes
6
answers
5k
views
Pros/Cons of Buying Discounted Company Stock
For my company (large international software firm) I am allowed to buy company stock at a discounted price. To me all I see are pros such as:
Being able to sell the stock right as I buy it, ...
- 201
9
votes
5
answers
3k
views
Understanding underpayment penalty: implications and how to avoid it in the future
Here is a small explanation of my situation which I hope will help to understand my question:
I am a full time employee who lives in California. Each year I get a W2 from my employee and 1099 from my ...
- 691
9
votes
2
answers
2k
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 ...
- 93
9
votes
1
answer
1k
views
Am I required by law to have cash register for my small business (California)?
We have a Point of Sales terminal to handle all credit card transactions. The credit card processor company sends us 1099K form that we use for tax purposes. This works fine for our small beauty salon....
- 637
9
votes
1
answer
4k
views
Is an uncashed cashiers check of deceased mother part of her estate wrt probate
My mother recently died. At her home we found an uncashed cashiers check that is 11 months old. The check was given to her by her sister (my aunt). It was a disbursement from my mother’s own ...
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9
votes
2
answers
2k
views
What is the best way to short the San Francisco real estate market?
Best as in:
1. Liquid
2. Minimum borrowing costs
- 241
8
votes
4
answers
318
views
do I have to wait for one year to negotiate my salary?
A few months ago, I had an interview and received 8 months contract position. I accepted it. After a month later, the company offered me permanent position. They offered me 68k and I accepted it. I ...
- 81
8
votes
3
answers
1k
views
Does liability auto insurance protect any of your assets?
I'm confused about the Liability auto insurance. Some online resources appear to say that you must have as much liability insurance as the total value of all your assets, whereas others just say to ...
- 485
8
votes
1
answer
31k
views
Do I have to pay security social taxes when I withdraw from my 401k?
I will be moving out of the country soon and I have some money saved on a 401k. I plan on doing an early withdrawal and I am aware that I will have to pay the 10% penalty.
I was wondering how the ...
- 183
8
votes
2
answers
7k
views
Can I claim a parent receiving Medi-Cal benefits as a dependent on my tax return?
My mother got her green card this year. She won't work here. All her expenses will be paid by me. Since she is 67 years old, I am planning to apply for Medi-Cal health coverage for her.
My question ...
- 81
7
votes
5
answers
2k
views
Getting health insurance with the highest deductible and putting the savings in HSA
I'm thinking about getting the highest deductible plan for next year, which would save us a lot of money. With that money, I'm planning to put all the savings (and some more) into our HSA account. We ...
- 436
7
votes
5
answers
2k
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Why do I need an attorney to buy a house?
I thought my real estate agent would cover the whole thing. How does an attorney get involved? Why do I need to hire one on my side?
I ask this because I have read about it in first-time buyer help ...
- 203
7
votes
3
answers
840
views
What are the ins/outs of writing equipment purchases off as business expenses in a home based business?
I'm currently self-employed doing computer programming work. As part of self-employment I'm learning about filing taxes quarterly (not fun) and also writing things off as business expenses (...
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7
votes
1
answer
270
views
Is it possible to block previously authorized ACH access?
We engaged in business with another company that provides credit card processing service. At the time of signing up for their service we authorized them to use ACH by giving them a void check (a ...
- 295
7
votes
1
answer
3k
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?
...
- 215
7
votes
2
answers
894
views
Divide by zero on 540NR form (due to tax treaty)
I am filling a 540NR form for 2014, for California. Line 33 says:
"CA Standard Deduction Percentage Divide line 32 by line 17. If more than 1, enter 1.0000"
Line 32 is the CA adjusted gross income, ...
- 201
7
votes
1
answer
329
views
If I helped my friend to file taxes; can I represent her on a phone call with FTB?
I helped my friend to amend taxes. However, Franchise Tax Board is still not satisfied - they expect that on form 565 box 24 we should pay $800 annual fee for her General Partnership. General ...
- 637
7
votes
1
answer
1k
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 ...
- 81
6
votes
4
answers
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 ...
- 177
6
votes
4
answers
71k
views
USA salaries: before/after taxes
I keep reading about software industry salaries in the US. 100k / year, 130k / year, etc. Are these numbers before or after taxes ?
What is an estimate of the salary after taxes ?
EDIT: I would ...
- 171
6
votes
1
answer
470
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 ...
- 247
6
votes
1
answer
416
views
If one spouse dies is the other responsible for federal student debt taken during the marriage?
In California, in the United States, if one spouse takes out federal student loans during the marriage but the other spouse does not cosign them is there a responsible party in the event of death?
I ...
- 3,006
6
votes
3
answers
2k
views
Owning properties through an LLC - how to split the LLC expenses?
I own some rental properties through my LLC. While most of the expenses can be attributed to a property and find their way to schedule E, I'm puzzled about the LLC expenses... In California its ...
- 148k
6
votes
2
answers
468
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 ...
- 307
6
votes
3
answers
9k
views
Can I add girlfriend to my benefits provided by employer?
I work in a big tech company in the Bay Area, California. It is time to enroll in benefits and I am trying to understand if I can add my girlfriend to my insurance.
I have been living together with ...
- 61
6
votes
1
answer
397
views
Rental Application Fees
I've been trying to find a new apartment. Each application I've submitted cost between $20-$35 and I've yet to find a new place.
A lot of these places have me just write out a check which I never see ...
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6
votes
2
answers
625
views
At what point is the contents of a trust considered to be the property of the beneficiary?
My grandmother passed away several years ago, and left a generous trust fund to her 5 grand children. We can access our share of the money when either of the following two conditions are met:
We turn ...
- 207
6
votes
3
answers
263
views
State Income tax when splitting a day between states (in the USA)
First of all, I realize that when traveling to another state for employment it is commonplace to owe taxes in that state for the work performed+sourced in that state.
Example: you work/live in ...
- 395
6
votes
1
answer
205
views
Tax deduction for legal fee in defending my current job related to a threatening letter?
I paid around 750 dollars last year to consult lawyers regarding a threatening letter from a former employer related to company confidential information where they asked me to sign additional ...
- 171
6
votes
1
answer
165
views
I'm still working but my payments are deferred due to Covid19. Do I qualify for unemployment insurance benefits?
I'm self-employed in California and my biggest client (>90% of my billable hours) is not able to pay due to cash flow disruptions related to Covid19. I've agreed to continue working and billing as ...
- 61
5
votes
5
answers
571
views
How to calculate my real earnings from hourly temp-to-hire moving to salaried employee?
I live in California, U.S.A. I have been working in a company as a temp-to-hire position for a few months.
However, the company needs me to set up my own company, so that I provide service for them. ...
- 383
5
votes
3
answers
2k
views
This is my pay stub. Am I paying too much?
I have decided to make this post on behalf of a close friend. He is a young professional working in San Francisco and making ~ 132K USD per year paid in biweekly fashion. Single and he doesn't own a ...
- 180
5
votes
5
answers
13k
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 ...
- 337