We live in California-community property state.My husband owns his own business. I am not listed as part owner. We file our taxes jointly. Am I responsible?
If his business is an S-Corp, incorporated or an LLC then the only thing on your joint taxes should be his income (in the form of a job-based income), not any business-related taxes or revenue. If he is a sole-propriater, and claims all his business income on your joint taxes, then your filing, as a couple, has equal liability.
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How is the gain taxed if you own a principle residence property jointly with your brother and sell it at a profit before and after two years?
Answer . \nAssuming that it is the principal residence for BOTH you AND your brother, and that you both lived in the house for the same period of time...the same rules would apply to both of you.\n. \nIn order for gain to be excludible from income for Federal income tax purposes, it must have b…een your principal residence for at least 2 of the last 5 years. If it was your pirncipal residence for less than 2 years, none of the gain is excluded from tax. If it was your principal residence for more than 5 years, up to $250,000 (or $500,000, if you're married) is excludable from Federal income tax. If the house was your principal residence for between 2 and 5 years, the amount of gain excluded is pro-rated.\n. \nOf course this assumes that you have gain. You likely know the answer to this already, but make sure that you know what your actual basis in the house is. Take into account improvements. ( Full Answer )
Can one spouse file bankruptcy on a jointly owned business if the couple is separated and one spouse has left the state?
Answer . \nNo, the other spouse/owner will have to be a part of the BK filing or surrender their share of ownership before a BK is possible. Be advised that such action as transferrance, sale or other such is governed under conveyance laws relating to any pre-bankruptcy financial transactions.
Answer . \nThe first step is to determine ownership under the laws of the state where the property is located.\n. \nOwnership rights are determined by the way the title to the property is titled.\n. \nIf the property is held as Joint Tenancy or Joint Tenants With Rights To Survivorship (JTWRS)… the propert passes directly to the other owner(s) and is not subject to probate action; if it is held as Tenants-In-Common the share of the property belonging to the deceased is determined by and subject to probate procedure. ( Full Answer )
Answer . \nThe matter would have to be resolved in the terms of the dissolution of marriage petition, division of marital property in accordance with the laws of the state where the couple are residents or in some cases where the property is located.
If husband and wife own property jointly with the husband's mother will the wife own two-thirds of the property if her husband dies?
It will depend on the wording of the deed. It could be that each woman owns half of the house if there are 'rights of surviorship' involved. Property that is held as Joint Tenants or Joint Tenants With Rights of Survivorship , automatically passes to the surviving owners and is not subject to proba…te procedure. Think of it this way: . If three people own real estate as joint tenants with the right of survivorship and one dies, their interest disappears and the two survivors own the property in equal shares. The division of real property is always determined by the titling of said property with the exception of a married couple who reside in a community property state. Property held as Tenants In Common does not automatically pass to the surviving owners. It passes to the owner's heirs-at-law according to the state laws of intestacy and is subject to probate procedure. It can be attached by creditors of the deceased to extent of the share. If the three above owned as tenants in common then the surviving wife may own two-thirds. You should consult with an attorney who is familiar with your state laws of probate who can review your deed, explain your rights and determine the status of the property. ( Full Answer )
Answer . Tax benefits compared to what exactly?. If you own your own business and it loses a lot of money, sure, it doesn't pay on the money it loses. But it lost your money.. Just like there is a tax benefit to making a chritable donation...but it will never be as much as the donation.. Yes,… in your own business you may have the ability to tax expense sme things that you may get some personal use of, but it is minor overall (if it was major, than in fact the use would become taxable income). But again, it comes back to compared to what. ( Full Answer )
\n. \n. \nProperty held in a joint tenancy automatically passes to the surviving owner. You cannot attach stipulations to it.
If you live in a community property state and only your husband files for bankruptcy and you file your taxes separately can the bankruptcy court take your portion of your tax refund?
Yes, unless you also file papers for an "Injured Spouse" which may or may not relieve you also of the tax burden.
Husband owned a business that closed but had no assets other than the machinery which the bank sold and kept the proceeds. Can they now put a lien against the house that is jointly owned?
Yes, unfortunately. The bank has the right to recover the rest of the money owed them by putting a lien against any assets that the creditor (husband)owns or has joint ownership. Since the amount of money they collected from the sale of the machinery did not cover the amount owed, they will continue… to expect the rest of the money they loaned to be paid back. I would suggest that you and Hubby contact the bank and work out a way to pay off the debt that be mutually beneficial to all parties concerned. Do not just ignore the problem, it will not go away. If you act now, you can show that you are co-operating, and they will try to work with you. ( Full Answer )
Go to the library, post office, IRS office, or IRS.gov and get your 1040 form and 1040 instruction book. Collect you W-2's, 1099's, 1098's and any other form sent to you in the month of January.. Get a pot of coffee, a lot of sharp pencils a calcultor and about 6 hours and prepare your tax return. …Mail it into the IRS and you have just filed you own taxes. ( Full Answer )
Both husband and wife jointly own property His mother has Life Estate but leaves home who owns the property?
Answer . The H & W own the property in fee. However, the property is subject to the life estate of the mother. If they wish to sell or mortgage the property she would need to sign the deed or mortgage. If she no longer lives there then they should obtain a release from her for her life estate and …the release should be recorded in the land records. Otherwise, only a death certificate will extinguish the life estate as a burden on the property. ( Full Answer )
Can your estranged husband change the locks on a house you own jointly that you have moved out of if you still have property in the house?
If you both jointly own a property, your ex husband or wife cannot change the locks. The only way to prevent that person gaining access it via an occupation/non molestation order whilst the divorce/legal separation goes through.
It depends on what the will states. If the will states that you are the sole beneficiary of all of the decedent's property, you will receive whatever share the decedent owned of the jointly-owned property. The decedent's share of the property will become your share. If there are other beneficiaries …and the division of ownership is not specified in the will, the decedent's share of the jointly-owned property will be divided equally amongst the beneficiaries. If the will states a specific division amongst beneficiaries (e.g. 1/2 interest to John Doe, 1/4 interest to Jane Doe and 1/4 interest to Bob Doe), then the decedent's share of the jointly owned property will be divided amongst the beneficiaries accordingly. But, the quick answer to your question is that just because someone else who is still alive has a share of the decedent's property doesn't mean that the entire property reverts to that alive shareholder. The decedent's interest in the property will go to his or her heirs in the same proportion that the decedent owned the property when he or she was alive. ( Full Answer )
Answer . Generally, interest in jointly owned real and personal property passes automatically to the surviving owner. Joint bank accounts may pass into the estate if they were made joint only for the purpose of convenience.
If a property is owned jointly and there is a judgment on one of the owners can the property be sold?
A creditor can force the sale of only the debtor's interest in jointly owned property. However, creditors don't often bother to try to sell a half interest in property. On the other hand, if the joint tenants want to sell the property, the lien must be paid off in order to clear the title so the… property can be sold. The lien is generally paid from the proceeds of the sale at the time of the closing. In the case of a tenancy by the entirety, a creditor cannot force the sale of the property for a debt made by one of the tenants by the entirety. If the property must be sold by the owners the lien is generally paid off from the proceeds of the sale at the time of the closing. ( Full Answer )
If 3 siblings jointly own property with no mortgage and one files for bankruptcy how does that affect the others on the deed?
Bankruptcy is an action that one takes against one's creditors. If there is no creditor, i.e. no mortgage, how is this relevant? Or did someone take out secured credit with the property being used as collateral? Also it depends on the type of deed you have. It could be a joint tenancy or a tenancy i…n common. I'm assuming this is a tenancy in common, with each person having a 33.33% stake in the property, and with rights of survivorship and rights of occupancy. It depends on your state, country, and the type of bankruptcy, but generally you are allowed to "reaffirm" a debt that is secured against a property. Some property is considered exempt from liquidation if this is for unsecured debt, but the amount of property that a debtor may exempt varies from state to state. Consider buying out their share in the property before the bankruptcy proceedings commence. Maybe your sibling could give you a really good deal on their share of the property, and then you could give them a good deal on selling it back to them later after the bankruptcy proceedings have completed. ;) If there is no current lien against the sibling's share of the property I would recommend asking them to sell you their portion of it.. Bankruptcy is an action that one takes against one's creditors. If there is no creditor, i.e. no mortgage, how is this relevant? Or did someone take out secured credit with the property being used as collateral? Also it depends on the type of deed you have. It could be a joint tenancy or a tenancy in common. I'm assuming this is a tenancy in common, with each person having a 33.33% stake in the property, and with rights of survivorship and rights of occupancy. It depends on your state, country, and the type of bankruptcy, but generally you are allowed to "reaffirm" a debt that is secured against a property. Some property is considered exempt from liquidation if this is for unsecured debt, but the amount of property that a debtor may exempt varies from state to state. Consider buying out their share in the property before the bankruptcy proceedings commence. Maybe your sibling could give you a really good deal on their share of the property, and then you could give them a good deal on selling it back to them later after the bankruptcy proceedings have completed. ;) If there is no current lien against the sibling's share of the property I would recommend asking them to sell you their portion of it. ( Full Answer )
Sure. That persons 1/3 interest in the property weill be included in the BK filing though.
As a small business owner should your corporation own your house so as to legally protect it and is the corporation owning it the only way that the business can pay association dues and property tax?
Your business corporation should NOT own your house. Such ownership would give your business creditors access to your home equity. Also keep in mind that you cannot create business deductions out of personal expenses merely by having your business own your personal property. On the other hand, if yo…u do use personal property for business purposes, youi can rent such property to your business. You would then have to include such rent as personal income, complete a Schedule E tax form on your personal return, and claim such expenses against the income as the IRS allows. IN the case of a home, for example, if you use 25% of it for a business office or a carpentry shop, you would then be entitled to deduct 25% of the properties expenses against your rental income, including depreciation. It's complicated. Hire a local CPA. ( Full Answer )
\n. \nIf two people own property jointly the sole ownership automatically passes to the surviving joint owner upon the death of the other. Neither can change that operation of law by their will or by a trust. The surviving owner can devise the property in THEIR will or transfer it to a trust.
If someone files a deed that has property listed that they don't own does this void the deed that was filed?
This is an interesting question. A person cannot convey what they do not own. \n. \nIf there was only one property described in the deed and the grantor does not own that property then that deed is a nullity, in other words, legally void. It would be ignored in the chain of title for that property.…\n. \nIf several properties were described in the deed and one was not owned by the grantor then only the "conveyance" of that one property would be null and void and the deed would be effective as to the other properties that were owned by the grantor. ( Full Answer )
Yes, if you do business within an entity separate and apart from you as an individual. If you are a sole proprietor or a single member limited liability company, then no.
Any number of ways: There is (or will be) a link to ways to do it for free, online, at www.irs.gov.. Personally, I prefer buying anyone of the many software pachkages (Tax Cut and TurboTax) which are normally available pretty inexpensively ($20) and soing them on your own PC. These walk you through… step by step and explain options, etc. By doing it this way, you also begin to leartn what is important and what effect things may have. The first time, it may take a few hours...in years after that (because you understand more and the info from the prior year just carries over - reducing inputting...and reminding, even asking you "last year you had an account with interest received from ABC Bank...why not this year?". Of course, you can just do it the old fashioned way, go to any Library or USPS and get the forms and do them by hand. Especially if it is a basic return, and especially if your not itemizing, this is pretty easy. ( Full Answer )
You have filed jointly for 30 years but have recently started your own business can you file seperatly now?
Yes, the option to file jointly or seperatley is chosen every year.. It can be made entirely on which is better for you.
Husband dies leaves unpaid income taxes filing jointly is wife responsible if there is no estate in Indiana?
Joint filers are both responsible for the entire tax bill. If the unpaid taxes are from a year that the couple filed jointly, the wife is fully responsible for any unpaid taxes unless she can meet the qualifications for innocent spouse relief. After the filing deadline, a joint return cannot be… amended to separate returns. If there are unpaid taxes from 2008, the wife can still file a separate return for 2008. If a joint return has been filed for 2008, they have until April 15, 2009 to amend. ( Full Answer )
If your husband is filing your tax returns jointly do you have to do anything He included your earnings in his file?
Assuming he is doing this with your permission... If he is filing a paper return, you must sign the joint return. If he is e-filing, you are really supposed to select and type in your own PIN number, but we know that nobody in the real world does this. You really should check over what he is… submitting since you will be held equally liable for any mistakes/omissions or fraud or unpaid balances. But other than that, there is nothing to do. ( Full Answer )
If a husband and wife own a house together then the husband buys another house for rental property but the wife is not on the deed is she still part owner in Texas?
Legally spouses share all property equally, what is owned by one is the property of both.
If you own a cottage jointly with your husband and you wish to sell it will any taxes be payable upon sale why or why not if taxes are payable what kind of taxes and how much is taxable?
By use of the term "cottage" I wonder if your British?. In the US many taxes are due on the sale of real estate, especially if it is other than your primary residence.. Generally, (but only meeting certain qualifications) the GAIN in value on your primary residence will not be taxed. On any othe…r proerty, like any other investment (stock, bonds, art, whatever), the gain (making of money) is taxable as such - an income tax. It does, generally get a lower rate than ordinary income.. In virtually all cases, and depending on where you live, there are a multitiude of other taxes, more transactional in nature that are due to any number of tax districts...ranging from improvement taxes to simply recording charges for the paperwork. Some are fixed price and some are dependent on the sale price. ( Full Answer )
If you are referring to a partition the answer is yes, except in the case of property owned by legally married spouses as tenants by the entirety. If you are referring to sale by a creditor of one joint tenant, you can only sell the interest of the debtor.
You do not necessarily have to be married to own jointly owned property and even when an individual is married for 60 years he could still keep property separate from his spouse. Property is considered jointly owned if you purchased it together (each contributing), your name is on the property, or …in some situations when you are married and you have substantially contributed to the property. If your spouse has kept the property separate by keeping it in his name, only putting his money into it then it will be considered separate. ( Full Answer )
In a divorce without a prenuptual agreement, assets are almost always split 50/50 unless both parties in the divorce can agree otherwise. Therefore if together you both had 100% ownership in the company, after a divorce you will each have 50% of the company. One way to change this is for one perso…n to conceed some other assets for a larger part of the company. Who ever has more than 50% ownership has control of the company BUT if, for example you have 60% and he has 40%, he would be entitled to 40% of the companies profits. If you can't come to an agreement with the business, it is probably best to disolve the business and split up the assets and start the business over. ( Full Answer )
The only way you're going to find out is by persuading him to tell you. If he's prone to posting on gun forums, perhaps you can check the bookmarks and history there, follow them to the forums, and see if he's made a post listing all of his for the sake of bragging. Trying to persuade him, or rather…, coerce him, into telling you may be your best bet. It can be left to your own imagination as to how to achieve that. ( Full Answer )
The term "joint tenancy" should be reserved for a joint tenancy with the right of survivorship. Although many sources refer to tenants in common as a form of joint ownership that is a misuse of the term and is misleading. Joint tenancy and tenancy in common are properly referred to as different form…s of co-ownership or concurrent ownership . If two people acquired the property as joint tenants with the right of survivorship and one dies their interest automatically passes to the surviving joint tenant and the property bypasses probate. A properly drafted joint tenancy cannot be changed as to the survivorship rights of the co-owner when one owner dies. A joint owner cannot leave their interest in the property by their will to any other person. A co-owner who owns property as a joint tenant can break that tenancy and convert it to a tenancy-in-common during life by different methods in different states. In some states a statement can be recorded in the land records declaring the co-owner wants to dissolve the joint tenancy. In other states the co-owner must convey their interest to a straw and the straw conveys it back free of the joint tenancy. A joint tenant can convey their interest to another person during life and the result will be a tenancy in common. When two people own property as tenants-in-common, when one dies their half interest will pass to their heirs by their will or by the state laws of intestacy if there is no will. ( Full Answer )
Have been married 2 years husband has cancer have no jointly owned assets Are you responsible for his medical bills?
In most cases the debts of the deceased, including hospital bills, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. Consult a probate attorney in your jurisdiction for help.
Yes, but it will only affect the half interest of the co-owner named in the judgment.
1. Each state in the United States sets a tax day or effective date for real estate taxes or personal property taxes. For example, if I received a real estate tax bill in May that is due June 5, I may be legally responsible for paying the bill because I owned the property on tax day January 1, 2010.… If you sold the property or transferred the ownership on or after tax day you may have contractually assigned the responsibility to another party, but the local taxing district may still send the bill to you because you were the owner according to their records as of tax day. 2. The document that evidences the transfer of ownership may not have been recorded before the date the local taxing district prepared their property ownership files for mailing tax bills. Local taxing districts do not consider a change in ownership until a document is recorded at the Register of Deeds Office or similar office at the city or county court building. Some financial institutions that have foreclosed on residential properties have waited months before recording foreclosure documents. In this interim period the taxing authority still considers the property to be owned by the former owner. Some lenders are waiting until they resell the property and recording all of the documents at the some time, but this can be months later. ( Full Answer )
If the creek is located within the boundaries of your land then you own it. However, state and federal laws affect waterways and wetlands and other owners upstream and downstream have common law "riparian rights" in that creek. You cannot do anything to obstruct the flow, pollute or divert the water…. Prior to doing any construction, excavation or landscaping within 200 feet of a creek you should contact your town conservation commission to determine if it has jurisdiction over the creek and whether you need a permit. ( Full Answer )
Property can be seized by a financial judgement even if it is jointly owned. There are however ways to get around this. There are waiver and judgements that can be put into place to protect a spouse or business partner from incurring loss from a lien or judgement. The laws differ in each state so it… is always best to consult an attorney on these matters. ( Full Answer )
No. At the moment of death your interest disappears and the surviving joint tenant becomes the sole owner. You have nothing to leave to anyone else.
No. All the owners would need to consent to the lease by signing it. If all the owners of the property, or their duly appointed agent, didn't sign the lease it would not be a valid lease. All the undivided interest owners have the right to the use and possession of the whole property but one own…er cannot encumber the whole property. A lease signed by only one of the owners of the property is not binding on the other owners. The tenant would not have their permission to lease their property. ( Full Answer )
No. Your husband cannot sell your interest in jointly owned property without your signature. What he can do with his own interest in the property depends on the tenancy. If you own as joint tenants with the right of survivorship he can sell or mortgage his half interest but not yours. In th…at case he would need to find a buyer or banker interested in sharing the property with you as a co-owner. If you own as tenants by the entirety he cannot sell or mortgage his interest in many states. In other states a peculiar arrangement would result if he sold or mortgaged his interest: . The bank would take the place of the mortgagor in the tenancy by the entirety . Let's say the husband executed the mortgage and then defaulted. The bank would acquire the husband's interest in the property subject to the wife's interest and to her right of survivorship . The bank and the wife would become co-owners. That means if the husband dies, the wife gets the property free and clear of the bank's interest since the bank is standing in for the husband in the tenancy by the entirety. If the wife dies the bank gets the property free and clear of any other interests. Practically speaking, this is not a profitable position for the bank. A similar situation would occur if the husband conveyed his interest to another person. That person would simply take his place in the tenancy by the entirety with the wife. Some states prohibit one tenant by the entirety from conveying their interest and a mortgage by one may be invalid. You need to speak with an attorney in your state who specializes in real estate law. ( Full Answer )
Answer . it depends what it is, if it is a house then no, u would most certainly have to have the consent of the other person if it is something not as valuble then yes i suppose you can... i hope that helped.. what if it's a car
Property held in a joint tenancy does not become part of a probate estate. When the first joint owner dies their interest in the property is terminated and the surviving owner becomes the sole owner. Property held in a joint tenancy does not become part of a probate estate. When the first joint own…er dies their interest in the property is terminated and the surviving owner becomes the sole owner. Property held in a joint tenancy does not become part of a probate estate. When the first joint owner dies their interest in the property is terminated and the surviving owner becomes the sole owner. Property held in a joint tenancy does not become part of a probate estate. When the first joint owner dies their interest in the property is terminated and the surviving owner becomes the sole owner. ( Full Answer )
Whether or not it is possible depends upon how the deed to the property is worded. It also depends upon if the property is owned jointly by a married couple.
Does your taxes get taken when you file jointly with your unemployed wife if she owns back child support?
Yes. The entire refund amount will be seized by the IRS and allocated to the appropriate state child enforcement agency. If the non obligated spouse qualifies as an "injured spouse" under IRS regulations they are entitled to their share of the refund. The non obligated spouse should file form F837…9 with supporting documents. Generally the IRS will schedule an interview to detemine if the injured spouse claim is valid. ( Full Answer )
Some lenders will grant such a loan in some states. However, a prudent lender won't allow it. The lender cannot foreclose on the property and take possession in the case of a default if all the owners didn't sign the mortgage. Some lenders will grant such a loan in some states. However, a prudent l…ender won't allow it. The lender cannot foreclose on the property and take possession in the case of a default if all the owners didn't sign the mortgage. Some lenders will grant such a loan in some states. However, a prudent lender won't allow it. The lender cannot foreclose on the property and take possession in the case of a default if all the owners didn't sign the mortgage. Some lenders will grant such a loan in some states. However, a prudent lender won't allow it. The lender cannot foreclose on the property and take possession in the case of a default if all the owners didn't sign the mortgage. ( Full Answer )
If a married couple jointly own a house do husband and wife have to live separately when getting a divorce in California If so who has to leave and do they share the extra cost?
You need to consult with your attorney who can review your situation and explain your options.
Can a loan legally be obtain against a property that is owned jointly without notifying one of the owners?
You would need to consult an attorney/solicitor on this, thedetails could be complex. However, normally the lender cannotforeclose on the property and take possession in the case of adefault if all the owners didn't sign.
No. All the owners must execute the lease in order for the lease to be valid. One owner cannot lease the other owner's interest in the property without their written consent on the lease document.
Everything, which is why owners need help, and leadership,management, delegation, and inspiration are good qualities for anentrepreneur to have.
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