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?

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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 ( Full Answer )

What should you do if you have jointly owned property with a brother and he dies?

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) ( Full Answer )

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 ( Full Answer )

What are the tax benefits of owning your own business?

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, ( Full Answer )

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 ( Full Answer )

How do you file your own taxes?

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. ( 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 ( Full Answer )

Is the beneficiary of a will entitled to a share of the decedent's jointly-owned property?

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 ( Full Answer )

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 ( 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 ( Full Answer )

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 ( Full Answer )

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. ( Full Answer )

How do you file taxes on you own?

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 ( Full Answer )

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 ( 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 ( Full Answer )

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 ( Full Answer )

Can you force sale of jointly owned property?

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.

How long do you to be married jointly owned property?

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 ( Full Answer )

Can a wife keep a business owned jointly by her and her husband if they divorce?

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 ( Full Answer )

How can you find a list of the guns you and your husband own He says it is not your business?

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 ( Full Answer )

Can a tenancy in common apply when the property is owned jointly?

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 ( Full Answer )

If you no longer own repossessed property how are you responsible for property taxes?

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. ( Full Answer )

If you own land that has a live creek does the property owner own the creek?

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 ( Full Answer )

Can jointly owned property be seized after a financial judgment?

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 ( Full Answer )

Can one owner lease out property that is jointly owned?

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 ( Full Answer )

Can your husband sell your jointly owned property without your signature?

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 ( Full Answer )

What happens where a testator owns a property jointly with someone else?

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 ( Full Answer )

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 ( Full Answer )

Can your husband get a loan on jointly owned property without the the wife's signture?

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 ( Full Answer )

What i business that foreigners cannot own or to be part owners of in Vietnam?

In Vietnam, there are non-conditional investment areas andconditional investment areas. Establishing company in thenon-conditional investment areas are more simple than inconditional investment areas. Investment in IT services,manufacturing, management consulting, business promotion is a fewsamples ( Full Answer )