Posted by Tom Bazley, CPA on June 01, 2005 at 05:24:31:
E mail me.
In need of CPA/Advisor - Posted by Mario
Posted by Mario on June 01, 2005 at 02:53:59:
I am looking for a CPA/Advisor for our small business. We have set up an S Corp in CA and soon will form a C Corp in Nevada. it is a requirement that you are also a real estate investor because this is where our profits will be going and we want someone knowledgable on the taxloopholes. Also be proactive in using multiple corporation strategies for greater tax savings.
Re: In need of CPA/Advisor - Posted by Jose Munoz
Posted by Jose Munoz on June 21, 2005 at 18:39:10:
I have a question concerning my elderly mother?s property that I hope you can clarify. Both my mother and father are on the title. My father is deceased and the property is free and clear. We are in the process of closing escrow on July 1, 2005. Four weeks ago my mother transferred her property to my sister and I, by filing a Quit Claim in Riverside County. When we close escrow, should the check be made to my mother or to my sister and I? I ask this question because my mother receives Social Security, SSI and has MediCal Insurance. The way I understand it, if the check is made out to my mother she can get up to $250,000.00 dollars from the sale of the home tax free. But, the State of California will intervene and will deduct any funds due them because of the MediCal Services they have provided for my mother and father through out the years. Is this correct?
On the other hand, if the check is written to me and my sister, will we have to pay capital gains taxes because it was not our primary residence for the previous two year?s. Please let me know what is in our best interest. Would it be best to Quit Claim the property back to my mother or leave the property in our names? How can we keep most of the money in our family and what would be the best vehicle for us to invest the money for my mother? What other legal ramifications are we up against?
Please contact me at your earliest convenience. Jose Munoz 916-421-6115