Recent content by jlcl

What is the name of your state (only U.S. law)? California As we have schedule C income and rental real estate losses, if my husband and I are filing a joint return, for the 750 hours material participation rule, is it based on total hours my husband AND I spent in the real estate activites, or...

What is the name of your state (only U.S. law)? California I prepaid in 2008 for three rounds of postcard direct mailing services in 2009 costing ~$5k. The vendor did one mailing and did not do the 2nd and 3rd mailing in 2009. The contract said that if they missed a mailing, it'll be...

What is the name of your state (only U.S. law)? Califorina I have my own full-time W2 wage job but I'm doing some business consulting work for my husband's S-Corporation. I will be reaching my social security wage base maximum with my full-time job. Would it be better for my husband's S-Corp...

What is the name of your state (only U.S. law)? California I’m a new landlord in Californa renting out a single-family house. Other than the Megan Law and Lead Paint dislosures, what mandatory disclosures do I need to provide my tenant?What is the name of your state (only U.S. law)?

What is the name of your state (only U.S. law)? California Since my parents live in my household, my insurance agent put my parents names into my personal umbrella insurance policy. My parents have auto insurance and rental properties that are covered also under our personal umbrella...

What is the name of your state (only U.S. law)? California I own a rental property that has a small balcony. The balcony has permit, but it's over 20 years old. I'm concerned about the safety due to the age of the balcony. I'm considering to tear down the balcony from a safety concern (as it...

What is the name of your state (only U.S. law)? California I want to buy an investment property and the house has a balcony without a permit. Home inspector said that the balcony is fine. Should I stay away from buying a house with a balcony without permit as it is proned to lawsuits if...

What is the name of your state (only U.S. law)? California I'm not sure if this is the right forum for this quesiton. Husband is in the medical profession so is subject to lawsuits. Husband and wife want to invest in a real estate property. Wife plans to borrow the money and be the sole...

What is the name of your state (only U.S. law)? California My husband is in the medical profession and has his own practice as sole-proprietor right now. If he projects that his "reasonable salary" will be above the social security max of $106k in 2009, is the only tax savings he's going to...

What is the name of your state (only U.S. law)? California. Two questions - Sole proprietor business who plans set up and contribute 20% to employees' SEP IRA for 2008. 1. The business only has one W2 employee who became vested for SEP IRA on Sept. 30, 2008, is the employee entitled to 20% of...

What is the name of your state (only U.S. law)? California Mom wants to help pay for a down payment for a house for her eldest daughter. She plans to give $12k each to her three other children and her husband and have them each give $12k to the eldest daughter (so to give a total of $48k)...

What is the name of your state (only U.S. law)? California I know you can gift up to $12k in 2008 without reporting to the IRS. In 2007, I opened a brokerage account (which I'm the custodian of) and gave my 2 year old $12k. Now, I need the money to pay for a downpayment. Can I write a check...

What is the name of your state (only U.S. law)? California. I plan to purchase a real estate investment property but I heard the best method to hold the property is to hold the property under a LLC in order to not subject my primary residence to a tenant lawsuit. Is that the best legal entity...

What is the name of your state? California Can a child under 18 yrs old be an owner of a term life insurance policy? My insurance agent said no child under 18 can own a life insurance policy, but I think she's wrong. Please advise.

What is the name of your state? California We're thinking about buying term life insurance for my husband. If my husband is the insured, I am the owner, and children are the beneficiaries, would there be any estate tax issue? For term life insurance, I don't think I being the owner of the...