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Recent content by tombyrne

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

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    Principal-Agent relationship blurred?

    Thank you so much. You've been very giving of your time and I truly appreciate it!
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    Principal-Agent relationship blurred?

    sorry about the "contingency fee" omission. I can tread water, but not really swim well underwater. My tax status as sole proprietor / self-employed / pass-through (20% off the first 157K?) won't allow me to include the legal fees as a deduction? Have these new tax reforms obviated Code of Civil...
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    Principal-Agent relationship blurred?

    Law firms are limited in how they can share in the litigation they do for clients. If the law firm had wanted to share in whatever award was collected in your case, the lawyer would have entered into a contingent fee agreement with you. tombyrne: this WAS a contingency fee agreement. Signed in...
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    Principal-Agent relationship blurred?

    Sound. And since I'm not a tax pro, would your opinion change at all if: 1) this were an informal profit-sharing activity? 2) The entire settlement check paid to law firm, who then 3) issued company check to me for my initial withdrawal, and, 4) I'm not getting any kind of 1099 or tax...
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    Principal-Agent relationship blurred?

    What is the name of your state? California Apologies for length, I wish this weren’t so complicated. In 2018 I won a legal settlement which arose from my eviction from my home and studio, where I meet criteria for using as a home office tax deduction. Not a passive claim, it’s where I do all...
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    Using legal settlement to purchase a home studio

    yes, a tax professional...or a tax attorney...or some hybrid. The monies which have opened this opportunity to me won through a legal settlement and the new tax code takes a radically different position in their regard. I get that post-purchase there are many attractive tax advantages available...
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    Using legal settlement to purchase a home studio

    I'll be living in the home. The renters will be living in their rooms as if it were any apt./home. The weird position is that I could be considered running a rental property business (as opposed to investment prop) with consistent attention to maintenance, repair, advertising for tenants, etc...
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    Using legal settlement to purchase a home studio

    It's a complicated situation in that I'm planning on purchasing the property and renting a couple rooms out as well as using this home for my exclusive studio. It's in motion but won't settle before midnight tonight obviously so I guess it's a moot point
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    Using legal settlement to purchase a home studio

    I use my studio as my exclusive and regular place of doing business, as well for the storage of all my photographic and editing equipment. I meet with clients in my studio. I'm self-employed and use this space exclusively to ply my trade: to perform work, to find work, admin and storage. I won...
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    Using legal settlement to purchase a home studio

    What is the name of your state? California. Can I partially shield monies won in a 2018 legal settlement via mediation by investing them back into my business? I took about 55% of the award up front and structured the rest over next 5 years. I am a sole proprietorship and the investment would...
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