Andrew T. asked
I need to file a California 2011 540NR Form because I lived in Idaho for eleven months and moved to California in November 2011, starting work in December 2011. I had not closed my short sale house in Idaho before moving, but it finally closed in late December. The California Franchise Tax Board has stated I owe them a $3,937.81 tax bill on the sale of the Idaho house. They will not lift the tax levy until they have the filled out 540NR form. I made $1,900 in California wages in December 2011 and had no California state tax taken out. I am a statutory employee with my company. How do I complete this form to get the tax levy lifted?
September 2nd, 2023
Wesley S. answered
You are considered a part-year resident of California since you lived in Idaho until the end of Nove...
September 2nd, 2023
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I bought out my business partner and gave him "clear blue sky" (which I sent him a 1099 for), then I gifted him a shop and pickup (which I sent him a 1099 for). Then I bought all the rest of the equipment from him (I did not send him a 1099 for this because a tax preparer said he will pay taxes on the gains when we do the final return). I am preparing my final tax return for the company and I am not sure how to handle the assets. Do I put in the purchase price? If I do that then I will also have to pay gains on the sale of the equipment. I have started my own LLC so I know I can turn around and put all that equipment on my new return but I don't feel that I should have to pay the gains on the equipment from the original partnership. I need help! One last thing...I gifted him my share of the shop and pickup what do I do with those assets on the final return?
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