Texas is a “community property” state; but all property in Texas is not “community property”.
In Texas, each spouse can have his or her own “separate” property, which generally consists of property that was acquired by gift or inheritance, and that which was owned by the spouse prior to marriage. All other property is generally presumed to be community property.
Continue Reading Collecting Separate Tax Debts from Community Property
Shortly after I moved to Texas from Washington, D.C., a federal judge called me about a potential conflict with a party in a lawsuit I just filed. Once the conflict was resolved, and recognizing I didn’t have a Texas accent, he asked if I was new to Texas and then welcomed me. This was years ago and the numbers of those moving to Texas has only increased. California, in particular, seems to generate many newly minted Texans. The exodus from California is real and it involves high-profile moves like Elon Musk and hundreds of other Californians. The reasons for the exodus are usually cost of living and no state income taxes. However, the California Franchise Tax Board (FTB) is notoriously aggressive and may not let you go quietly. If you are new to Texas here is what you need to consider when making the breakup with California official.
Continue Reading Leaving California for Texas May Cause State Income Tax Headaches
The IRS announced the adoption of a “Taxpayer Bill of Rights” Tuesday. I have listed the rights below along with my commentary. Just like our U.S. Constitutional Rights, these “rights” are and will be watered down.
All of us have certain rights we feel strongly about. For instance, folks here in Texas are very concerned
Hit the jackpot this past weekend in Oklahoma? Wondering what this means for your taxes? Are there any ways to reduce the tax hit?
Here are the basics:
How lottery winnings are taxed.