Reply
Sun 28 Mar, 2004 04:33 pm
I'm looking for some help on taxes. My daughter won some prizes on a game show, and the Federal Tax allows you to adjust the "income" based on fair market value. California already took 7% of the "list price" but I would like to get her some money back from California since the taxable amount is less than the amount they used for tax basis. I have some non-resident California tax forms, but I am having trouble finding where to subtract off the amount which is the difference. Any suggestions? Thanks!
Not real sure you're gonna have much success there. Individual state tax law has nothing to do with Federal law. If California determines the taxable basis to be the list price, that's California's business, regardless how the Federal Government goes after its own chunk, as I understand it. Of course, free advice it worth its price. For the real deal, I'd suggest you consult with an attorney or accountant licensed to practice in California ... a course of action unlikely to be free, I'm afraid.
Stumble It!
Tweet This
Bookmark on Delicious
Share on Facebook
Share on MySpace