Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

What is a franchise tax. What is franchise tax and it taxed…

Second opinion] what is a...
Second opinion] what is a franchise taxJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: what is franchise tax and it taxed on sale of second homeJA: Is there anything else the Accountant should be aware of?Customer: the home sold was inherented
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
10/28/2017
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,362
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello! My name is ***** ***** I will be able to assist you.

A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state.

Generally, you wouldn't have to pay a franchise tax on the sale of a second home unless the home was owned by business or corporation.

Ask Your Own Tax Question

Since the property was inherited it is very unlikely you would owe a franchise tax on the sale of the home.

I would be happy to answer additional questions you may have concerning the sale of the home or franchise tax.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,362
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
Ask your own question now

T​hank you for the rating!

Please let me know if you do have any further questions.

Ask Your Own Tax Question
Was this answer helpful?
Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,362
2,362 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

Chad EA, CFP ® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Husband and sister inherited property in Canada. Their
Husband and sister inherited property in Canada. Their residency is in the states. Their cabin in Canada is just a summer place so they only go up during the summertime. This summer they are fixing up… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,362 satisfied customers
A HOUSE WAS INHERITED AND USED AS RENTAL PROPERTY FOR 2
A HOUSE WAS INHERITED AND USED AS RENTAL PROPERTY FOR 2 YEARS THEN THE NEXT 2 YEARS IT WAS HELD FOR INVESTMENT AND IMPROVEMENTS MADE TO BE SOLD. HOW TO REPORT THE SALE (IT WAS A GAIN) AND RECAPTURE TH… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,362 satisfied customers
I have a partnership buyout agreement that states that a
I have a partnership buyout agreement that states that a payment for certain amount (which includes principle and interest) should be paid on a given date. There is no provision for early pay offs. Ca… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Are limited partnerships organized outside NY state required
are limited partnerships organized outside NY state required to register as a "foreign corporation" ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Texas Series LLC - Franchise Tax. Master LLC set up along
Texas Series LLC - Franchise Tax. Master LLC set up along with 1 sub-series that is running small business - revenue around $100K. No Franchise tax due but still have to fill out form. I understand it… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Your website indicated state inheritance taxes are
Your website indicated state inheritance taxes are deductible on Form 1040 Schedule A. Can you provide documentation of this? … read more
abci168
abci168
Principal
27 satisfied customers
A US tax client sold property - a plot of land in the US
A US tax client sold property - a plot of land in the US Virgin Islands - that he had not paid for himself but instead inherited through a family trust.Does he owe income tax on the gain? The full pro… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
A real estate partnership has several rental properties. The
A real estate partnership has several rental properties. The partnership has been in existence over 30 years and has only a couple mortgages.The partnership has no other activity except renting real e… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
What are the irs tax es on inherited estates in the state of
What are the irs tax es on inherited estates in the state of Ohio? My question is If I sold a property I inherited and received a total of 275,000.00 for my share of the property would I be subject to… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
California annual franchise tax is due Wednesday or 4/15?
California annual franchise tax is due Wednesday or 4/15? What form do I send my minimum franchise tax (full IRS 1120 and California 100 are extended) payment with? To what address? A link would be gr… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
Our CA franchise taxes 800.00 for our LLC. are also due. Are
.Our CA franchise taxes 800.00 for our LLC. are also due. Are we able to ask for an extension on the 800.00 dollars. from my understanding CA requires all small businesses to pay the 800.00 business tax … read more
abci168
abci168
Principal
27 satisfied customers
I wondering about my corporate franchise tax fee in
I wondering about my corporate franchise tax fee in Delaware. do I categorize it with taxes and licenses? I see conflicting responses online. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
California Franchise Tax Board Corp Business Entity
California Franchise Tax Board Corp Business Entity Collections. Just filed 2015 & 2016 form 100, but they haven't been processed yet. They have filed a lien as they imputed the corporation's tax liab… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
Is the current year (2017) accrued TX franchise tax
Is the current year (2017) accrued TX franchise tax allowable as a deduction on FORM 1120S or is the TX franchise tax on the lag method (similar to CA)? Thank you. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
I owe some money to the state franchise tax board here in
I owe some money to the state franchise tax board here in california and recently they have levied my accounts. the money they took is ok as it was earmarked for them anyway but I am wondering what th… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Since franchise taxes are based more on the capital held by
Since franchise taxes are based more on the capital held by an entity versus the income, is there a way to minimize the impact of this? I'm a physician that provides consultant services under an LLC (… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Since franchise taxes are based more on the capital held by
second opinion] Since franchise taxes are based more on the capital held by an entity versus the income, is there a way to minimize the impact of this? I'm a physician that provides consultant service… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Can the California state franchise tax board put a lien on
can the California state franchise tax board put a lien on social security ? … read more
abci168
abci168
Principal
27 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x