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Phillip Todd Zagotti
Attorney CPA combo with expertise in tax, bankruptcy and business law.
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Practice Areas
- Bankruptcy
- Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
- Business Law
- Business Contracts, Business Dissolution, Business Formation, Mergers & Acquisitions
- Tax Law
- Business Taxes, Criminal Tax Litigation, Estate Tax Planning, International Taxes, Tax Appeals, Tax Audits, Tax Planning
- Estate Planning
- Trusts, Wills
Video Conferencing
- Google Meet
- Zoom
- Microsoft Teams
Fees
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Free Consultation
I offer a free 30-minute consultation to discuss your matter in detail and provide an initial assessment of potential options. Please contact me to schedule a consultation. - Credit Cards Accepted
Jurisdictions Admitted to Practice
- California
- State Bar of California
- ID Number: 333802
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- 5th Circuit
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Languages
- English
Education
- Purdue University - Purdue University
- J.D. (2019)
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- University of Houston - Main Campus
- B.B.A. (2005) | Accounting
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Professional Associations
- California State Bar # 333802
- Member
- - Current
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Certifications
- CPA
- Texas Board of Public Accountancy
Websites & Blogs
- Blog
- Blog Posts
Legal Answers
8 Questions Answered
- Q. Which value do I use for capital gains tax on inherited property sold in TN?
- A: Hi there.
Unfortunately, when you inherited the property, you received your mother's original basis, which is $95,000. This amount will be used to calculate any capital gains.
If you had inherited the property after her passing, you would have benefited from a step-up in basis and could have used the property's value of $320,000 instead.
Best of luck.
- Q. How would split payment methods for a home purchase between two individuals be viewed by the IRS?
- A: Based on the details provided, this situation would not be considered a gift. The other family member is paying for their half of the property upfront, and you are using debt to pay for your half. There is no transfer of assets between you and the other family member. Your ongoing mortgage payments will go to the mortgage company, not your relative.
- Q. In California, 50/50 joint tenancy when one party wants to gift his share of interest to the other party
- A: I agree with James's response and would like to add that the current lifetime gift and estate tax exemption is $13,990,000 for individuals and $27,980,000 for married couples in 2025. You will likely want to use a portion of this lifetime exemption to facilitate the property transfer, assuming your share of the property is not over the exclusion amount.
Be sure to inform your CPA so they can properly report the transfer on your Form 709.
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