How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask mmdesq Your Own Question
mmdesq, Family Law Attorney
Category: Family Law
Satisfied Customers: 517
Experience:  Attorney with 13 years experience.
Type Your Family Law Question Here...
mmdesq is online now
A new question is answered every 9 seconds

111mk, I need to collect all fin info domestic relations mtg.

Customer Question

I need to collect all fin info for a domestic relations mtg. Where do I look on my tax returns for the numbers..what schedule and line # ***** all that relate to : self employment (some via 1099-misc) and rental properties. They are asking for: annual income from business, how often income is received (varies by client), gross income, net income, specific deductions. And since self employed - 3 yrs worth of all these averaged --right?
Submitted: 1 year ago.
Category: Family Law
Expert:  mmdesq replied 1 year ago.
Good Afternoon:I am going to try to answer your question.First off you will need only your 1040 Fed Return. You will be looking mostly at Sch C. You need to prepare a sheet that shows total Gross income for 2015, since you have 2014 on the tax return already. So for 2015 you will need to all income from Jan to Jun 30th (6 Months) broken down by each business or rental. You will then need to list all expense by each business or rental and then come up with a net income for each business or rental. You can not deduct depreciation for any business or rental. Once you have your net income then you need to take off about 25% for taxes and social security. This would be the easiest and best way to present your information to the court.Good Luck