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Does a non profit HOA (Condo) in Ga. have to file with the

does a non profit HOA (Condo) in Ga. have to file with the IRS or StateJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I recently bought a condo in Ringgold Ga. the board does not know if any forms need to be filed. It is non profit but the board has never filed any paperwork at tax time.JA: Is there anything else the Accountant should be aware of?Customer: not to my knowledge I want to insure they are doing things right as I just recently bought there

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Lev

Retired

Bachelor's Degree Equivalent

24,832 satisfied customers
2016 income >$100K but last 5 years continuous NOLs. Did not

2016 income >$100K but last 5 years continuous NOLs. Did not ever elect carryforward. Can I put total negative on line 21 of form 1040.2016 income >$100K due to IRA rollover and sale of rental houses being retired for 5 years, but last 5 years continuous NOLs and 0 income tax due every year from 2015 thru 2010, from rental houses 100%. I was unaware to elect carryforward in any of the NOL year (line 41 negative for all past 5 years). Can I add the 4 or 5 years' line 41 form 1040 & enter the final negative number on line 21 to carryforward those 5 years NOLs. I can not take advantage to carryback due to large negative number on line 41 and zero taxes paid to take advantage of reducing income tax from 0.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know? The Accountant's require payment for their services. It's way less expensive on JustAnswer than face-to-face would cost.Customer: 2016 income >$100K but last 5 years continuous NOLs. Did not ever elect carryforward. Can I put total negative on line 21 of form 1040.2016 income >$100K due to IRA rollover and sale of rental houses being retired for 5 years, but last 5 years continuous NOLs and 0 income tax due every year from 2015 thru 2010, from rental houses 100%. I was unaware to elect carryforward in any of the NOL year (line 41 negative for all past 5 years). Can I add the 4 or 5 years' line 41 form 1040 & enter the final negative number on line 21 to carryforward those 5 years NOLs. I can not take advantage to carryback due to large negative number on line 41 and zero taxes paid to take advantage of reducing income tax from 0. I WANT TO ONLY CARRYFORWARDSTARTIN IN 2016Year Taxes 1040 NOL Filed SchE LossLine 41 SchE Loss=========================================================2010 -1285 -3048 -25000 2011 -734 -719 -25000 -250002012 -2680 -30097 -25000 -250002013 0 -17962 0 02014 0 -54980 -55611 -556112015 0 -94074 -168858 -168858================================================6 years of Tax -200880 -299469================================================FORM 8582 NUMBERSFORM 8582 unallowed Prior year un-Tax Year WKS #5 allowed line 1C==================================================2010 99577 ###-##-#### 120616 ###-##-#### 117431 (###) ###-#### 143870 63802014 134812 (###) ###-#### 0 ###-##-#### N0 FORM 8582 no 8582 form

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,330 satisfied customers
My adult daughter has been disabled for 6 years. She

My adult daughter has been disabled for 6 years. She receives about $1000. a month partly from her disability insurance and partly from social security. In 2016 she also received a small settlement from a long-standing class action suit (total $2204.). She pays her own health ins and most medical bills. She lives with me as ther is no way she could live independently on $100/month, so I pay most other living expenses. This year I was told I can no longer claim her as a disabled dependent, although she will continue to qualify for her disability payments. It means I suddenly have a $735. Fed tax owing. What has changed here since 2015 and earlier?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: We are in Montana...

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,330 satisfied customers
OK. Another odd situation for you sir. Client is a single

OK. Another odd situation for you sir. Client is a single mom with two kids. She incorporated in 2011 in August and never filed a corp tax return and intended to do but never did an S Corp election. She had a small business making around 30k, which has now virtually ceased to function, and is today a w-2 employee making more than she was as business owner. 2015 and 16 were filed as schedule C, as she intended to close the corp but needed bookkeeping done for earlier years to do so. Based on her original story, I told her I would close the corp for 2012 with a final return and do 13 and 14 as Schedule C. She lives in CA. She has two kids and HOH status and has dependent care expense. so could get a refund. She has never done payroll. She has not had employees. She filed 2011 as Schedule C. I could do 12, 13 and 14 as C and ignore corp. Or I could file corp 2011 as final and then do 12, 13 and 14 as C.. Either of these will result in a large SE tax assessment. The other option may be out in left field. I could do a 2553 election for 2011, and then file 11, 12, 13 and 14 as an S Corp. 2011 would be zero income, as she already took it on Schedule C direct. 2014 would be fina corpl, return. CA would have to be filed too. This would potentially save the client SE tax over 10gs. I do not know if I can get S election approved now. And she might have to pay SE tax in any event if IRS reviewed return. If workable to do the S corp route, it could be a boon to my client. I did not want to trash can that approach without side checking. Do you think this Scorp filing would be a legitimate strategy, or more like a bogus dodge. If S corp not legit strategy, what scenario makes most sense to you? Just do 1040 with Schedule Cs 12, 13 and 14 and walk. Or do S corp for 11 with zero income as final return, , and 1040 Schedule Cs for 12, 13 and 14? I would like to do my best for the client w/o getting either of us into trouble.

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PDtax

Owner

Master's Degree

7,658 satisfied customers
I sold an MLP. I had a tremendous loss which shows on my

I sold an MLP. I had a tremendous loss which shows on my brokerage statement. I received around $10,000 on the sale. However, my K1 from the MLP says I have $85000 in ordinary income from the sale. I didn't think this was possible.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,062 satisfied customers
This is regarding Small Business property ownership & asset

This is regarding Small Business property ownership & asset valuation, between spouses, after death. There are several components to the query.First, is the family business co-owned or inherited by the widow?It has been in business four decades, using a portion of their home. Both spouses contributed to the business; one was never an employee of the other. For the first seven tax returns, their tax preparer filed a single Schedule C that reported the owners as being both the husband and wife; on the eighth year, he started listing only the husband as the proprietor. The business was never filed as a partnership, only sole proprietorship. (Granted, the IRS didn't have "Qualified Joint Venture" as an option until 2007, and then it defined a husband-wife venture as a joint sole-proprietorship.)In 2015, the husband passed away, and the widow was the beneficiary of whatever wasn't already co-owned. Two separate Sched Cs were filed, one for him, one for her -- partially to finally report QJV, and partially because the widow owned it in entirety after his death. (Two reasons, same resulting filing.) So, the first question is: did she inherit the business and all its assets or did she already co-own everything, especially since it was part of the co-owned home?Next: what are the asset values now that they're just hers? When spouses jointly own a home, the deceased's half gets stepped-up in value to calculate cost-basis -- does that happen with business assets?And what if the business assets were already fully depreciated? Is the value for her their Zero "book value" or the current FMV?(And does she have to fill out forms 8949/4797/SchedD to report any of it that's she's still using, or only if she sells it?)You can see how complex it seems to become the closer one dives into it all.Looking forward to your opinion....thanks!!

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,330 satisfied customers
A question about the Alternative Minimum Tax. The IRS'

A question about the Alternative Minimum Tax.The IRS' online "AMT Assistant" says I don't need to file a Form 6251. Using TaxAct, I completed a 6251 anyway and, as expected, my AMT is zero. TaxAct gives me the option to force the printing and/or electronic filing for my 6251 even if it does not apply. (See http://i.imgur.com/MXQinFJ.png)Is there any advantage or disadvantage to filing the 6251 when it's not required? (I'm just wondering if filing the 6251 anyway might help ward-off any IRS queries. My normal 1040 tax is also zero, and I'm filing forms 2555, 8965, 5471, 8938 and FBAR).

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,330 satisfied customers
This question is concerning RMD requirements for an

This question is concerning RMD requirements for an QUALIFIED variable annuity: If I am taking the fixed lifetime "guaranteed withdrawal value" (usually 5% yearly) from this annuity, and I reach an age when the RMD become larger than this fixed amount, what should I do (without losing my life time guarantee withdrawal)? What/how can I ask my annuity company to see if this will be an issue? thanks.

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PDtax

Owner

Master's Degree

7,658 satisfied customers
I am filing 1065 tax return with out of state members. The

Good afternoon Pearl. I am filing 1065 tax return with out of state members. The partnership is located in Illinois. How does section 179 deductions get passed on for out of state individuals? The depreciation deduction does not show up on the IL K-P.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No.

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Lev

Retired

Bachelor's Degree Equivalent

24,832 satisfied customers
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