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Recent Business Credits questions

Received two 1099-Cs. One was for credit card debt and the

Received two 1099-Cs. One was for credit card debt and the other was a home equity loan. Which boxes need to be checked off on form 982 for each?

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Lev

Retired

Bachelor's Degree Equivalent

25,386 satisfied customers
My business credit card earns reward points. I transfer

My business credit card earns reward points. I transfer those reward points over to my personal credit card and spend it on personal stuff. Do I have some kind of tax obligation for reward points? Like, do I have to reimburse the business after I take those reward points in the form of a points transfer?

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Robin D.

Vocational, Technical or Trade School

24,966 satisfied customers
Was looking on the article for cancellation of debt. I

Hi, was looking on the article for cancellation of debt. I received a 1099c for $35k on a rental property I own. I have over $100k in passive loss carryforwards. Can I reduce the carryforwards to offset the discharge? Is so, how do I report?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

21,546 satisfied customers
I had a student loan discharge with a 1099-C reported. In

I had a student loan discharge with a 1099-C reported. In Form 982 am I excluding the discharge amount due to insolvency and will reduce a net capital loss attribute by the same amount. What form do I use to adjust my net capital loss attribute by what I report on Form 982?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,546 satisfied customers
I got amex business, shall i have to report to tax filing

I got amex business, shall i have to report to tax filing all what i spend with it ? , can I buy with it anything like grocery as I still didn't start my business ? what its benefit over the ordinary amex or credit card ?

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Robin D.

Vocational, Technical or Trade School

24,966 satisfied customers
I have personal credit card debt, and business credit card

Hi I have personal credit card debt, and business credit card debt, this year 2017 i am trying to pay it with additional income and reducing expenses, my question is since i will be generating more cash flow, and making payments to credit cards, my question is can i deduct payments made to personal credit cards and business credit cards?, and another question what are my options that i have regarding this situation minimize taxes in 2017?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,546 satisfied customers
When we use personal transactions on a business debit/credit

When we use personal transactions on a business debit/credit card and want to pass it off as an Owner's Draw, how would be classify the transactions on the Chart of Accounts?

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Dr. Fiona Chen

President

Ph.D.

1,016 satisfied customers
Occasionally personal expenses are charged on my business

Occasionally personal expenses are charged on my business credit card. Which Chart of Accounts should I classify them into. I am currently placing them into Owner's Drawings

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
I was wondering how much money i can make on top of my SSD

I was wondering how much money i can make on top of my SSD monthly payments,i haven't worked for six months, that's why i'm wondering

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Dr. Fiona Chen

President

Ph.D.

1,016 satisfied customers
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