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I am the executor uncles estate and s house was secured with

I am the executor for my uncles estate and his house was secured with a no recourse reverse mortgage. we abandoned the house and received a 1099-A with the balance outstanding being 53,000 and the FMV being 160,000. Can I show this as a capital loss of 107,000 on his estate income tax return (1041) and the beneficiaries K-1s?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,890 satisfied customers
I loaned $42,000 on June 18, 2005 to my step mom to pay off

I loaned $42,000 on June 18, 2005 to my step mom to pay off her mortgage. The agreed upon interest rate at 7%. She has never made any payments to me. She is now selling the home and is going to pay me the $42,000 plus the interest. not sure how much the interest is. Closing of debt will be July 18, 2016.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: NoJA: OK got it. Last thing - Accountants generally expect a deposit of about $38 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
I am in Los Angeles California. I am self-employed. I am

I am in Los Angeles California. I am self-employed. I am making this year less money than last year so my estimated tax payment for the quarter is going to be less. Do I need to attach any other form with my estimated quarterly slip if my payment is now lower than the calculated based on what I had made last year because this year I am making less money?

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
1. According to Publication 501, "Gross income includes

1. According to Publication 501, "Gross income includes gains, but not losses, reported on Form 8949 or Schedule D." Does that refer only to any net loss reported on line 21 of Schedule D, or can't one even subtract capital losses from capital gains to calculate gross income?2. The "Capital Loss Carryover Worksheet" in the 2015 Instructions for Schedule D refers to "your capital loss carryovers from 2014 to 2015." However, if no tax returns were required to be filed since the 2011 tax year, can the capital loss carryover from 2011 be used to calculate the capital gain or loss for line 13 of the 2015 Form 1040?Thank you very much.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
I'm about to start a new job and this is my first job. I'm

Hello. I'm about to start a new job and this is my first job. I'm wondering how many allowances can I claim on New York city, New York State and federal? I don't know how to calculate my income as I have not started a formal job yet. Also, I'm single.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I think this is the basic information I can provide.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
Reasons, I was unable to file my federal income taxes and

For various reasons, I was unable to file my federal income taxes for 2013 and 2014 on a timely basis. I finally put everything together over the last few days, and I'm ready to submit my returns.Knowing back in 2013 and 2014 that I was likely to be filing well past the due date, I attempted to make large estimated tax payments for the 2013 and 2014 taxes. Now that I have finally done my taxes, I find that in the case of my 2013 taxes, I overpaid by approximately $10,000. However, for my 2014 taxes I underpaid by approximately $6,000.I have a few related questions about penalties I may now owe. Since I fully paid my 2013 taxes, am I still subject to a penalty on them for filing late? For my 2014 taxes, what are the penalties I will owe, and what forms do I use to calculate/report them? Also, since I overpaid on my 2013 taxes, can I apply the refund on the 2013 taxes to my 2014 taxes? If I can, then I would actually not have underpaid for 2014. If I can do that, should I first file only my 2013 taxes, and then wait a few weeks for the2013 refund to be applied to my 2014 taxes so that there is no confusion when I claim on my 2014 return that I had 2013 refund?

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
I have a client that was a C Corp that elected S Corp status

I have a client that was a C Corp that elected S Corp status in 2013. They are now looking to sell the S Corp. Basis was never tracked, so now I have to go back and do so. I am having a problem (brain dead today) on calculating the begging stock basis. Any assistance would be appreciated

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
I live in an owner-occupied duplex and rent out the second

I live in an owner-occupied duplex and rent out the second unit. I am considering installing solar panels on the property. I met with a solar energy consultant and we determined that my unit is not eligible to be hooked up to the solar system for low electricity usage, but the rental unit is.My question: Can I claim the solar investment tax credit given that the solar panels will be for the use of the rental unit only?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I'm the Tax Accountant client, and I'm trying to solidify my

I'm the Tax Accountant for my client, and I'm trying to solidify my understanding of a like kind exchange of similar assets (Truck for Truck), and the treatment for Tax Purposes (no cash involved), vs GAAP/Book Purposes:Background:For Tax Purposes :Old truck cost = 34k, old truck accum depr of 22k per tax (used MACRS and some Sec 179), giving a 12k book value. Trade in value = 23k, so for tax purposes I have an $11k gain I'd like to defer into the basis of the new Truck, so I don't recognize any gain for tax purposes. New truck has a selling price of 39k, so Tax Basis for depreciation on new truck = 28k (39k less 11k deferred gain)For Book Purposes:Old Truck accum depr is different on books of 13k (used straight line) I will book a journal entry to credit Old Vehicle for 34k, debit Old Veh Accum Depr for 13k, credit New Note Payable for 16k (39k less 23k trade), debit New Vehicle for 39k, then book a credit to Gain on Sale of Equipment for 2k (21k BV vs 23k Trade in). New vehicle has a Book Basis for Depr of 39k.If above is correct, and the new truck tax basis is 28k and the book basis is 39k, do I keep (2) depreciation worksheets with these different basis figures, so that I can give the client the book depreciation figures each year for his Quickbooks financials ?Note: I use Drake Tax Software, and they have a Tax Basis Asset Worksheet, with a cost of (28k) to track the Tax Depreciation, and they do have a Book Basis Asset Worksheet (curiously enough, using same 28k) to track the Book Depreciation, with the difference between the two worksheets, supporting the Tax vs Book Depreciation for Schedule M1. However, they don't seem to have a method to enter a different Book Basis/Cost Basis figure, since this is different (39k). It's the depreciation difference on 28k vs 39k that I actually want to flow and support Schedule M1.Am I missing something here ?? How do other Tax Accountants do this ? Do they use another software to track the Book Cost Basis (39k) so that they can give their clients a Book Depreciation figure ?? If so, if it's software outside of the tax software, how will the true difference, flow to Schedule M1 ?Sorry if this is convoluted. Please try to answer, below each question. Thank you

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
930 satisfied customers
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