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My business (single person LLC; 3 employees, 2 contractors,

My business (single person LLC; 3 employees, 2 contractors, 1 owner) developed Intellectual Property (IP). I sold the business (Capital assets + full rights to IP + non-compete agreement) in 2015.Does the regular income taken by the owner (e.g. Schedule C Net profit ) count towards the cost basis for computing long term capital gains taxes of the IP sold?

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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

 
8,896 satisfied customers
Although we have lived, worked (and paid taxes!) in the US

Hi,Although we have lived, worked (and paid taxes!) in the US for many years, I still have some British pensions which are paid into my UK bank account. These pensions and some lump sum pensions are tax free in the UK. We have declared our one-and-only UK bank account in a Report of Foreign Bank and Financial Accounts (FFBAR).My question is;If we transfer any of the money from the UK to the US, even using an ATM, are we liable for US tax? I think I know the answer, which will be yes, but I am seeking absolute confirmation.Many thanks

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Selling a rental property purchased 9 years ago, had to move

selling a rental property purchased 9 years ago, had to move from CA to NH for work, rented out the house for the past 7 years. it was our primary residence. Purchased 525k, selling this month for 310k 10k is us paying fees, balance on loan it 298k so we are making zero dollars. wondering why we would have to file withholding 310k x .0333 is $10323 and we are making zero, trying to figure out if we qualify for 593E. Have not been CA residents for 7 yearsJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: thats allJA: 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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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
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Can unallowed passive losses be deducted in computing

Can unallowed passive losses be deducted in computing alternative minimum tax

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PDtax

Owner

Master's Degree

 
6,658 satisfied customers
I just started a new business and I have a few questions. I

Hello,I just started a new business and I have a few questions. I currently work as a contractor (1099) at a company in NYC, Mckinsey and Company. Mck will be paying me directly to the new company i recently formed. My company name is ***** ***** Ive been working with Mck for the past year and have been getting paid directly to my personal bank account, they also do not take out taxes for me, i withhold them myself and pay at the end of the year. But now they will be paying Slash Codes. I live in NJ and work in NYC. My company was also formed and based in NJ.My questions are:1. How much do i pay myself? I currently make $70/hr and im trying to understand the bigger picture here of how I'm, me as an individual, will get taxed and my company will get taxed.2. Are there any benefits of having them pay my company directly and what kind of tax benefits can i expect?3. I'm not sure if im registered as S-Corp, but i've been seeing there's a difference in taxation with something call S corp?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
I am working on an S-Corp return and need some help. It is

I am working on an S-Corp return and need some help. It is for a retail store that closed the physical location but continuing with an online store. The schedule L was in balance for 2014 but it is off for 2015. There were sale of assets (both 1231 gain and section 179) that have been adjusted. Also a final adjustment to inventory that was due to improper counts in previous years leaving inventory overstated. It appears that all the addbacks/deducts on schedule K & M1 are accounted for but I must be missing something....

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PDtax

Owner

Master's Degree

 
6,658 satisfied customers
I am closing my NY city business and have a loss carry over

I am closing my NY city business and have a loss carry over from 2015. For 2016, we will have a large profit from selling assets. Can we use the full loss carryforward against the gain for the NY City taxes? I am getting mixed answers and just wanted to clarify

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PDtax

Owner

Master's Degree

 
6,658 satisfied customers
My daughter is starting a jewelry business. She is buying

My daughter is starting a jewelry business. She is buying pieces wholesale and selling them retail online. When we do her taxes on schedule c do we expense all her inventory purchases in the year they were purchased or have to compute cost of goods sold (beginning inventory + purchases - ending inventory)?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
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