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Recent Deduction questions

I own a rental property ,schedule e on my 1040, can I skip

I own a rental property ,schedule e on my 1040 , can I skip some years of deducting depreciation to bring up my income for a mortgage application that I planning in a few years

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Robin D.

Vocational, Technical or Trade School

24,980 satisfied customers
1) Is capital gain on real estate from condemnation (forced

1) Is capital gain on real estate from condemnation (forced sale by the State for high) taxable?2) If capital gain is taxable, If the property is cost was $150,000 and the State paid $180,000; we have a capital gain of $30,000. In order to avoid capital gain tax, I need to invest that $30K in how long 2 or 3 years?3) Does the whole $180K needs to be reinvested in similar property for the business, or just the gain of $30K?4) If the whole amount of the sale $180,000 needs to be reinvested to avoid capital gain, and I have $12K loss from business operation for the year, can the loss be deducted from the capital gain amount so my commitment to reinvest the $180K is reduced by the loss from the business operation and now all I have to reinvest is $180K - $12K = $168K to be reinvested?Thanks,Nazir

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,578 satisfied customers
My daughter worked the full year in 2016 and her husband had

My daughter worked the full year in 2016 and her husband had no income for that year. I put in the amount of her child care expenses but it is not showing on line 214 for deductions under child care expenses on her return. (using turbotax) why is that and is it somehow being deducted but just not showing?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: she has two dependents; also has medical expenses with I inputed

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Robin D.

Vocational, Technical or Trade School

24,980 satisfied customers
One of our employees is on H-1b status (started working with

One of our employees is on H-1b status (started working with us in April of 2016). We were advised by our accountant that since this person is on H1-B status, we don't need to deduct social security and medicare from his salary.As our employee is confirming his H1-B status with immigration services, he was advised by a lawyer and different accountant that Social Security and Medicare should have been withheld on his W-2 for 2016.My question is: is it required to withhold Social Security and Medicare from H1-B employees? If so, can we fix his W-2 for 2016 (withhold proper amounts for social security and medicare) , even though this person's tax return has already been filed?

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Robin D.

Vocational, Technical or Trade School

24,980 satisfied customers
My mother-in-law (still alive) gifted her house (worth about

My mother-in-law (still alive) gifted her house (worth about $150,000) to my wife. I've plugged the numbers and it amounts to about $30K in taxes. However, can't my mother-in-law apply thatJA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: House and mother-in-law are in Washington State. We are in Arizona. Mother-in-law no longer lives there. How (what forms) do we file for her unified credit so she is not paying taxes yet. She's a long long ways from the $5 million plus total credit.JA: PayPal, Debitcard or credit card are all fine. Has anything been filed or reported?Customer: gifted in 2016 so need to file taxes. filed an extension.JA: Anything else you want the lawyer to know before I connect you?Customer: don't think so. no

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Robin D.

Vocational, Technical or Trade School

24,980 satisfied customers
Can you tell me if my Net Income is $50,000 and I live in

Can you tell me if my Net Income is $50,000 and I live in the state of Illinois what my federal and state taxes would be approximately thank you

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Robin D.

Vocational, Technical or Trade School

24,980 satisfied customers
I'll rate you every time you answer question sorry about

Hi, yes I'll rate you every time you answer question sorry about that, my question is my interest on my mortgage 100% deductible thank you

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Robin D.

Vocational, Technical or Trade School

24,980 satisfied customers
I need to know if per diem is state taxed in the state of

I need to know if per diem is state taxed in the state of PAJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Per diem is federally taxable if it is over the allowable rate or if the employee does not turn in an expense report. I need to know if it is the same for PennsylvaniaJA: Is there anything else important you think the Accountant should know?Customer: I dont think so

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Lev

Retired

Bachelor's Degree Equivalent

25,398 satisfied customers
I have a client that provided me with income and expenses

I have a client that provided me with income and expenses for their partnership treated as a LLC.The return was filed on March 23rd. The due date was changed this year from April 15 to MArch 15th.IS there any way we can get IRS to abate the penalty of $390

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Robin D.

Vocational, Technical or Trade School

24,980 satisfied customers
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