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Recent tax questions

I have a tax question, my spouse and I are no longer

Hi I have a tax question, my spouse and I are no longer together we sat down with his lawyer and mine. I have a legal agreement saying he is giving me 500 a week child support until my seven year old is 21. And a additional 1200 a week until it adds up to 8hundred thousand dollars. . Our lawyers wrote the 1200 a week was assets distribution. I took this deal instead of making him sell our properties . I get a check every week out of his buisness Even though we signed the papers it never went to court. My lawyer said it would hold up in court if he ever stopped payments even though we are legally married ,but not together . My question is. Do we have to by law show that asset distribution on a tax form I was told it is non taxable. He pays me out of his business so the question is to make sure we both are ok legally in our future.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
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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37,548 satisfied customers
I started an s-corp over legal zoom but never did anything

i started an s-corp over legal zoom but never did anything with it and never operated and forgot about it. it has been a year. i want to get rid of it. what is the estimate of penalties i will pay?i also worked as an independent contractor for a few months as a job, but never filed taxes on the 1099 because it was only for a few months. Will i get penalties, if so, how much, it's been a year since then. Also, is there a way i can resolve this conflict? Is there a timeline i can re file and include those in my tax filings? Is it fraud to not file this, i do not want this trouble and want to resolve completely.

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37,548 satisfied customers
I have a client who has a large tax debt. She wants me to

I have a client who has a large tax debt.She wants me to review her taxes and do them correctly.How many years back can she amend and lower her tax burden?I know IRS does not give refunds back more than 3 years.But can the amount of debt be owed be lowered for earlier years?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
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
This pertains to filing an amended 2013 Federal 1040. In

This pertains to filing an amended 2013 Federal 1040.In 2013 I sold my total 10% interest in an LLC to my partner. I was a general partner that no longer participated in the operation of the business (passive activity). I'm trying to determine if I have losses that are deductible and how to go about claiming those deductions.The LLC was involved in owning and operating hair salons. My share was valued at $10,000 which I sold for $3000. My ending capital account was -48,114.00. I was a general partner; ordinary business income for 2013 was $150; I never received any distributions from the LLC. My K-1 At-Risk Limitation Allocation shows a Total Current Income Loss of -7,048.00 with an Allowed Income Loss of -$150.00 and Disallowed (?) Losses of -6,898.00 (from form 6198, line I).I can provide some additional information if needed. i am missing a lot of the forms and worksheets applicable to the K-1 despite requests to get copies from the accountant.

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PDtax

Owner

Master's Degree

 
6,658 satisfied customers
My friend is living in my house why I help my dad they are

My friend is living in my house why I help my dad they are paying rent but it doesn't cover the whole payment for the assessments for so sewer. When it comes to filing taxes do I have to claim the rent their are paying me ?

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
I want to count my mother as a dependent 2016 tax year. She

I want to count my mother as a dependent for the 2016 tax year. She is married, but will be living separately from my father shortly and by the end of the year. She will be receiving $348/month from SS for the remainder of the year. I understand that some of her SS benefits could be taxed because she would be filing separately even though she will have lived with my father for part of the year (please confirm).How much do I need her to support her to be able to claim her as a dependent and get the head of household benefit. I understand that I need to provide half of her household expenses to qualify.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
If I receive a 300,000 Dollar loan to buy a house from a

If I receive a 300,000 Dollar loan to buy a house from a relative. Would I file this as a Loan on my taxes or a gift?? I will be paying it back on a monthly basis. Thank you very much for any help in advance. Robert

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
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