Join the 9 million people who found a smarter way to get Expert help

Recent Deduction questions

A lump sum severance package has pushed our income over

A lump sum severance package has pushed our income over 240K. Now that Im no longer an employee I can't shelter some of it in the company 401K. Should I start a LLC consulting business just to open an individual 401K?

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
376 satisfied customers
I am a divorced parent. My son turned 19 last december and

I am a divorced parent. My son turned 19 last december and currently attending college. I had sole custody of him up until the age of 15 and the last 3 years of high school his he ended up spending 2/3 of time with dad(shared custody). I am paying 50 percent of college fees. Who claims the tax exemption even though we split his college expenses half way. Appreciate your advise.

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
376 satisfied customers
My former wife filed a Married filing Separately return

My former wife filed a Married filing Separately return for the final full yr of our marriage but in the year after our divorce was final. I do not have a copy of her return. If she deducted the full amount of common deductions such as mtg interest and property taxes, am I barred from claiming them as deductions or may I claim half of them? Is there a way to get a copy of her tax return from the IRS?

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
376 satisfied customers
A friend of mine set up property management company as PLLC

A friend of mine set up property management company as PLLC in VA and field schedule C on his 1040 tax return. I invested 40,000 to this property management company PLLC this year and singed PLLC operating agreement. I do not work for property management company and just invested to this company.1) First, I will start to get the principal and profit this year. Which entity type of PLLC is advantage to me for tax purposes ?2) Second, if I receive the principal from this company, is it taxable? thanks

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
376 satisfied customers
Scenario: I'm in the 31% tax bracket and the commercial

Scenario: I'm in the 31% tax bracket and the commercial building that I hold in a single person LLC is now providing significant income pass through via form 1065 to my personal return. I have bought a new single family rental property as an individual since I couldn't get a lender to finance it in the LLC. The new property will have a loss and I would like it to cancel some of the LLC properties gain.Sidenote: I feel that the LLC is not serving me well (I have very good insurance coverage on the building, I personally guarantee the commercial building loan any way, alot of extra hassle). My commercial lender is in the process of re-financing the LLC's building so now would be a good time to get their approval to transfer back to me personally. Both properties and the LLC are in Washington State, so it is only a federal tax issue.My Belief (may or not be true): I assume the loss on the residential rental property(closing costs, maintenance, minimal rent income) will not reduce my personal tax burden for 2016? I'm under the impression that gains after depreciation, taxes, interest, etc on rental real estate are taxable as additional income but losses will not reduce my adjusted gross income.Question: Am I correct? If so, then it seems I need both properties in the LLC or both out of the LLC to accomplish my goal. Is the transferring the commercial bldg. from the LLC back to me personally a taxable event? Anything special I must do to make sure it is not. Any other thoughts, advice?

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
376 satisfied customers
In federal court I took a plea deal to 1 count of fraud for

In federal court I took a plea deal to 1 count of fraud for $210. The judge then assessed restitution for $440,000 because that is what he deemed the intended loss to the govt. The amount I actually received was $230,000 which went into my company and I paid taxes on. Since then the govt. also took out a civil suit against me for another $275,000. My restitution payment is $500 a month and civil payment is 25% of my net income after the $500 payment. Is any of this deductible and is there any way to get any relief from any of this? I just started paying in July.

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
376 satisfied customers
I live abroad in the UAE and haven't filed in 4 years now.

Hello there, I live abroad in the UAE and haven't filed for taxes in 4 years now. Do I need to pay tax if I earn less than $30k? Are there any penalties that I should be worried about? I can obtain most of my pay stubs to document my earnings.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,770 satisfied customers
About 6 months ago we moved from PA to CO to live with our

About 6 months ago we moved from PA to CO to live with our adult daughter. We are retired and sold our small house which provided a small down payment for the condo we are living in. The condo, which we share, is in our daughter's name. We divided the monthly mortgage payment and the HOA. My questions are - 1)does our daughter have to report this monthly amount we pay her ($800: $600 toward mortgage, $150 toward HOA) as income, and 2) do we have to report this monthly payment as a gift to her? Thank you.

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,622 satisfied customers
I just had a question regarding my son who we have both

I just had a question regarding my son who we have both determined he will claim himself since he is no longer a full time student... What would happen if he put zero. I know the correct way is to put 1 (himself) but he asked what would happen if he put zero. thanks again Dee.

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
376 satisfied customers
View more tax questions
In The News