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Recent Depreciation questions

How to add goodwill to exisiting c corp, Selling a business

How to add goodwill to exisiting c corpJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Selling a business goodwill but have no cost basis on books from prior accountantJA: Is there anything else important you think the Accountant should know?Customer: journal entry

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Mark Taylor

Certified Public Accountant

Masters

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Lane, I'm working on a tax return that has a Vacation

Hi Lane,I'm working on a tax return that has a Vacation Rental. The vacation rental is the owners main home and they live in the back in their cottage. The previous tax preparer depreciated their property as a non-residential property for the 39 years life. Shouldn't this be depreciated under Residential? If yes, do I go ahead and change it to Residential for the return I am working on?Thanks,Kathleen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
Lane. It has been a while so I hope all is well and hope you

Hi there Lane. This is Jamie Eckard. It has been a while so I hope all is well and hope you had a great 4th of July holiday....I have a client who said another one of his partner's CPA's mentioned something about "Phantom Income". From my years I know this is when you have to pick up income and pay tax on cash you did not receive. The client mentioned that the other CPA mentioned tax deferral or something on "Phantom Income" from partnerships he's in but truly I'm missing something or just not sure I've ever crossed that clause....A 5 minute search took me to publication 538 about income recognition but honestly I'm slammed and have not had time and don't really have time to dig into the details. You have always been a huge help so I wanted to reach out to you first....Thanks as always in advance for any help you can provide....Hope you have a great day....Jamie

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
I have an S-corp that isn't making an income yet. I have

I have an S-corp that isn't making an income yet. I have purchased about $100k in equipment this year. How can I can deduct/depreciate this equipment? What are ways for me to increase the basis to achieve deductions, e.g. Section 179, etc. I can add more money to the corporation, and I can also bring in investors (i.e., my wife) as needed. I'm looking for legal ways to take advantage of the deduction potential.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
I've been running a small detailing company time now. I

I've been running a small detailing company for some time now. I started it as a part time thing but it has grown to be my full time job. Since I started it as part time i really never looked into creating a separate business account and did not keep track of cash income or expenses. Im trying to get my books in order now and i need help. I have started using quickbooks Self Employed and it has begun to paint a financial picture for me. Most of the information I have is from my online banking so it does not show my cash flow. I'm confused and concerned as to how and if I should report that without having kept record of it. Also since I am self employed I'm having a hard time figuring out what counts as an expense. For example, I have a shop location so I pay monthly for my lease, but should I also include my house rent? Or is that something that should be accounted for in my budget from my net income?

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TaxRobin

Vocational, Technical or Trade School

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20,622 satisfied customers
I'm thinking about buying a ski/wakeboarding boat. I have a

I'm thinking about buying a ski/wakeboarding boat. I have a plan to start a business with it called, "The Boat Taxi", basically the uber for boats. Could I write off the boat on my taxes?

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PDtax

Owner

Master's Degree

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6,780 satisfied customers
I have a vehicle that I received in 2015 as a gift from a

I have a vehicle that I received in 2015 as a gift from a relative. I used it for work and am taking business deductions for the vehicle.Turbo tax is now asking me what I paid for the Lexus in order to calculate its depreciation basis. Should I enter 'zero' because I received it as a gift?

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
How do I allocate substantial costs related to an ofifce

How do I allocate substantial costs related to an ofifce buildout and interior design?Do I need to separate the amounts into labor and goods, to list the labor as an expense and the goods as depreciable assets? Or is the entire amount depreciable, relating to the leasehold?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,926 satisfied customers
I live in California. If I purchase a rental property in NC

I live in California. If I purchase a rental property in NC that my brother will manage for me, what will the state tax implications be? My projected income tax liability will put me in the 9.3% bracket for CA, and NC it will be 5.75%. Thanks.

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TaxRobin

Vocational, Technical or Trade School

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20,622 satisfied customers
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