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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

 
6,668 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

 
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

 
8,896 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

 
20,266 satisfied customers
I'm a brand new LLC and I would like my tax classification

I'm a brand new LLC and I would like my tax classification to be an S-Corp, but down to legal work that has to be ironed out first I won't be able to start obtaining revenue for another 3-6 months. How does the fair and reasonable salary get paid of there's no income?

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Andy4712

Attorney

Doctoral Degree

 
472 satisfied customers
I had a question regarding Part IV, Line 2 of Form 4562, the

I had a question regarding Part IV, Line 2 of Form 4562, the Depreciation and Amortization report for taxes. I normally fill one of these out with my taxes for home office furniture/equipment purchased over the year ($6k for the year). I had my accountant do my taxes this year, and he did not fill one of these out. The reasoning he gave was that he "expensed everything, office expenses." What does this mean? I also normally list these under 1040 Schedule A as Itemized Deductions (Line 21, unreimbursed employee expenses) but my understanding is that these still need to be listed on Form 4562. Searching online gives inconsistent answers about this subject -- I would appreciate a confident and detailed response if possible, thank you!

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CGCPA

Owner

Bachelor's Degree

 
3,352 satisfied customers
Question about how to list something . I junked my old car

Question about how to list something for taxes. I junked my old car last year due to a car accident, and I received a check for its fair market value from my insurance company. Should this be listed under "other gains" (ie. sale of business property) on form 1040 page 1, item 14? And does this mean I also need a form 4797 (sale of business property). Per the IRS website, I should list “profits from theft or disaster,” and the car was destroyed in an car accident.Looking at my prior year tax returns, I apparently took business mileage deductions for this vehicle in 2014 and 2013 (Form 2106). I did not list it as property for Depreciation and Amortization (Form 4562) in 2014 (and listed the car as having Depreciation of "0" in 2013, I can send the prior year tax returns if needed).

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Trying to figure out how shares affect cashflow.. If an

Hello,Trying to figure out how shares affect cashflow..If an owner sells his shares at book value to a new owner for cash, does the total cash flow go up, down, stay the same, or is it hard to tell with only that information?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
Lev, Regarding a home office.. If an apartment is rented and

Lev,Regarding a home office.. If an apartment is rented and I occupy half and my home office occupies the other half, then the company can pay half the rent directly to the agency as a permitted business expense for having that satellite office space? Even though my name is ***** ***** one on the lease. (and likewise, I don't have to claim that part as personal rental income)

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
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