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

Recent Energy questions

I have a few questions. I own a unit in a co-op. 1) Can I

Hello. I have a few questions.I own a unit in a co-op.1) Can I deduct the the buildings ( recipient/lender )mortgage interest ( form 1098 ) on my tax return ( itemized deduction - schedule A) as payee/borrower?2) Do I need to include the annual NY real estate tax abatement I receive that is credited towards my monthly maintenance as income on my tax return?3) Do I need to include the annual cooperative real estate tax abatement ( STAR ) rebate that I receive as a credit towards my monthly maintenance as income on my tax return?4) I receive an annual notice from the Corp. with the $ amount per share allowable to shareholders for claiming a deduction for the Corp's real estate tax expense ( i.e. $5.00 per share x 500 shares =$ 2,500. ) Do I deduct the $2,500 on schedule A under real estate taxes?

Read more

Mark Taylor

Certified Public Accountant

Masters

1,236 satisfied customers
My wife is the owner of an LLC that we created over a year

My wife is the owner of an LLC that we created over a year ago.She is the only member but it was classified as a c-corporate by default.It has been dormant until two months ago.I was unemployed and I believed that I had a non-compete.I did not.I really started putting energy into it and have donesome business.We where wondering how would we go about making myself the owner of the LLC and make it a single member instead of a c-corp.What is the best way to transition?

Read more

Mark Taylor

Certified Public Accountant

Masters

1,236 satisfied customers
My wife is the owner of an LLC we created about a year and a

My wife is the owner of an LLC we created about a year and a half ago.It was dormant with no business until two months ago when I decided to really put energy into it.(I was unemployed and believed I had a non-compete,which I didn't).It is an llc taxed as c-corp by default.I am thinking that it would be better if I became owner so that we can make it a single member LLC since I am the only one working.Is this the best for us?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
Is there really a way to get rebates from the government on

Hi! Is there really a way to get rebates from the government on items purchased. I keep seeing these stories on Yahoos home page. Are they for real, if so, how do I file for these rebates??!!??

Read more

Dr. Fiona Chen

President

Ph.D.

552 satisfied customers
My largest stock investment is in Exxon. They have done very

My largest stock investment is in Exxon.They have done very well for me through the years, but I now have some concerns.They are being investigated by the NY & MA Attorney Generals for ethics violations on withholding information on climate change. Other states, and some members of Congress are looking to take this further.In general, society is changing, and starting to grown a bigger movement, away from Fossil Fuel. Exxon is the largest Fossil Fuel organization.The volatility over the coming US election. Wall Street doesn't like uncertainty; with one candidate under almost constant FBI investigations and the other making unfounded claims and accusation about the economy, among other things, on a daily basis.The oil stocks prices are currently over inflated, and how any of the above plays out, or other business wide concerns, could head Exxon in the wrong direction. At 58 years old, I want no part of that, because recovery could be suppressed by conditions solely related to Exxon, and not just the usual ebb and flow of the overall economy.On July 29, Exxon reported earnings of 0.41 per share versus last year's earnings of 1.0 per share.So, I have $300,000 worth of their stock. Would this be a good time to sell Exxon entirely, or a significant amount, and buy another blue chip dividend paying stock like P&G or Kimberley Clarke, who are more recession proof, and facing no potential scandals?Thank you very much.

Read more

Dr. Fiona Chen

President

Ph.D.

552 satisfied customers
We would like to know the answer to the following tax

We would like to know the answer to the following tax question. We owe taxes to the IRS and this year we plan to make a payment and work out a payment plan with the IRS. We would like to know if we install solar panel this year and get a tax credit will the IRS accept these tax credits next year or is there some tax rule that says that if you owe taxes you do not get a tax credit?

Read more

Mark Taylor

Certified Public Accountant

Masters

1,236 satisfied customers
I need tax records from 30 yrs ago so I can prove to social

I need tax records from 30 yrs ago so I can prove to social security I was married for 10 yrs. I have a copy of the divorce but can not get the marriage certificate, there is no record that I can find. I want to file on my x husbands social security. Is there a way to get them?thanks ,Linda

Read more

Dr. Fiona Chen

President

Ph.D.

552 satisfied customers
Section 179 automobile depreciation Tesla Model X - $110,000

section 179 automobile depreciationTesla Model X - $110,000SUV with gross weight about 6500 lb.Car used 50% business and 50% personalHow much I can claim for depreciation expense for the next 6 years, starting 2016?Can the car be bought under personal name or does it have to be under company name?In either case, can I still claim the $7500 federal Tax credit?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
Last year,I spent money to repair the house because of water

Last year,I spent money to repair the house because of water damage (the board-siding outside of master bed room and roof) and replaced the A/C unit (new) because the old one is not working anymore. Can that be used as a tax deduction?

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,202 satisfied customers
View more tax questions
In The News