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I am amending a returning that has already been audited. The

I am amending a returning that has already been audited. The taxpayer is not sure who corresponded with the IRS about it. There were omissions on the original filing that I would like to correct, and some of the things they disallowed are legitimate. We have requested a copy of the audit twice (it's been three months) with no response. I would like to just amend it, because we are filing jointly with the spouse now,and they are getting notices. Would this cause problems?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I know of.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,680 satisfied customers
With regards to a net operating loss calculation, a taxpayer

With regards ***** ***** net operating loss calculation, a taxpayer sold a publicly traded MLP that freed up $100,000 in losses that flowed to the front page of form 1040 and will create a NOL. In calculating the NOL classification worksheet, is that loss a Business loss or a non-business loss ????

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,096 satisfied customers
Iam remodeling my basement in my one family home.can I claim

Iam remodeling my basement in my one family home.can I claim for this on my taxes next year

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Dr. Fiona Chen

President

Ph.D.

760 satisfied customers
I would like to have a solar energy system for my home and

I would like to have a solar energy system for my home and have a proposal for a system that costs $50,000. The tax rebate would be about $15,000. Our daughter, who lives with us, wants to buy it for us. She would buy it if she can claim the rebate as a credit on her tax return. When I read the instructions for IRS form 5695 it would indicate that since she lives with us she could buy the system and claim the tax rebate. The home we live in is on a farm in Virginia and the house is in my name (her father) and her mother's name. She meets the test of living with us, but since the home is not in her name, does that disqualify her from claiming the rebate as a tax credit?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: This is in the state of virginiaJA: Has anything been filed or reported?Customer: no. We just want to make sure that we will get the tax credit before we buy the systemJA: Anything else you want the lawyer to know before I connect you?Customer: no

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,680 satisfied customers
Are solar energy credits available to rental properties, I

are solar energy credits available to rental propertiesJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I need to know if an apartment building owner purchases solar energy products for his building can he take a credit on form 3468JA: Is there anything else the Accountant should be aware of?Customer: no

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,306 satisfied customers
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?

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Mark Taylor

Certified Public Accountant

Masters

2,038 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?

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Mark Taylor

Certified Public Accountant

Masters

2,038 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?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,096 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??!!??

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Dr. Fiona Chen

President

Ph.D.

760 satisfied customers
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