Received a hero loan for energy improvement. $60000. I was
Received a hero loan for energy improvement. $60000. I was told tax deductible. Comes on my property tax bill. I have seen where must be listed though for tax purposes as property tax and deduction as separate interest. I now rent half house.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Question. I have a precise schedule of interest and principle broken down. I was wondering if I can deduct principle portion as repairs (half since 50 percent rental)
Tax question Residential Energy When a homeowner purchased
Tax question Residential EnergyWhen a homeowner purchased solar panels for their home, can they deduct the cost on form 5695? Say the panels cost 15600, is he supposed to deduct the entire amount even if he didn't pay that entire amount up front?
Bachelor's Degree Equivalent
Is it possible to process Guaranteed Payments via payroll?
HelloJA: Hello. What do you want help with?Customer: Is it possible to process Guaranteed Payments via payroll? Or is has to be paid directly to partner from companie's bank account?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We need to pay a Guaranteed Payments to a partner. We don't know how to proceed with payments.JA: Is there anything else the Accountant should be aware of?Customer: Yes, the partner is participating in 401K
Sr Financial & Tax Consultant
I have been collecting ssdi benefits since 2011 at age 58. I
I have been collecting ssdi benefits since 2011 at age 58. I am now 63(64 in April) and have been determined by Social Security to not be disabled anymore. They cancelled my payments as of January. They say I was overpaid since Jan. 2015 because of SGA. They are demanding I pay back $59000.JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?Customer: I cannot pay it back without selling my home. I am retired from my job and collecting a pension that is tied to my disability. If I apply for regular Social security I can get roughly 85% of what I was receiving on disability. Will I still be able to get Medicare? What will it cost if I can?
If I invest in an alternative energy (hydrogen
If I invest in an alternative energy (hydrogen infrastructure) company is my investment tax exempt?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I sold a gas drilling company and want to invest the money in an alternative energy technology company. Is any portion of my investment tax exempt?JA: Is there anything else the Accountant should be aware of?Customer: The company that I want to invest in is privately held.
Financial / Legal Advisor
I wonder if the following makes sense? I live on a limited
Hello....I wonder if the following makes sense? I live on a limited disability income and when my partner passed away I "inherited" all the bills, mortgage, food and everything else expenses and am coming close every month to my paycheck and having to take money from my nest egg here and there which makes me nervous. I use one credit card but have another BOA cc that I haven't used and they sent me some "free checks". So I could write a check for 8,000 and deposit and as long as I pay it off by Dec, 2017 I wouldn't have to pay 15% interest or you can stretch it to March 2018 but you must pay 1.9% starting immediately. I just wonder if either makes sense? It would just make me feel more secure if I had the extra money there.
Is the commercial 30% ITC (solar tax credit) taxed as
Is the commercial 30% ITC (solar tax credit) taxed as income? I remember reading that the commercial ITC was different from residential ITC in that the commercial one was taxed like it was income, which would mean that the 30% was effectively reduced by the tax percentage paid by the company. But now I can't find anywhere to confirm this. What's the answer?
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.
Tax advisor and Enrolled Agent
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 ????
JD, MBA, CFP, CRPS