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Recent Exempt Income questions

I am a trailing spouse on a G-4 visa. My husband works at an

I am a trailing spouse on a G-4 visa. My husband works at an international organization, and is tax exempt. I work at a production company. As such, I am obliged to file and pay US taxes.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: HOWEVER, I am told that I cannot deduct mortgage interest. This seems to be aggressively unfair, as the result is that I am effectively taxed at a higher rate.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
How is this distribution to an S-corporation taxed: Basis at

How is this distribution to an S-corporation taxed:Basis at the beginning of the year $10,000Income 3,000Tax exempt interest 1,000Distribution 20,000Non deductible expenses 2,000Section 179 deduction 5,000How much is gain and how are the non deductible expenses treated?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
Here is the scenario: A single active member LLC files as an

Here is the scenario:A single active member LLC files as an S-Corp. It reported $10K loss for 2014 on 1120S and the individual's K-1. The individual did not perform basis limitation calculations (TurboTax does not guide through this). Company equity 100% attributable to the member at the end of 2014, including all single member contributions, income, losses, and distributions was $8K. The company reports a $9K loss for 2015 (taxes have not been filed yet), and is closing up shop in 2016 with no assets or liabilities (all assets depleted or written off with no gain).Questions:1) Is it correct that even though the member covered the losses out of their own pocket through contributions, their basis is measured after the loss? This seems illogical but it is how the basis limitation worksheet instructs.2) If the individual amends prior tax return to suspend the $2K of loss and shows practically ZERO basis for 2015, therefore additional $9K loss to suspend, will they be able to unsuspend the losses on their tax return for the year that the company is dissolved?3) Are unreimbursed expenses reported on Schedule A also limited by basis or do they come into play some other way?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
Dont really understand how fill in schedule OI, item J, : I

Hi, dont really understand how fill in schedule OI, item J,JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have US income in 2015, but I only spend 4 months in the US, do I calculate my amount of exempt income in 2015 as, total amount I got multiply 4, divide by 12?JA: Is there anything else important you think the Accountant should know?Customer: and, what should put in the number of months claimed in prior tax years?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.Customer: does it mean how many months I was in the US in 2014?

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
On my 1099-INT there is a negative amount reported in box 8

On my 1099-INT there is a negative amount reported in box 8 (-$50.00). In box 11 and 13 there are amounts reported ($165 and $220) what needs to be done with these numbers?

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PDtax

Owner

Master's Degree

6,858 satisfied customers
It is not about tax issue. It is about presenting the balance

It is not about tax issue. It is about presenting the balance sheet. Three shareholders purchased an S "Corporation for 1.5 million on a stock sale.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The corporation balance sheet has a treasury of stock of 1 million in its equity section. Since it is a stock sale, all the items are kept in the balance sheet as they are. As a result of the treasury stock, the equity is negative. How does the Corporation get rid of this? The corporation has no cash. The profit of the S Corporation is distributed to the shareholders every year.JA: Is there anything else important you think the Accountant should know?Customer: In a stock sale, can the shareholders make an entry for goodwill that will not be amortized to account the price paid in excess of the part.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
I am doing my taxes and I received a 1099c

I am doing my taxes for 2015 and I received a 1099c for a home modification under hamp. does this qualify as exempt income if I file a form 982? in conjunction with this tax year I am deducting sales tax on a car that was purchased at the end of 2015. can all significant purchases tracked on a credit card be deducted using the proper percentage for the state of florida as an itemized deduction?

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Angie

Bookkeeper

462 satisfied customers
I need help determining my basis in a partnership that sold

I need help determining my basis in a partnership that sold all its assets and terminated in 2015. I am a limited partner. There are section 1231 and 1250 gains and my distributive share of the proceeds on the sale. I understand that I must report the 1231 and 1250 gains in my personal tax return, and then add the gains to my basis in order to determine my gain or loss from the distribution I received. Is this right and can you provide me with the code sections that backup your answer?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
My dad is 89. SS and retirement total over 44,000. there

my dad is 89. SS and retirement total over 44,000. there is 14a SS benefit amount and 14b taxable amount. same with 12a for pensions and annuities and 12b taxable amount. How do I figure out the TAXABLE AMOUNT??????JA: The Accountant will know how to help. Anything else I can tell the Accountant before I connect you two?Customer: actually just if he should be getting taxed at this point and also my brother is downs syndrome. obviously a dependent. 2 years ago he went in a group home. My brother receives very little from SS and my father still pays for all his clothes and activities. How would he be able to claim any of that?JA: The mechanics have tons of experience dealing with ABS (as well as brakes in general.) Do you happen to have the code? I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
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