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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

 
16,298 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

 
20,252 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

 
6,668 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

 
16,298 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

 
460 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

 
8,896 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
I was a bonafide resident of Thailand from 20-Dec-2000 to 16-Jan-2014.

I was a bonafide resident of Thailand from 20-Dec-2000 to 16-Jan-2014. I write books, and continue to receive royalties from books that I wrote while a foreign resident. I deducted royalties received from those books on my 2014 return. Can I continue to deduct them - royalties received from books written while overseas prior to 2014, but received in 2015 - on my 2015 return?JA: The Accountant will know how to help. Anything else I can tell the Accountant before I connect you two?Customer: I think that's it.JA: 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
We have been a host home to two adults with mental

We have been a host home for one to two adults with mental and/or physical disabilities, paid through a host home agency. We've been told the compensation is tax exempt. They have not provided any kind of tax form to us. Is there someplace for us to declare this tax exempt income? Should there have been some kind of form provided? Do we just totally ignore it on state and federal tax returns?JA: The Accountant will know how to help. Anything else I can tell the Accountant before I connect you two?Customer: We went through the same thing last year and, were told by someone else doing a foster home that they just left it off, without mention. We did this last year. Do we need to do anything to correct for that, if that was wrong?JA: 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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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
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