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Recent Federal Tax questions

I have a rental house I wish to convert to family use. What

I have a rental house I wish to convert to family use. What if any are the federal tax consequences?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have depreciated the house over the years. Is there an immediate tax liability when converting the house back to family use?JA: Is there anything else important you think the Accountant should know?Customer: No

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Robin D.

Vocational, Technical or Trade School

23,372 satisfied customers
I have finished my taxes. I cashed in an annuity this year.

I have finished my taxes. I cashed in an annuity this year. The annuity was more than my usual yearly income. I filed with turbo tax. And I got quarterly estimated tax payments for both state and federal tax. The payments would be over 1/4 of my pension. My question is do I have to pay those because I expect to have my norJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
ONLY ONLY ONLY…THANK YOU California Personal Tax Return for

Emc011075 ONLY ONLY ONLY…THANK YOUCalifornia Personal Tax Return for year 2015…a check was written to the Franchise Tax Board for $2,500 in April 2015. The Franchise tax Board wrote back a check of $1,000 because of an error…I paid too much.I Received a refund check from the Franchise Board in 2016 for $1,000 and also Form 1099-G.While doing the Personal 1040 Federal tax return for 2016 1040 I reported the $1,000 as income line 10-Taxable Refunds. I itemized on Schedule A for 2015 and will itemize again in 2016. The tax software automatically transferred the $2,500 paid to the Franchise Tax Board in 2015 to Schedule A Line 5 Income Taxes for 2016 as a deduction.QUESTIONI'm reporting the $1,000 on 1040 line 10 as Tax Refund Income in 2016. Do I need to manually reduce (Override) by $1,000 on Schedule A line 5 Income Tax Deduction of $2,500 down to $1,000 since I received a refund in that amount and therefore the deduction should be eliminated?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,236 satisfied customers
My 2016 Federal tax transcript has a code 570 Additional

My 2016 Federal tax transcript has a code 570 Additional account action pending with a date of 2/27/2017

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
Does an international day camp cost qualified for the

Hi,Does an international day camp cost qualified for the "Credit for child and dependent care expenses"?Assuming the rest of the tests are meet. I am concerning about whether or not an overseas day care without a Federal Tax ID will qualify.I searched the IRS publication and wasn't able to find any reference.Please helpThanks!

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,236 satisfied customers
Lane, I am a non-resident alien. When filing my taxes, we

Hi Lane,I am a non-resident alien. When filing my taxes, we want to elect for me to be treated as a resident alien. I drafted a 6013(g) statement (see text copy-pasted below) which my husband and I will sign and add to our tax return forms. Do we add this statement to to both State and Federal tax forms and can we then simply file our taxes as if I am a resident, so no need to do any other special action, but simply follow rules for as resident filing?We only have income from US sources, no foreign assets and only from wages.Thanks again for your advice,MachaStatementElection to Treat Nonresident Alien Spouse As U.S. Resident AlienTaxpayer: Cesar Andys Calcano Cordero Spouse: Macha Petronella KempermanAddress:***** , Rockville MD 20850 Address:*****, Rockville MD 20850SSN: xxx SSN: xxxI, __Cesar Andys Calcano Cordero__, am a United States Citizen and am married to_Macha Petronella Kemperman__who was a nonresident alien at the end of the tax year_2016____We hereby elect under IRC §6013(g) to be treated as citizens or residents of the U.S. for the entire tax year. Wewere married at the end of the tax year, the first tax year for which this election is to apply.Signed: ______________________________________ Signed:_______________________________________By: __________________________________________ By:_______________________________________Date: ________________________________________ Date:_______________________________________

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
Oh cool. I am writing a business plan for school and need to

Oh cool. I am writing a business plan for school and need to know how much to enter in the financial section for federal taxes on $30,000. I live in Texas.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'm estimating an annual gross income of $30,500 and need to estimate the Federal income taxes on that amount. Out of that will come $10,124 in expenses with a total net profit of $20,376. I'm taking a class in entrepreneurship and we are writing our own business plan. I am going to start my own business so this is just an estimated number I'm looking for.JA: Is there anything else the Accountant should be aware of?Customer: No, I don't think so.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,924 satisfied customers
I just completed my 2016 taxes on turbo tax. I'm going to

I just completed my 2016 taxes on turbo tax. I'm going to MAIL my California tax return. The instructions state "include a copy of your federal tax return". My question is: do I include the ENTIRE federal return including all schedules and worksheets, or just the 1040? I have schedule C, schedule D and schedule E etc for federal

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Mark D

Master's Degree

1,042 satisfied customers
My question has to deal with Federal tax return 1120S,

My question has to deal with Federal tax return 1120S, Schedule L balance sheet. The corporation has no assets and sustained a small operating loss. Because of the operating loss, the Schedule L balance sheet is out of balance. Should the loan given by the sole owner of the S Corporation to cover the lost be listed on Schedule L, and if so, where would it be entered to balance it?

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PDtax

Owner

Master's Degree

7,468 satisfied customers
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