Join the 9 million people who found a smarter way to get Expert help

Recent Frivolous questions

I have a situation where married taxpayers received a 1095-A

i have a situation where married taxpayers received a 1095-A for themselves, a dependent child and a non dependent child. The non dependent child filed his own return and received a letter from the IRS asking for the 8962 form. Now i am looking at the numbers and there was advance premium tax credits of about $11,000 on the parents 1095-A for the year which covered all 4 people. I understand that 25% of the premiums would need to be included on the non dependent sons tax return, however, from what i am reading, i would have the option of allocating all of the premium tax credits to the non dependent son. in this scenario the non dependent son would have to repay the credit but the amount of the repayment seems to be capped at $1,250. if i did this allocation, the parents increased refund would be well in excess of the $1250.This seems odd to me and i am wondering if i am interpreting this incorrectly. Would you be able to let me know if i am interpreting this or applying the PTC incorrectly?

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,230 satisfied customers
My credit report is showing a missed payment over 30 days

My credit report is showing a missed payment over 30 days late for a credit card. I have had a negative balance for over 30 days now because I made a full payment in February, and then I was refunded for a purchase in March. Therefore, I owed $0 for my March billing statement. Of course I did not make a payment, as I had already overpaid! But my TransUnion and FICO are showing that they reported a late payment for March. I didn't make any purchases and I paid my balance in full from February. All my account statements check out. What is going on here?

Read more

Christopher B, Esq.

Attorney

Juris Doctor

5,356 satisfied customers
I have had to spend 33k last yeah in defending myself against

I have had to spend 33k last yeah in defending myself against false allegation of child abuse which includes attorneys and psycologists. I won and now have my child 100% of the time. can I write any of this off?

Read more

Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
Ive been audited by the irs 2012,2013,2014 i did not go to

hi ive been audited by the irs for years 2012,2013,2014 i did not go to the audit meeting because i have no documents to back up my claim and deductions. they asseced tax for more that 65,000 with penalties and interest for all three years,my question is can i amend those tax returns and claim less gross income because i checked my irs transcrips for those years and a 1099 was missing in there database for all three years. can i file with less gross income and maybe get away with not filing that big 1099 since the irs dont have it in there records? thanks

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,230 satisfied customers
Single Member LLC Owned By Another LLC- How Taxed

I have several LLCs that I own. Each individual LLC (taxed as a partnership) owns several properties. I have heard that insurance companies are denying more and more claims for frivolous reasons. I am thinking to place each property in a separate LLC for protection and the owner of that LLC to be the same.Let me explain. For simplicity, we will call the individual LLCs that own one property “property LLC”. I am planning for the “property LLCs” to be owned by the same original LLC.I wanted to use a single member LLC for the “property LLCs”. This way I report taxes in the same way. I mean that the same original LLC still has to report taxes for the same properties. Is that right? Reason being-the “property LLC”s are disregarded entities and the original LLC owns it.

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
A taxpayer has entered into a binding contract

A taxpayer has entered into a binding contract for the installation of photovoltaic panels and would like to take the solar panel tax credit. However, the installation is not complete as of the end of the year. If work has started on the improvement doesthis meet the criteria of being placed into service?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,022 satisfied customers
Circumstances: Taxpayer lives and works outside the US in

Circumstances:Taxpayer lives and works outside the US in Mexico.His spouse lives and works in Texas.Texas is a community property state.Question: For Married Filing Separate community income split, is the income earned by the taxpayer in Mexico considered community income?Comment: I use a fairly sophisticated tax software program that actually prepares split community computations and tax returns based on community property laws. The program absolutely will not allow me to allocate the foreign earned income as community income. This income is being 100% allocated to the taxpayer that earned it.

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Good evening,Il like to ask some specifics questions about

Good evening,Il like to ask some specifics questions about some IRC code and voluntary compliance

Read more

Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
When my mother in law retired, she gave both sons equal

When my mother in law retired, she gave both sons equal shares of her company stock. The money was to be used for her care, if necessary. We were able to provide for her without touching the money. She died several years later. My husband still has his stock, with dividends paid quarterly, on approximately $40,000. He wants to keep the money to help pay for our granddaughter's college education. She is now 8 years old. Her parents will not be able to assist financially.I would like to take some of the money to make improvements to our home because of my husband's disability (currently wheelchair bound) and other necessary repairs. My husband is 75 and I am 73. We live on Social Security, Navy retirement, VA disability, and a very small pension from his previous employer.What is your advice? If you agree that some of the money could be used for home improvements, what percentage could be used? I'm afraid that there will be another economic crash, and all money will be lost.Nancy XXX

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,022 satisfied customers
View more tax questions
In The News