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Recent Income Tax questions

I have an independant contractor that I paid for his moving

I have an independant contractor that I paid for his moving truck, reimbursed him for travel expenses apartment fees, and his first months rent. Do I have to add this total to his 1099?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I paid him weekly payments which I know goes on his 1099, but i'm not sure about the expensesJA: Is there anything else the Accountant should be aware of?Customer: I think thats it

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
I have a house that I am going to utilize as a rental. What

I have a house that I am going to utilize as a rental. What are some of the items that I can deduct from my personal income tax? Can I deduct the depreciation of the home on a straight line of 40 years AND deduct the mortgage as an expense? Or must I split the mortgage principal and the PMI. Also, can I deduct the PMI?

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
I understand I only have three years to claim a refund for

I understand I only have three years to claim a refund for overpayment of federal income tax in the U.S. Are there any exceptions to this, for example, if the year in question is being audited and I want the overpayment to be considered a prepayment of the next years estimated tax?

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
I am a teacher who is 59 1/2 and my husband is an engineer

Good morning,I am a teacher who is 59 1/2 and my husband is an engineer who is 57.My income yearly is $80,000 and my husband's is 125,000We file a separate tax return because I am on an IBR plan for student loans forour kids and I am seeking loan forgiveness as a public servant when I am 65.Here's the question: We purchased 2 ocean front, 1 bdrm vacation properties whichlast year in Myrtle Beach. Gross rental for one is 29,000 and gross rental for the otheris 20,000. My understanding is now that because we file separate returns we cannot getthe $25,000 rental deduction. Is that true? Can we still deduct expenses for the loans, taxes, insurance etc ? Is there another way we can make this a better tax advantage?

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TaxRobin

Vocational, Technical or Trade School

22,442 satisfied customers
I have a investment property with my bother. We are thinking

I have a investment property with my bother. We are thinking about putting it in a LLC but would like to know the tax benefits of doing so if there are any?? In the past we just split all the income and expenses and put them in our own 1099 form.

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
On the side of my regular job, I plan to sell some jewelry.

On the side of my regular job, I plan to sell some jewelry. The supplier wants to know if I want to be set up as a rep with a 1099 or as a wholesaler. I estimate my sales to be $10,000 with a net to me of $5,000. This is a very optimistic goal. What do you suggest?

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
I would like to fund a portion of my down payment for

I would like to fund a portion of my down payment for purchase of a home in the US. I have a traditional IRA and a Roth IRA.Am I limited to withdrawing $10,000 from each account without tax consequence? Or is it $10,000 from the amount the total of what is in both accounts?My Roth only has $11,535.46 in it. My contributions total $10,537.40. The rest are earnings, dividends, etc. Can I withdraw $10,000 from this account without a tax consequences? This is the first purchase of a home for me.I wouldn't close on the home until Jan 2017, so I assume the tax consequence, if any, would not occur until I file in 2018. Is that correct?Thanks in advance!

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
Small business has Net of $8000 for 2016; $12000 for 2015.

Small business has Net of $8000 for 2016; $12000 for 2015. Want to buy a business computer for about $1500. Is there any advantage/disadvantage to purchase the computer 12/31/16 and reduce the 401k contribution from $8000 to $6500?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
Donation of inventory, I am wondering what value I declare

HiJA: Hello. What is your issue regarding?Customer: Donation of inventoryJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am wondering what value I declare on donated inventory. I am an ebay seller. Do i take the amount I paid. The amount I sell it for or MSRPJA: Is there anything else the Accountant should be aware of?Customer: Its clotthiing

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
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