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I'm forming a single member LLC in Texas, and this LLC will

I'm forming a single member LLC in Texas, and this LLC will have only one purpose: investing in rental real estate properties. At first glance, it appears that I would file Schedule E for the income and expenses because this is considered passive income, and you would not be subject to self-employment taxes. HOWEVER, I read on a forum that if you structure the LLC as a member managed LLC as opposed to manager managed LLC, that you would incur self-employment taxes and have to file Schedule C. Now I'm confused about how to structure the LLC. Can you please provide me with a detailed explanation of how I could actually structure things that would ensure filing Schedule E and not paying SE taxes unnecessarily?

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Mark Taylor

Certified Public Accountant

Masters

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I have a house in the country, sitting on 3 acres, but

I have a house in the country, sitting on 3 acres, but surrounded by 160 acres my husband inherited 3 years ago. We also inherited the house. We would like to sell the house as well as 40 acres adjacent to the house. The acreage around the house is leased to a farmer for crops. If we sell the house with 40 acres, will we be responsible for capital gains taxes on the extra acreage? I heard that since the acreage isn't homesteaded, then we would have to pay cap gains. But then I also heard the opposite...that we wouldn't have to pay cap gains on it cuz we are selling it with the house...Please help! I know already that we won't have to pay gains tax on the house itself because the gains will be less than $500k. I appreciate any help you can give me.

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Lane

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US LLC file Form 1065. the owners are foreign person

Hello, US LLC file Form 1065. the owners are foreign person (Canadians) and have US ITIN and file Form 1040NR. What's specific Forms need to file with the company income tax return? as Form 8804,8805 ? is there exclusion to file these form? if Owners have K-1 every year and file Form 1040NR. Thank you

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I just amended a clients returns, 14 and 15. I would like to

I just amended a clients returns for 2013, 14 and 15. I would like to work out the interest they owe for each year so they can make an accurate payment. I find it confusing, as IRS wiill give a percentage to add to another rate. I do not find a table anywhere. For that matter, I would accept a workable rule of thumb that would get me close to the correct answer, if that was available. I run into variants of this problem routinely in trying to work out penalties. My computer- Intuit Pro Series--calculates pretty much everything else. What is the solution?

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Dr. Fiona Chen

President

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I am amending a 1040 which when originally filed did not

I am amending a 1040 for 2014 which when originally filed did not have an NOL.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: When I amend the 2014 it generates a NOL but I do NOT want to carryback I want to carry forwardJA: Is there anything else the Accountant should be aware of?Customer: No election was made on the originally filed 2014 returnJA: 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

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My fiance has a sizeable inheritance ($7M) from her father,

My fiance has a sizeable inheritance ($7M) from her father, which is in an account of a bank in Australia.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: When trying to transfer some of the funds to an account in the US, the Australian bank wants an IRC clearance code. How can I get such a code?JA: Is there anything else important you think the Accountant should know?Customer: Initially the Australian bank requested a security token ID. The lawyer my fiance is working with charged us $54k to provide the necessary documents to obtain the token ID. Now he charges an additional $136k to obtain additional documents needed for notarization and the IRS clearance code. Does this all sound legitimate?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

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Is there an issued if you give an interest free loan to your

Is there an issued if you give an interest free loan to your S corporation? Meaning that as long as you document the loan and give it a specific date to be paid back, do you have to charge interest on the loan?

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Barbara

Enrolled Agent, Paralegal

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We incorporated in 2015, and are a software application

We incorporated in 2015, and are a software application without any appreciated value (we have yet to launch). When I file my 83b election for my unvested share, do I state that the amount to include in my gross income is $0? or is it par value per share x amount of shares in grant?Best

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I have a client who just received a substantial tax

I have a client who just received a substantial tax understatement penalty, I would really like to help her by removing this penalty she is an excellent tax payer and really she didn't no about this penalty. How can I get the irs to at least try to remove this penalty 4189.00 she already pays a lot of taxes .

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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