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I am a partner of an LLC and have Operating Losses from Schedule

I am a partner of an LLC and have Operating Losses from Schedule K-1. The Company has less than $5m gross receipts over the past 3 years (Eligible Loss). I would like to carry-back NOL to 2012 (back three years). I have completed Form 1045. What do I need to send with Form 1045 to proof that its an Eligible Loss?

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PDtax

Owner

Master's Degree

 
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Expert: I have completed the C Corp Tax return

for PDTax Expert:I have completed the C Corp Tax return for 2015. I've been doing C corp for over 3 decades so I'm confidentin that filing.I have also completed the S Corp Tax return for 2015 (1120S). Since this is my first S Corp filing I have a few remaining questions:Questions:1. Estimated Taxes for the S Corp were paid in 2015 by the S Corp for the shareholders (me). Tax paperwork on the est. taxes paid in 2015 has the S Corp company name and the new S Corp Tax ID.So, do I need to also prepare a 3rd tax return for me personally or produce a K-1 for myself? Even though all taxes have been accounted and paid for with S Corp est. taxes payments?I'm sure that next year all will be much simpler, but want to make sure I do this years taxes as close to perfect as possible.2. Lastly, How do I mark the C Corp filing as the last one (final)

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I am a CPA preparing a 1040 who sold a

I am a CPA preparing a 1040 for someone who sold a residential rental property purchased in 1992 for $51,200. It has tax depreciation allowed of $43,287.31 from 27.5 year Straight line depreciation. It was sold in 2015 for $57,900 with expenses related to sale of $7,479.Ultra tax is calculating depreciation recapture on the 4797 of $42,508. I came across the following under IRS Sec 1780 regarding Depreciation subject to recapture. "Residential rental property ...that is placed in service after 1986 and is subject to MACRS rules must be depreciated under the straight-line MACRS method (para # *****). Thus, there is no recapture of depreciation upon disposition of such property because no depreciation in excess of straight-line depreciation could have been taken."I believe this is my situation. I don't believe that this client is subject to any recapture. Am I understanding this correctly?Thank you.

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Anne

Master Tax Preparer

 
3,088 satisfied customers
Can I take and investment credit car I purchased in 2013

Can I take and investment credit for a car I purchased in 2013 for my family child care home for which I am licensed? Colorado has the Investment credit for licensed facilities but I wasn't sure if I hadn't taken previously if it still is eligible for the investment credit. I use it 21% as a daycare vehicle.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I am self employed, a professional actuary that visits

I am self employed, a professional actuary that visits clients around the county and am planning to buy an RV to travel and be my home away from home. I want to know the following: 1) if I buy this year, can I depreciate it in 2015; 2) if it costs $200khow much can I depreciate it; 3) is there any investment tax credits available and, if so, are any applicable in 2015?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
In 2005 my wife's parents executed a quit claim deed to their

In 2005 my wife's parents executed a quit claim deed to their two children (and spouses),reserving a life estate . In 2010, her father died. In 2011 her mother entered a nursing home. The daughters maintained the (empty) house until 2014, when the second daughter moved into the house. My wife and I and her mother (who will never be able to leave the nursing home) executed a quit claim deed to the sister, who paid us interest in the house.Is this the correct formula our capital gain income tax purposes.Basis = Donor's basis on the date of the 2005 quit claim deed + any capital improvements made since.Appreciation = FMV on date of sale - Adjusted BasisOur Capital gain = Appreciation - Mother's Life Estate Interest (figured using Table S with 2.4% interest rate based on her age at date of transaction) / 2 (the number of remaindermen)

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I have an S Corporation that owns land. The S Corporation's

I have an S Corporation that owns land. The S Corporation's shareholders are 7 Grantor Trusts. The land has timber on it and is cut every 3-4 years as a pay-as-cut contract. Other land is cash rented to a farmer every year. The Corp will have reforestation costs - seedlings and site prep. The forester said you can take up to $10,000 reforestation expenditures as an expense each year, but what I read says that "trusts" cannot elect to take $10,000 as an expense and must amortize over 84 months.

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Megan C

Master's Degree

 
29,942 satisfied customers
Is state tax credit such as CA investment tax credit taxable

Is state tax credit such as CA investment tax credit taxable at federal level?

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Megan C

Master's Degree

 
29,942 satisfied customers
Hello megan , can we chat i have an accounting entry that

Hello megan , can we chat i have an accounting entry that i need to ask

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Megan C

Master's Degree

 
29,942 satisfied customers
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