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Recent IRS Audit questions

I have a registered LLC in Delaware. In 2016 I have so far

I have a registered LLC in Delaware.In 2016 I have so far lived in NYC, HI, and now looking at moving to either CA, or FL.What state would my tax return be done in?I'm looking at moving to FL in October for the remainder of the year, hoping that would give me the tax benefits from that state.I have a NY drivers licence, and a HI state ID card just for some extra info...Last years tax i filed in HI, even though I didn't move here until February 2016.Really unsure of what I should be doing as I move around so much.Thanks

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Dr. Fiona Chen

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Ph.D.

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I want to exchange into a an improved real property that is

I want to exchange into a an improved real property that is subject to a GPLET Government property lease excise tax). The term of the GPLET is 8 years with fee reverting to the tenant. The reversion is automatic my operation of statute. Can this transaction qualify for section 1031 treatment? i.e. Is the real property subject to the GPLET qualify as real property for purposes of section 1031?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I have a Wyoming LLC where I am 99% member and my son is 1%

I have a Wyoming LLC where I am 99% member and my son is 1% member. I am the manager of the LLC. This LLC wants to invest in a Texas LLC that has several other individual members to build a hotel. I would rather invest through my Wyoming LLC rather than as an individual. The Texas LLC wants to elect S corp tax status. My accountant and the accountant for the Texas LLC are going back and forth as to if this is possible. My accountant is not sure if this is possible since I have a multi member LLC. She recommends that I make the LLC a sole member LLC. The Texas LLC accountant thinks this is possible if we say that the Wyoming LLC is a disregarded entity and both me and my son will get direct K-1 from the Texas LLC. Please advise. Thanks.

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Lane

JD, MBA, CFP, CRPS

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If the IRS ever audits someone, what type of things do they

If the IRS ever audits someone, what type of things do they usually look into? Will they ask to see proof of every little check that was deposited into an account (for example: $5 check, or $50 check from cable rebates, etc)?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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We have accumulated a carryover passive activity loss while

We have accumulated a carryover passive activity loss while owning the rental properties. Our income is over $150k and we are not real estate professionals so we kept rolling over the passive activity loss which is now around $150,000. Now that we have disposed of our entire interest in the passive activity (the rentals), what happens to our carryover loss? It is pretty clear that the passive loss can now be fully deducted as described in Tax Topic 425 but the question is fully deducted against what? Only passive income such as the gain from the sale of the properties or against other income such as ordinary income? Or both?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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My 2013 return had a 5405 (homebuyer repayment) attached to

My 2013 return had a 5405 (homebuyer repayment) attached to it and I had the wrong date in there that I deeded over my home. The IRS audited my taxes in August 2014 and cam after me to repay it. I didn't have time to figure out where I went wrong in TurboTax so I paid it. Now I see my dates are wrong and I have all the proof. My home was purchased 5/2009 and I gave it up in my divorce 8/2012. Can I amend that return and get that money back?

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Robin D.

Vocational, Technical or Trade School

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Tax Question and necessary forms to remove IRS Lien and how

Tax Question and necessary forms to remove IRS Lien and how to answer as well as prepare proper forms:I just received notification that the I IRS has put a lien on everything.1. It was filed in New York where I lived for 2013, 2014 and 2015.2. The I r s conducted an audit when I lived in Maryland for 2008, 2009 and 2010.The banks stated that they do not keep statements for the year 2008 as that is too far back for them and that is also the highest year where they assessed me $17,000.3. I never went to the audit nor did the auditor come to my home office as I called them and let them know I was under going and surgery so that I could walk again.As I had to have home nursing care and had a lot of file boxes with my receipts and records and other items from my home business the maintenance workers in an effort to clean up the office and home space tossed the file boxes that contained the original receipts in an effort to allow the physical therapist to have space as I was recovering from knee surgery.I had three knee surgeries first on the left knee and then on the right knee and the left knee did not take so I had to have another operation on the left knee again.4. The operations were done in Washington DC and in Maryland at ***** ***** Hospital, Suburban Hospital in Maryland and the doctors were also affiliated with Kaiser and suburban Hospital for the second surgery.5. Because I did not have a job after the surgeries and rehab and the IRS had stated that I could not operate my business until all of this was resolved I got an opportunity for employment in New York and was able to relocate there.6. The second physical impairment was I could not see that well and had to have eye surgery in New York for removal of cataracs in both the right and left eyes.During those surgeries my eye site is still not good and I again in recovery moved to Colorado where I thought a job would be available, the cost of living would be lower, and I could restart my business again.7. The only thing I was ultimately able to obtain was food stamps, and public assistance and I do not have any other assets and have lost everything.8. I need to file my 2013, 2014,and 2015 returns and am compiling the returns for those years.9. As I do not have any money I cannot afford a CPA or tax attorney to assist me and do not have any insurance.I need to know and obtain the proper form for financial reporting and would like link to the IRS to obtain and download the forms.10. I also need the forms that will allow me some relief since the I r s is stating that with their changes I owe approximately $30,000.11. Can anyone help me with a step by step procedure with links so that I can gather and file with the IRS.12. Links with the proper forms starting with the proper forms for filing financials?Maryland:The audit took place in Silver Spring Maryland for 2008, 2009, and 2010.New York:I then moved to New York for 2013, 2014 qnd 2015ColoradoI now live in Colorado Springs and moved here in 2016These were all moves made for employment as I had offers.How do I handle these collection notices?I need help urgently.

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PDtax

Owner

Master's Degree

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I own 1 share or 1% of a S corp. I get approximately $5,000.00

I own 1 share or 1% of a S corp. I get approximately $5,000.00 per year for that. When I do my IRS taxes I check the box that says I am NOT an active participant in the S corp so I pay more taxes on the $5,000.00 then I would if I were an active participate. This year I've started working approximately 5 hours weekly for the S corp making phone calls from home, recruiting employees for the S corp. There are 5 other recruiters who are NOT shareowners. We all make the same amount of commission. Since this year I am working as a commissioned recruiter 5 hours weekly can I now be considered an active participant of the S corp? If you need more information to answer this let me know.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Are there legal implications to filing taxes stating that I

Are there legal implications to filing taxes stating that I made more than I did, getting a mortgage loan, and then amending the taxes filed to reflect actual income?

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Robin D.

Vocational, Technical or Trade School

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