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

Recent Married Filing Jointly questions

I have my interview on the 4 of August i file taxes husband

I have my interview on the 4 of August i file taxes for my husband wholives in Jamaica but have a social security will it prevent me from getting my citiczen ship i am worried

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,802 satisfied customers
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?

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
432 satisfied customers
Citizen, wife recently relocated to US with greencard. We

I am US citizen, wife recently relocated to US with greencard. We sold Canada residence (was our principal residence in Canada before relocating to us). Canada tax gain comprehends time we used as principal residence to reduce capital gain....does this apply to US tax calculation?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I think that is essence of issue.

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
432 satisfied customers
I would like to sell a house that is deeded as a life

Hi, I would like to sell a house that is deeded as a life estate. My brother and I are listed as the grantees and my mother, the granter. Mom is still alive and I have lived on the property for the last year. The property was bought for $11,900 in 1953 and should sell for about $350,000. Can I avoid capital gains tax as this is my primary residence?

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,648 satisfied customers
Can I deduct cash donations made to my son in 2015 to help m

Can I deduct cash donations made to my son in 2015 to help him with his education, he was 29 yrs. old and married, and my husband also passed away in 2015?

Read more

Barbara

Enrolled Agent, Paralegal

star-full
4,868 satisfied customers
I am looking at withdrawing $ 60,000 from my IRA account to

I am looking at withdrawing $ 60,000 from my IRA account to buy a modular home in a retirement community. The cost of this home will be 115,000 and intend to pay the difference from my savings account. The monthly rent for the lot is $ 630. What would my taxes be on the $ 60,000 that I will be withdrawing with a projected annual earning of $ 70,000?Next year my income will drop to $ 37,000 / year

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,648 satisfied customers
I own several rental properties and sold three in 2015. I

Hi, I own several rental properties and sold three in 2015. I will have a substantial capital gain on the order of $500,000 as a result of these sales (mostly deferred gain since they were all acquired in exchanges).. In completing my Schedule E, it turns out that for 2015 my net rental LOSS for all the properties for the year is about $50,000. More than half of this loss is on the properties I sold. Will I be limited to $25,000 or will I be able to put the whole $50K on page 1 of the 1040? (I realize that there are other factors at play here but I am hoping that you can isolate this one thing. I've googled around and it appears that if I sell a property that has deferred passive losses I can take them in the year of sale, which is really the same thing as what I'm describing. I'd appreciate any clarification you can give me, including any references you may have to back me up if I'm right. Thank you!

Read more

Mark Taylor

Certified Public Accountant

Masters

star-full
432 satisfied customers
On the sale of a personal residence, are the portions of

on the sale of a personal residence, are the portions of owners policy paid by the seller deductible on schedule A

Read more

Barbara

Enrolled Agent, Paralegal

star-full
4,868 satisfied customers
With regards to Real Estate Law and tax implications, can

With regards ***** ***** Estate Law and tax implications, can you answer a question for me?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,802 satisfied customers
View more tax questions
In The News