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Recent Personal Tax questions

If a business was transferred into my name in 2015 but the

If a business was transferred into my name in 2015 but the payments were still going into the old checking account am I ok to open a new account now & pay taxes on the earnings from 10/15 when the business was put in my name?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Will you be replying back today? Thx!

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Lane

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Scenario: I'm in the 31% tax bracket and the commercial

Scenario: I'm in the 31% tax bracket and the commercial building that I hold in a single person LLC is now providing significant income pass through via form 1065 to my personal return. I have bought a new single family rental property as an individual since I couldn't get a lender to finance it in the LLC. The new property will have a loss and I would like it to cancel some of the LLC properties gain.Sidenote: I feel that the LLC is not serving me well (I have very good insurance coverage on the building, I personally guarantee the commercial building loan any way, alot of extra hassle). My commercial lender is in the process of re-financing the LLC's building so now would be a good time to get their approval to transfer back to me personally. Both properties and the LLC are in Washington State, so it is only a federal tax issue.My Belief (may or not be true): I assume the loss on the residential rental property(closing costs, maintenance, minimal rent income) will not reduce my personal tax burden for 2016? I'm under the impression that gains after depreciation, taxes, interest, etc on rental real estate are taxable as additional income but losses will not reduce my adjusted gross income.Question: Am I correct? If so, then it seems I need both properties in the LLC or both out of the LLC to accomplish my goal. Is the transferring the commercial bldg. from the LLC back to me personally a taxable event? Anything special I must do to make sure it is not. Any other thoughts, advice?

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Mark Taylor

Certified Public Accountant

Masters

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Situation: resident. A non-US citizen wants to give me a

Situation: I am US-resident. A non-US citizen wants to give me a cash gift. In order for me to get the cash gift, the non-US-Citizen must first make a transfer to her account located in the US (this is required by the donor's financial institution overseas). then:1. Do I pay taxes on the cash gift, if the amount is greater than US$ 100,000? Do I pay if the amount is lower than 100,000?2. How would the cash gift affect my tax filing for the next year and future years? (if it is less than US$ 100,000 or greater than US$100,000)3. Once the cash gift is my account, and I want to withdraw partially or totally the money (to invest or spend it) do I pay taxes? If yes, how much would be the taxes and does it depend on the size of the amount withdrawn?4. Is there another way, to get the money (cash gift or transfer from the US account) to minimize the amount of taxes? such as society or trust? (for amounts lower and greater than US $100,000)5. Do US banks have to report to the IRS and other countries the size of the transfers? (meaning that I would get a tax report from my bankto file with the IRS or other financial institutions)6. I will apply to become a US-citizen in the future. Do you know the implications of this cash gift for my application as a US-citizen? (This is more of an immigration question, but maybe you had dealt with customers with similar situations)Thank you.

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Lane

JD, MBA, CFP, CRPS

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My Client uses personally owned trucks -100% use. He leases

My Client uses personally owned trucks -100% for business use. He leases the trucks back to his own LLC (owned 100% by him and his wife, taxed as a partnership). Can he lease a work truck to his own LLC and ALSO claim tax deductible expenses (through his 1065) all "actual expenses" of the vehicle (gas, repairs, insurance, etc) as listed in IRS Topic 510 (lease in lieu of depreciation)? Note: He also claims the lease payments as income on his personal tax return (via 1099) as "passive" income.

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Robin D.

Vocational, Technical or Trade School

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Three siblings received the same disbursement amount into

three siblings received the same disbursement amount into their safe trust accounts from a business that the trusts own equally. The tax profession paid the taxs based on the trust account rate, in other words the funds where not disbursed to their personal accounts but held at year end in the trust. one sibling lives in nj, another in nyc, the last in nys,suffolk county. Are there 3 different tax rates base on where they live or it based on where the trust is domiciled?

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
We started an animal sanctuary in 2015 that is under the

we started an animal sanctuary in 2015 that is under the umbrella of a fiscal sponsor as a non profit. the fiscal sponsor rep says we will benefit more from counting our fiscal contributions as business expenses instead of charitable contributions. is this true?Also, we file separately and use different accounts to pay for these ongoing services and supplies. if we count as business expenses, can we both use deductions, or just one of us...not for the same expenses. though we use different accounts, both our names are ***** ***** as personal acts. they are not setup as business acts; The fiscal sponsor says it is not allowed to have separate bank act for the sanctuary.I know we will need a schedule c...i have a private counseling practice, so only 1099s and private pay. husband works for the state as employee, and would need to file schedule c, also, if allowed to yake some deductions, correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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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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Could you tell me what my total S.S. will be when I turn 70

Could you tell me what my total S.S. will be when I turn 70 next year and would you please stop taking out Medicare payments?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,926 satisfied customers
A client of mine owns an LLC. The owner of the LLC is a

A client of mine owns an LLC. The owner of the LLC is a trust. So should we make the tax return a part of the client's individual tax return or should it be filed as a form 1065 as it is owned by a Trust and then pass the K-1 on to the trust?Also since it is a single member owned trust and the trustee is the owner of the trust, can we just take the K-1 and file it in the Trustee/Owner's personal tax return?Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
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