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Recent tax questions

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

 
16,278 satisfied customers
I am a non resident non US citizen married to a US citizen,

I am a non resident non US citizen married to a US citizen, we live in London UKJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Looking to buy a property in US, what is the most efficient way to do it from tax perspective?JA: Is there anything else important you think the Accountant should know?Customer: We both work and pay taxes in UK, my wife files tax returns in US but she pays enough tax in UK so that she does not need to pay any tax in USJA: 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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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
An S Corporation generates a large NOL carryforward to its 2

An S Corporation generates a large NOL carryforward to its 2 stockholders, who are husband & wife. The couple has been offsetting the NOL against income on line 21 of their personal tax return. The S Corp has been inactive & the couple wants to dissolve it. Does this create any issue as they still have a portion of the NOL carryforward which they will be offsetting against future income?

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
930 satisfied customers
I have 2 cp171 letters, they are business, but my new tax

I have 2 cp171 letters, they are for our business, but my new tax guy said businesses get paid thru individual tax returns? Either way I just want to pay them now, they are due today the 16th. The irs website doesnt have an option for cp171, just cp healthcare. They are not open 24/7 so i cant speak to anyone but i am afraid they will put a lien on my bank account. Can you explain the correct way to pay online? Thank you.

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Megan C

Master's Degree

 
29,934 satisfied customers
I have a question regarding IRS tax form 8846-- Credit

Hello!I have a question regarding IRS tax form 8846-- Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Does this form need to be completed by the employer alone? If so, why is it included within the personal tax forms for those who have worked in the restaurant industry? I appreciate any clarification you can provide.Thank you for your help!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
S Corp, If my basis at the beginning of the year was $767, I

For my S Corp, If my basis at the beginning of the year was $767, I contributed $56,535 to the business, took distributions of 51,899, and the current year loss is 8,101. How much of the loss can I deduct on my personal tax return.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
On my personal tax return I noticed I have a NOL

On my personal tax return I noticed I have a NOL carryforward into the next tax year. When can I use it and are there any limits as to how much can be used to offset income?

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Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
2 lawyers formed a partnership and need to file their tax

2 lawyers formed a partnership and need to file their tax return. Each lawyer brings their own business and has their own clients. Some of the expenses are paid through the partnership and some they pay individually. They are 50/50 partners but each want to be compensated and taxed on their share of the business they bring in. Assuming they are going to take draws based on the income they each earn for the partnership what is the correct way to account for this on the 1065 and K-1's? Is it correct to take the % of each of their share of income that they bring in and then split the shared expenses 50/50 and then that would be the amount in box 1 each of their K-1's? For expenses that they each pay themselves, should they just deduct those on the supplemental K-1 as expenses on each of their personal tax returns? Thanks.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
My husband and s brother inherited a note (5 more years) of

Hello, my husband and his brother inherited a note (5 more years) of building sales from a municipality in 2015. The trust issued K-1s to them, the equal amount of the payment. Because of the K-1, my tax preparer said we have to fill a 6251 to find if we're subject to AMT. I am looking at the form 6251 and the line 1 of Part I is 133,506. The line 15 is 107,152 which is the amount from K-1. With other income the line 28, alternative minimum taxable income came to 244,741. I KNOW we didn't bring that much, and the line 1 is already included the capital gain (1040, line 13), the portion of K-1, 101,205. I feel like the inheritance was figured twice in the form. Our regular tax was 10,317 and AMT is 28806 and we're subject to pay AMT. I hope I explained well enough so that you can understand. Does this sound correct? Thank you.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,894 satisfied customers
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