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AC# 98927674 ID#17444628-227 NYC employee retirement In

AC# *****ID#17444628-227NYC employee retirementIn regards ***** ***** question and answer.The total tax liability is $19,810Does that mean that a refund is due of $3655.00 because 23,465in federal taxes were deducted.In response to your questions.Widow-filing singleRoth contributions or insurance premiums -before taxes (what is this for?)In addition - Social security benefits 31,692.00Medicare Part B premiums 1,1258.80Please replyThanks

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Chad Caros

Managing Director

Master's Degree

62 satisfied customers
What is required to check the disabled block on the us tax

What is required to check the disabled block on the us tax form?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am currently under OPM disability and my tax preparer wants to know if we can check that block as me being disabled?JA: Is there anything else important you think the Accountant should know?Customer: At one time I was told by someone (not on paper) that social security disability was the only way to check that block

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,592 satisfied customers
I need to file for this year and last year. I know I owe

Hi! So, I need to file for this year and last year. I know I owe from last year and will probably be fined and I'm about a week late filing this years because I know I will owe a ton as well. I just need to know where to start to fix my mistake of not filing/not paying.JA: The Accountant's require payment for their services. It's way less expensive on JustAnswer than face-to-face would cost.Customer: Okay.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Nope!

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
I would like to purchase a new home and sell my rental

Hello, I would like to purchase a new home and sell my rental property. Can I convert the home I live in now to a rental property? Would that save on capital gains of the sell of the other rental propertyJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No I don't think so

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,598 satisfied customers
I own a rental property ,schedule e on my 1040, can I skip

I own a rental property ,schedule e on my 1040 , can I skip some years of deducting depreciation to bring up my income for a mortgage application that I planning in a few years

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Robin D.

Vocational, Technical or Trade School

25,020 satisfied customers
If I am living outside of the US more than 330 days, running

If I am living outside of the US more than 330 days, running an online dropshipping store through an LLC in WY, but I am 'oficially' still a resident of CA, do I need to1) register the WY LLC as an out of state business in CA and2) does my residency (even though I am not physically present) in CA constitute a nexus and thus3) do I need to collect sales tax in CA?

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I have a rental house that I would like to sell to my

I have a rental house that I would like to sell to my sister. I would like to give her the equity that I have. I paid 71,354.36 including upgrades. I have depreciated 15,817.00 so I have a base of 55,537.00. I would get 72,500.00, but the finance company would show the sale as 97,500.00. The difference would be a gift equity of 12,750.00 to my sister and 12,750.00 to my brother in law. My question is would I pay capital gains on the 25,500.00 gift equity. I know I would on the 17,462.14. how would I complete the 8949?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,598 satisfied customers
If I make 43,680 a year and I have no dependents but I claim

if I make 43,680 a year and I have no dependents but I claim 9 on my federal withholding and 1 on my California state withholding will I have to pay at the end of the year?JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: I just need advise for next year. I was out with an injury and now I need my paychecks to be more but I don't want to get stuck at the end of the year paying the IRS back.JA: The Accountant's require payment for their services. It's way less expensive on JustAnswer than face-to-face would cost.Customer: So how much is it?JA: It's only $5.Customer: Ok, where do I pay. I don't want it to not be secure.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No, Just that I need to know if I claim 9 on federal can I do that all year or do I need to change half way through.

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I have a question regarding filing a 1040X for 2015. It's a

Hello. I have a question regarding filing a 1040X for 2015.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: It's a bit of a long question with some context. Should I paste it into this chat window?JA: Is there anything else important you think the Accountant should know?Customer: This is related to tax preparation related to rental property assets.Context: I used TurboTax to prepare my personal taxes in 2015, which includes rental properties. While preparing my 2016 taxes, I noticed that the acquisition 'cost' values for a few of the assets associated to one of the rental properties were not reflected correctly. So, I checked my 2015 return and it appears they were not entered correctly in that return either (2015 was the first year these assets were placed in service). I'm 50% owner of the this particular rental property, and I was assuming that I could enter 100% of the cost values for these assets and that TurboTax would allocate the cost values by 50% ownership (like TurboTax does for revenue and expenses related to rental properties). But, I know realize TurboTax didn't adjust it in this way.The net effect is approximately $10K in total asset costs, or $5K for the 50% allocated to my return. This is spread across ~5 assets placed in service in 2015 (i.e. new washing machine, etc.).So, I'm looking for the best way to proceed. My assumption is:1) Complete a 1040X, sign the 1040X document, and attach the Schedules/Forms that changed. In this case, it's Schedule E, Form 8582, and Form 4562 that contain line item values that changed.2) Re-transfer the data from the (now amended) 2015 tax return into TurboTax so that the updated/amended depreciation schedules are reflected for the 2016 return. Proceed with 2016 tax preparation using this updated data.A couple questions related to this approach:1) Is this the recommended approach?2) Note: I've created an initial draft of the 2015 1040X using TurboTax in this way, and there are no changes ($0's all the way down the form) to the 1040X itself. I believe this is because all the rental losses from depreciation, etc. were already all disallowed (i.e. creating more passive loss carryovers), so these +5K in adjustments simply reduce the disallowed amounts (i.e. reduce the passive loss carryovers), but don't change the final Schedule E total, and therefore don't impact the taxes owed for 2015. So, my question is:Does it make sense to file a 1040X where all the values/adjustments are $0, and the net tax is exactly the same, but then to send in updated Schedule E, Form 8582, and Form 4562 along with the 1040X? I don't want to create confusion with the IRS by sending a 1040X with all 0's for the adjustments.3) Alternatively, since it appears the net effect with a 2015 1040X approach is $0, would it be an acceptable alternative to simply adjust the asset acquisition 'cost' values in 2016 tax return to the correct values and skip the 1040-X for 2015?

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Brian Michels

Partner

Bachelors of Business Administration

220 satisfied customers
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