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Recent tax questions

I have a question regarding firpta taxes with a real estate

I have a question regarding firpta taxes with a real estate purchase. If the buyer does not live in the property for the 2 year period required who is responsible for paying the 15% tax?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
When I filed an 83() election form, I stated that no amount was paid property. La

When I filed an 83(b) election form, I stated that no amount was paid for the property. Later, I learned that I did indeed have to pay fair market value for the shares. If I want to correct my mistake, would it be sufficient to send a letter to the IRS office stating that I wish to amend the 83(b) election form, or do I have to go through the procedure required to obtain a private letter ruling? If I do nothing, I believe the worst that could happen is I will have to pay tax on the value of the shares in 2016 that I would not have had to pay if I had filed the form with the correct information. Is that correct? Are there any other potential consequences of my mistake that I should know about? Thank you very much for your time and attention.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
Did not attach my 83b form with 2012 taxes, is that a problem? JA:

did not attach my 83b form with 2012 taxes, is that a problem?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: filed 83b on time with the IRS and that year filed taxes electronically where there was no method of attaching the 83b.JA: Is there anything else important you think the Accountant should know?Customer: noJA: 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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Tax-Scholar

Manager

Bachelor's Degree

 
124 satisfied customers
I want to file S corp election late. My company is

I want to file for an S corp election late. My company is an LLC. How far can you go back in terms of electing the S Corp tax treatment? Can you still get the benefit for tax year 2015? How liberal is the IRS in determining what constitutes a good excuse?Please respond with citations to legal authority or IRS guidance

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Richard

Owner

Doctoral Degree

 
45,860 satisfied customers
I need help with a mistake (typo) that I made on my form 83b.

I need help with a mistake (typo) that I made on my form 83b. I was filling editing the form (it was pre-populated)and forgot to take out the value which said $20,000. My stock was just issued, has not even vested yet, and has obviously not been sold. What do I do now? I was told my our attorneys that this can cost me thousands of dollars to correct and I am about to just call the IRS and tell them the truth which is that I simply filled out the form incorrectly. Can't tax me for something that is currently worth nothing...

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Barbara

Enrolled Agent, Paralegal

 
4,682 satisfied customers
First, will this cost me anything? JA: The Accountant will

first, will this cost me anything?JA: The Accountant will know how to help. Please tell me more so we can help you best.Customer: My wife received a 1099-misc from chase bank. Chase was reviewing their customers that fell under the SSCRA and found that we had been charged a higher interest rate than we should've. So she received a refund of the overcharged interest. Do I claim that on my taxes? Why? We paid taxes on that money when it was first earned!JA: Anything else I can tell the Accountant before I connect you two?Customer: Are you a real person?JA: I'm an assistant to the Accountant. I work with them to help customers like you.Customer: Are you a computer program?JA: I'm a bot and that's a GOOD thing, because it means I can help you and the Accountant for free. Of course, the Accountant is a real person.Customer: what's a bot?JA: 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 connect you two.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,188 satisfied customers
We installed a residential solar system on our house in 2010.

We installed a residential solar system on our house in 2010. We had to replace our storage batteries in 2015 at a cost of $4,160.00. Can we get a tax credit for some of this cost?How much will an answer cost?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I am looking C losses and how much that can be

I am looking for Schedule C losses and how much that can be deducted on my income and whether it's safe...JA: Thanks. Can you give me any more details about your issue?Customer: I just started to create a music service last year I barely made any profit but I am looking to deduct something like close to 10,000 on the business expenses side I wonder if that will be okay and cause a red flag for IRS auditJA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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PDtax

Owner

Master's Degree

 
6,654 satisfied customers
I have customer that has requested refund on six years of sales

I have customer that has requested refund on six years of sales tax on software but state only allows 3 years to apply for refund I am wonder if we are still liable to pay customer even thought state got moneyJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Does accountant handle state of illinoisJA: 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 connect you two.

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PDtax

Owner

Master's Degree

 
6,654 satisfied customers
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