Does a contract have to disclose all prices for a home
Does a contract have to disclose all prices for a home remodel or addition?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: ArizonaJA: Has anything been filed or reported?Customer: noJA: Anything else you want the lawyer to know before I connect you?Customer: I am having a solar system added to my home and the company is not willing to disclose the prices I am paying for the different parts/componets of the system.JA: When we are ready I'll take you to the appropriate web page.Customer: Thank you.
I would like to have a solar energy system for my home and
I would like to have a solar energy system for my home and have a proposal for a system that costs $50,000. The tax rebate would be about $15,000. Our daughter, who lives with us, wants to buy it for us. She would buy it if she can claim the rebate as a credit on her tax return. When I read the instructions for IRS form 5695 it would indicate that since she lives with us she could buy the system and claim the tax rebate. The home we live in is on a farm in Virginia and the house is in my name (her father) and her mother's name. She meets the test of living with us, but since the home is not in her name, does that disqualify her from claiming the rebate as a tax credit?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: This is in the state of virginiaJA: Has anything been filed or reported?Customer: no. We just want to make sure that we will get the tax credit before we buy the systemJA: Anything else you want the lawyer to know before I connect you?Customer: no
Tax advisor and Enrolled Agent
I have a few questions. I own a unit in a co-op. 1) Can I
Hello. I have a few questions.I own a unit in a co-op.1) Can I deduct the the buildings ( recipient/lender )mortgage interest ( form 1098 ) on my tax return ( itemized deduction - schedule A) as payee/borrower?2) Do I need to include the annual NY real estate tax abatement I receive that is credited towards my monthly maintenance as income on my tax return?3) Do I need to include the annual cooperative real estate tax abatement ( STAR ) rebate that I receive as a credit towards my monthly maintenance as income on my tax return?4) I receive an annual notice from the Corp. with the $ amount per share allowable to shareholders for claiming a deduction for the Corp's real estate tax expense ( i.e. $5.00 per share x 500 shares =$ 2,500. ) Do I deduct the $2,500 on schedule A under real estate taxes?
What would occur if, although I pay my school and property
What would occur if , although I pay my school and property tax, I elect to pay the amount of the tax as of 2016, not any increase past that date. In effect, as a senior citizen, I am grandfathering my tax at a level I can afford.
I use quickbooks online for our small business. We switched
Hi, I use quickbooks online for our small business. We switched over a few months ago. Some jobs that we do, we don't get paid until months later (we get state rebates and sometimes it takes a while). As I am going over each job, I am not sure what to do....a job that was completed in Dec 2015...partial payment was deposited in dec. The balance and some expenses associated with this job were paid in 2016. How do I record this? Is any money collected this year counts as this year's? when I run a report for some reason it is showing no revenues for this year for this job even though I have payments made this year. Basically I am just not sure which year to count sales/revenues for jobs that were done late 2015 but paid either partially or fully in 2016.Thank you
An investment property that I had a mortgage on was
An investment property that I had a mortgage on was foreclosed in 2015. It was a house I'd purchased for my mother, who passed away. Not my primary residence. The 1099-A shows the Balance of Principal outstanding as $246,788, and the Fair Market Value of the Property as $407,802. Leaving a loss of $161,014. For my 2015 taxes, how do i show the loss? On Form 8949 (Sales and other Dispositions of Capital Assets) & Schedule D (Capital Gains & Losses)? ... OR ... On Schedule E, as a Loss on Rental Real Estate (although I didn't charge my mother rent) ...OR... somewhere else? It appears that using Schedule D will only allow me to report $1,500 of the huge loss (married filing separately).
JD, MBA, CFP, CRPS
If the IRS ever audits someone, what type of things do they
If the IRS ever audits someone, what type of things do they usually look into? Will they ask to see proof of every little check that was deposited into an account (for example: $5 check, or $50 check from cable rebates, etc)?
Tax advisor and Enrolled Agent