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Recent Revenue Ruling questions

I have Income from self employment that accumulated over the

I have Income from self employment that accumulated over the year that I want to report. I know the amount but I don't have records and receipts of who and were it came from. Can I report this as miscellaneous self employment income somewhere on tax form? I did earn the money doing numerous small services and I don't want to lose my earned income credit.

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Robin D.

Vocational, Technical or Trade School

22,322 satisfied customers
I am a CPA and I have a business condominium assoc. who

I am a CPA and I have a business condominium assoc. who wants to fund a special reserve for capital projects or major repairs. I have told them that if they collect money for improvements or betterments to the property (in other words the item must be a capital item under tax law to be depreciated), segregate the funds and not use any of the proceeds for operating goods or services, they can exclude the income from taxation as a capital contribution (Rev. Rul. 70-604). I have also told them that the unit owners will not be able to deduct the amount paid for the special assessments for capital projects. What the issue is relates to replacing building roofs. The current tangible property reg's do allow you to actually deduct the cost replacing of roof shingles with substantially identical shingles. I am afraid that if the association collects funds and does not capitalize the roof shingles as a betterment and thus a capital asset, then excluding any of the special assessment income would not apply and subject the organization to significant tax problems. Can you provide any IRS cites or technical sources where I might get support for my conclusions.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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Tax question Do wash loss rules apply when the stock is sold

Tax questionDo wash loss rules apply when the stock is sold outside of a retirement account and rebought in a retirement account? Please cite irs code with example computation if applicable

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
I have a client that had to pay for an environmental study

I have a client that had to pay for an environmental study done on an old gas station they purchased. They had to pay to have the ground cleared and fix and environmental spill that was found. Lastly they had to remove tanks and had to pay a civil engineer to redesign the land for proper future use.Is the client eligible for any sort of special credit deduction/depreciation for any of the above mentioned.

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Robin D.

Vocational, Technical or Trade School

22,322 satisfied customers
What is the section of the IRS that allows to deduct

What is the section of the IRS that allows to deduct receipts from other sources, income that is necessary in the operation of a nonprofit business, and to offset that income by ordinary business expenses?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am talking about a H O A, that files 1120H. HOA dues.Tower Rents from Sprint, Verizon and Cable TVJA: Is there anything else the Accountant should be aware of?Customer: Is it better to file 1120H, or 1120

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
I would like to print out and mail my taxes from Europe. I

Hi,I would like to print out and mail my taxes from Europe. I do not want to e-fiile.I need to know:- What the approved Europe to America couriers are for meeting postmark requirements?- And what street addresses (not PO Boxes) I would send my Federal return to and my California state return to.This page at the IRS says this, but doesn't identify the either the approved couriers or the street address for Federal (or California, of course.)https://www.irs.gov/individuals/international-taxpayers/u-s-citizens-and-resident-aliens-abroad-where-and-when-to-file-and-payCAUTION! A tax return delivered by the U.S. mail or a designated delivery service that is postmarked or dated by the delivery service on or before the due date is considered to have been filed on or before that date. You can use certain private delivery services designated by the IRS to meet the "timely mailing as timely filing/paying" rule for tax returns and payments. See your Form 1040, U.S. Individual Income Tax Return or Form 1040A, U.S. Individual Income Tax Return instructions for a list of designated delivery services.Revenue Ruling 2002-23, 2002-18 IRB 811 provides that federal tax returns mailed by taxpayers in foreign countries will be accepted as timely filed if they bear an official postmark dated on or before midnight of the last date prescribed for filing, including any extension of time for such filing.Thank you!

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,382 satisfied customers
If a business buys a builidng and there is an oil tank and

If a business buys a builidng and there is an oil tank and other remidition things that need to be done after the building is purchased, should that amount be depreciated, expenses or just added to the basis of the building purchase?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
I am a consultant and I live in CA. I work as a consultant

I am a consultant and I live in CA. I work as a consultant in FL. I am paid my salary and the company pays my expenses. I am coming up to my year on the project and I do not want to be tax compensatory. Do I need to take a break for 21 days and more than 100 milesJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I am trying to find the IRS codeJA: 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

22,322 satisfied customers
I'm retired (60 y.o.) and my wife works part-time in real estate.

I'm retired (60 y.o.) and my wife works part-time in real estate. I'm using TaxAct to prepare our 1040 and Schedule C. I have been watching the interplay between her business deductions and the EIC. It seems that at our low income level, the increase in her SE tax is less than the increase in the EIC. Therefore as her deductions rise our refund diminishes. Never encountered this issue before. My question is this: does the IRS require us to take all deductions or can we decline to take then in order to maximize the EIC? I thought I had read somewhere that the IRS had managed to force deductions when it was to their advantage.PS: I still have an active CPA license - but I was in private industry (i.e. not a tax guy).

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
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