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How do I report the sale of rocks sold from our land?

How do I report the sale of rocks sold from our land? capital gain sale of an asset? ordinary income (sch c) sch e? depletion?JA: The Accountant will know how to help. Please tell me more, so we can help you best. Is there anything else the Accountant should be aware of?Customer: Land was purchased over a year ago. Now exploring the possible sale of rocks which would be for landscaping etc. from this land. Wondering about the income tax on any sales.

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Lane

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Doctoral Degree

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I am currently a 50% partner of a Texas LLC which is in it's

Hi,I am currently a 50% partner of a Texas LLC which is in it's 9th year of successful operation.This past year, I have been absent from daily operations and management of the business due to other business interests. My partner and I have both agreed I would decline a salary and be removed from payroll going forward and be removed from daily management duties.When it came to taxes, I have always had a W2 and a K1 from the Texas LLC and paid my taxes based on my personal tax rate.My question is, now that I am not an employee of Texas LLC and in essence a silent equity partner. Can I categorize this income as capital gains?By the way, my partner and I both agreed to have the K1 from the Texas LLC pass through to my new "Holding LLC" rather to myself.Thanks,James

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Lane

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If my income is earned from a company located in MA but I

If my income is earned from a company located in MA but I live in a different state, do I pay MA taxes?

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Robin D.

Vocational, Technical or Trade School

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I have two companies. One is an LLC and one is a C Corp. The

I have two companies. One is an LLC and one is a C Corp. The C Corp is a service provider with few assets other than the client relationships. 100% of the C Corp Shares are owned by the LLC. It only owns the one company, no other investments. I am the only member of the LLC. We file a consolidated return. The LLC was created to purchase the stock and to acquire the debt to do so. This kept the balance sheet of the C Corp from being underwater with debt.If I want to sell part of the service company in a stock sale, would the income go to me as Capital Gains as the only member of the LLC? or does the buyer need to buy membership in the LLC instead? I want to pay only capital gains and not have any corporate or personal taxes.

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Lane

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I am donating some inventory from a previous business. A

I am donating some inventory from a previous business. A variety of gift and collectible items, about 400 in total, none more than $100 each. Total is $3100. Do I have to fill out form 8283? Can I gift these items to my daughter so she can take the deduction?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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Lane

JD, MBA, CFP, CRPS

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I am purchasing a house through a single member LLC with the

I am purchasing a house through a single member LLC with the hope of improving it and reselling. I also work as a consultant for a company in the same city as the house. That means I have two separate businesses for tax purposes. Both the house and the company I consult for are not in my home location so I had planned to stay at the house when I am consulting and work on the house in the evenings. The question concerns the way I will be reimbursed for business expenses while consulting. I was going to bill the company I consult with for lodging in lieu of using a hotel. They are fine with this, but need a receipt. Can I bill that company through the LLC? If so, do I then have to show that as rent for tax purposes and can I deduct it as an expense for my consulting business?

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Lane

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As a co-signer for a mortgage can I use part of the tax

as a co-signer for a mortgage can I use part of the tax benefits of the mortgage if I have a contract stating that with the primary owners?

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Lane

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Doctoral Degree

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Can a sole proprietor loan his activity money, rather than

Can a sole proprietor loan his activity money, rather than considering it all to be owner equity for tax purposes, or must the entity incorporate or form some kind of partnership?

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Lane

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Doctoral Degree

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A USA Corporation owns a Condo Apart., their shareholders

A USA Corporation owns a Condo Apart., their shareholders are foreigners. The Condo was bought on 2001 an from that time never filed an Income Tax Return. The shareholders comes to USA one time each year. There is not income during those years. 2001-s005. Does the Corporation has to issue to issue its Income Tax Income since 2001, year until 2015 or is there another procedure. And what happen with the form 5472?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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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,076 satisfied customers
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