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Recent Tax Liability questions

My father bought a house 10 years ago for $250,000. Just

My father bought a house 10 years ago for $250,000. Just before his death 7 years ago he deeded to me. I just sold it for $159,000 (net $149,000 after expenses). What is my tax liability?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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What is the limitation section 179d deduction placed into

What is the limitation for taking section 179d deduction for year placed into service? The contractors continually talk about a twenty year carryforward. When would you ever carryforward the 179d deduction and why? Is the limitation basis or income or what?

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Robin D.

Vocational, Technical or Trade School

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Form 941 of 2015 and first quarter of 2016 were filed with

Form 941 for all of 2015 and first quarter of 2016 were filed with incorrect EIN. IRS says to use 941 to make corrections but the form does not address the problem of an incorrect EIN. Any suggestions as to what other form I might use.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No. The w2s and w3 for these periods all have the correct EIN

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Dr. Fiona Chen

President

Ph.D.

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I have a registered LLC in Delaware. In 2016 I have so far

I have a registered LLC in Delaware.In 2016 I have so far lived in NYC, HI, and now looking at moving to either CA, or FL.What state would my tax return be done in?I'm looking at moving to FL in October for the remainder of the year, hoping that would give me the tax benefits from that state.I have a NY drivers licence, and a HI state ID card just for some extra info...Last years tax i filed in HI, even though I didn't move here until February 2016.Really unsure of what I should be doing as I move around so much.Thanks

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Dr. Fiona Chen

President

Ph.D.

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46 satisfied customers
I just amended a clients returns, 14 and 15. I would like to

I just amended a clients returns for 2013, 14 and 15. I would like to work out the interest they owe for each year so they can make an accurate payment. I find it confusing, as IRS wiill give a percentage to add to another rate. I do not find a table anywhere. For that matter, I would accept a workable rule of thumb that would get me close to the correct answer, if that was available. I run into variants of this problem routinely in trying to work out penalties. My computer- Intuit Pro Series--calculates pretty much everything else. What is the solution?

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Dr. Fiona Chen

President

Ph.D.

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46 satisfied customers
Well, before I do, how much will this cost? I did not

Well, before I do, how much will this cost? I did not realize this was an interactive site when I clicked the link.JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to. The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Ok. I have an approximate $15,000 unpaid tax obligation from 2010, when I was married to (but separated from) a former spouse. We divorced in 2014. I married my current spouse in 2014. We lived in California through June of 2015 and New Jersey the remainder of 2015. Well over half of our 2015 income came from my wife's NJ job.JA: Is there anything else important you think the Accountant should know?Customer: Yes. I wasn't through, but accidentally hit the button. So, I filed an injured spouse form with our 2015 return. We filed jointly/married. I provided a breakdown of the earnings and expenses between NJ and CA. However, we got a notice from the IRS a couple of weeks ago that said they were keeping the entire refund (over $9,300) and that they were "unable to process" the injured spouse form because we resided in CA. It mentioned nothing about also residing in NJ or the different incomes generated from the two states. So I'm just curious whether I should pursue the matter or not.

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Mark Taylor

Certified Public Accountant

Masters

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320 satisfied customers
My family own 225 acres and we have a 1 million tax

My family own 225 acres and we have a 1 million tax exemption because we inherited the property 10 years ago. We are selling 21 at 1.6 million. My question is can we apply all the tax exemption on this sale? Then have no tax exemption for the remaining acres. Capital GainsJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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Dr. Fiona Chen

President

Ph.D.

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46 satisfied customers
I need to know how much additional funds to withhold if I

I need to know how much additional funds to withhold if I pull money out of my IRA rollover.

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
Here is my question, if the IRS accepts my OIC I owed, 2008,

Here is my question, if the IRS accepts my OIC for taxes I owed for 2007, 2008, and 2009. I found a lot of errors which will cost me thousands and I tried to ammendment the taxes to find out there is a statute of limitations. Anyways, I still have not filed my 2015 taxes yet. Just an extention only. It looks like I will be getting a refund for $12k, and I could definitely use this money because my spouse got laid off. Let's just say the OIC offer is going to be a few hundred dollars. Will the IRS allow me to pay the OIC, and then allow me to file 2015 returns and give me a refund? I kind of read the rules and I think it states that they will not give me a refund on the year an OIC was made and agreed. Is there any way around this? How about if just take a penalty and file 2015 next year with 2016. Yes I would get a penalty, but it's better than no money back to my family. Please advise.Thank youLee

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Barbara

Enrolled Agent, Paralegal

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4,834 satisfied customers
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