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Recent Tax Payment questions

I have a question if I need to file an amended return in

I have a question if I need to file an amended return in relation to rental property depreciationJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I sold a rental property this year. I never depreciated it because I maxed out on the passive loss limits (I didn't know any better) Now that I sold it, I realized that if I claimed those depreciations, the passive loss could carry over this year.JA: Is there anything else the Accountant should be aware of?Customer: I think that is the list of it, unless he needs more detail

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,354 satisfied customers
You were very helpful to me with last year's taxes so I

Stephen, You were very helpful to me with last year's taxes so I thought I would contact you regarding this question.I started a new position this past July. One of the benefits of this position, is that I have a home office. 100% of my work is done at home as the company does not have a central office for its employees. My question, am I able to write off part of my house and if so, how do I do it? I believe you can do it if you are self-employed, an independent contractor or own your own business. Thank you.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,352 satisfied customers
In January. my wife sold her half interest in a condo. We

In January. my wife sold her half interest in a condo. We file jointly, and will owe Fed and state tax on the proceeds. We have already submitted our 2016 return and have a schedule for payment of estimated tax from last year. Should we estimate an amount (12-13% of the sales price) and pay it as estimated tax now?

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Lev

Retired

Bachelor's Degree Equivalent

24,832 satisfied customers
I am filing 1065 tax return with out of state members. The

Good afternoon Pearl. I am filing 1065 tax return with out of state members. The partnership is located in Illinois. How does section 179 deductions get passed on for out of state individuals? The depreciation deduction does not show up on the IL K-P.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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Lev

Retired

Bachelor's Degree Equivalent

24,832 satisfied customers
How much can a person 67 years old earn on SSI? I am

How much can a person 67 years old earn on SSI? I am publishing a book this year.JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.Customer: I will get royalties in January and June. What is the best way to report these earnings? How much will SSI get?JA: Is there anything else the Retirement Accountant should be aware of?Customer: I have Medicaid and Medicare. Do not want to lose them. I have to set up an account to receive my earnings.

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CFEPro789

Fraud Analyst

Master's Degree

1,044 satisfied customers
I have a full time job - which my employer witholds all the

i have a full time job - which my employer witholds all the taxes from my paycheck. I just started doing uber part time and was wondering if I would have to still take out self employment tax (SS & Medicare) since my primary employer already does it? Also the same question with state tax...I live and participate in Uber in NJ.If you can answer these questions for me that would be great!

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Robin D.

Vocational, Technical or Trade School

24,074 satisfied customers
I would like to know what I will need to take to my

I would like to know what I will need to take to my accountant when filing income tax. I have a less than typical situation though.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We did not file taxes last year, for some reason, so I am going to take over the duty. I lost my job in 2015, then got onw 3 months later. In 2016, I quit that job, then got a new one. I also took out all of my 401K when I lost the job in 2015.JA: Is there anything else the Accountant should be aware of?Customer: I'm not sure. Do I need proof of insurance? I did have insurance the whole time.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,352 satisfied customers
Please! My employer just sent me (fFebruary27) 1099 form,in

Hello, Please!JA: Have you talked to a tax professional about this?Customer: My employer just sent me (fFebruary27) 1099 form,in addition my W2 form, because he used my personal Credit cards for equipment purchases, and then pad me back by check.I already filed my 2019 tax return and I would appreciate your advice how to file amended tax return?JA: Which tax year is this for?Customer: 2016JA: Anything else you want the Accountant to know before I connect you?Customer: no, just that.

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Robin D.

Vocational, Technical or Trade School

24,074 satisfied customers
Net gain on sale of my home I'm doing a napkin calculation

Net gain on sale of my homeI'm doing a napkin calculation on the net gain on the sale of my home. It was purchased in 1988 for 250K. I can sell today for 1250K. I am single. House was rented (May 2015 to April 2017) for 2 years. (I'll move back in shortly. It will be my residence when I sell it, after some improvements, this fall.) Say $100K in improvements.So, 250 purchase + 100K improvements = 350K basis. 1250 sale price, less ~5% selling expenses = 1187.501187 - 250 (purchase) -100 (improvements) -250K primary residence exclusion = 587 taxable.587 taxable - 15% capital gains = 499.So this sale should net (250+100+250) tax exempt + 499 (after 15% taxes)=1099So I have 1099 net after taxes (I'm in CA) if I sell for 1250.Q1: Is that about correct?Q2: Do I have to factor in the 2 years that I rented the property somehow?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,352 satisfied customers
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