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Recent Tax Returns questions

My wife and I own a residence in Connecticut and one in

My wife and I own a residence in Connecticut and one in South Carolina. Can one of us be a resident of each state and if so How does that affect both our state and federal taxesJA: Has anything been filed or reported?Customer: We are both Connecticut residents currently, however we are thinking it would an advantage if each of us claimed separate state residencyJA: Anything else you want the lawyer to know before I connect you?Customer: No

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Robin D.

Vocational, Technical or Trade School

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When a state has approved the production of marijuana for

When a state has approved the production of marijuana for medical purposes is the income from being employed with this type of company considered taxable income? Or because marijuana is a controlled substance under federal law does the IRS consider income derived from trafficking in controlled substances is not be considered income even if approved under state law?

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Robin D.

Vocational, Technical or Trade School

22,410 satisfied customers
Do I need to file a state return if I earned $1,408 GEORGIA

Do I need to file a state return if I earned $1,408 GEORGIA ADJUSTED GROSS INCOME (AGI). Is there an income threshold under which you do not need to file a return for that state?

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Robin D.

Vocational, Technical or Trade School

22,410 satisfied customers
I am helping a friend of my submitting his corporation tax

Hi,I am helping a friend of my submitting his corporation tax return (Form 1120). His formed/ incorporated his company on 3/30/2016 (during the tax year) and the corporation operates on a calendar basis. When filing out the header of the 1120 Form, should we fill out the beginning date as 3/30/30216 and ending 12/31/2016 or don't fill out these date and leave it blank."For calendar year 2016 or tax year beginning 3/30, 2016 ending 12/31, 2016".Our concern that if we fill out these dates, then the IRS will think that we are on a fiscal year and not a calander year.Is it correct? Also, should we indicate the beginning and ending dates?

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Mark Taylor

Certified Public Accountant

Masters

2,658 satisfied customers
What are the tax advantages of moving into a life plan

What are the tax advantages of moving into a life plan community? IE initial fee and monthly fees? How are they reported on tax forms?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: We are considering moving into Royal Oaks (royaloaks.com) in AZ and have been told that parts of the initial cost and monthly charges can be tax deductions. We are wondering where we can find more information about that.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,410 satisfied customers
My ex husband and I have joint custody. He claims one and I

Hey Pearl. My ex husband and I have joint custody. He claims one and I claim two (divorce agreement) I have a small business (DBA) and until December my kiddos were on arkids first. However, my income has jumped a bit (thank God) and now my ex carries the kids on his insurance (soonercare). Last night he informed me that he needs to claim all the children on his taxes b/c he's worried he'll get audited because of having them on soonercare. However, according to the divorce docs, he is suppose to be providing insurance anyways, I've just always done it. Will this be a problem? (sorry so involved)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

9,410 satisfied customers
Question for Steve G. Currently a single member LLC is taxed

Question for Steve G.Currently a single member LLC is taxed as a S corporation. I would like to revoke the S election effective as of 1/1 2017.Question: Is the LLC taxed as disregard entity (report on her personal return) or as a C-corporation after IRS approve the revocation

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Mark D

Master's Degree

988 satisfied customers
My question has to do with a C Corporation 1120 federal tax

My question has to do with a C Corporation 1120 federal tax return. Where do I list my previous years' income losses on my corporate return? Are they considered capital gains/losses, for I did find that section?

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Dr. Fiona Chen

President

Ph.D.

806 satisfied customers
Question For LANE: We decided to rented-out our townhome mid

Question For LANE: We decided to rented-out our townhome mid of last year. We upgraded the appliances (refrigerator & dishwasher) by spending 2 K, two months (April 2016) before 1st tenant moved in (July 2016) as we wanted to complete all upgrades and repairs before renting-out.Can this amount be claimed as expense deduction (or) it has to be depreciated along with the cost of the Townhome in the tax return? Say, the townhome is 200 K, adding 2 K for appliances upgrade, should 202 K be depreciated over 27.5 years?Also, we got our drive way seal-coated before renting (June 2016). Will this come under deductions for repairs?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,410 satisfied customers
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