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Recent tax questions

What is the difference between prior depreciation and prior

What is the difference between prior depreciation and prior AMT depreciation for a vehicle when claiming business usage deductions and credits?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,534 satisfied customers
I will be inheriting $147,000. What will be the tax rate on

I will be inheriting $147,000. What will be the tax rate on this amount in state of NY and I am 60 years old now.

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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
What are the taxes involved: a) if a US company has 1m in

what are the taxes involved:a) if a US company has 1m in profits in 2016 and before the end of the year the company spends 1m in the acquisition of shares of a foreign company.b) if a US company has 1m in profits in 2016 and before the end of the year the company spends 1m in the acquisition of copyrights from a foreign company.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
We would like to purchase a piece of property daughter that

we would like to purchase a piece of property for our daughter that is around $150,000 and put it in her name alone. What is the tax consequence?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we would like to purchase a piece of property for our daughter that is around $150,000 and put it in her name alone. What is the tax consequence?JA: Is there anything else the Accountant should be aware of?Customer: noJA: 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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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,534 satisfied customers
Are there any IRS rules inventory

Are there any IRS rules for determining inventory obsolescence? I have a client that buys and sells auto parts, and some of the parts can stay on the shelf for years.

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Mark Anderson

Attorney

Doctoral Degree

 
472 satisfied customers
I am completing an initial 1065 tax return individual

I am completing an initial 1065 tax return for an individual that is in partnership with his IRA. The custodian receives the K-1 for the IRA, correct? The partnership owns rental property 20% IRA and 80% individual.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The EIN that the owner of the IRA obtained will be the EIN for the partnership, correct?JA: Is there anything else important you think the Accountant should know?Customer: The partnership is an LLCJA: 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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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
RE: Sole ownership LLCs, my husband & I are the only members

RE: Sole ownership LLCs, my husband & I are the only members of an LLC & file joint personal returns. The LLC has zero income & was filed under Schedule C under personals. However, the IRS has penalized the LLC for not filing a 1065 irregardless of no income. Does the LLC fall under the "disregarded entity" tax rules?Thank you,Elizabeth

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
My husband and I are involved in a 3rd party insurance claim

My husband and I are involved in a 3rd party insurance claim where we have suffered property damage/loss due to contractor negligence. The contractor turned it over to his insurance, who opened a professional liability claim. We are communicating strictly through their lawyer. They have now told us that they will not submit any reimbursement checks to us until we fill out a W-9 form. Why would we need to do this? We are concerned that the reimbursement, which may be substantial, will be considered taxable income, which seem totally wrong since the money is for the replacement of our damaged property. Any advice? Thank you!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
W-8BEN form: A new client of my UK company's wholly owned US

W-8BEN form: A new client of my UK company's wholly owned US subsidiary (the subsidiary is Illinois registered) has requested this form. Am I correct to assert that this should not be required since they are contracting with a US company?

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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
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