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Recent Tax Year questions
I have 7 rental properties. 2 are in our names because they
I have 7 rental properties. 2 are in our names because they need to be right now. The other 5 are in individual LLC's for asset protection purposes. Even though my husband and I are the only members, we have them registered as multimember LLC's and file separate returns for them. One of the LLC's is a single member LLC and we include that income on schedule E as a rental property. The others, we include the K-1 income on Schedule E.We also have an LLC that flips properties. This is a multimember owned by my husband and me and also reporting as a S Corp.Is this a proper way to structure these, or should I structure them in a better way?We are retired and use the rental income in our names and distributions from the LLC's as our living income.
I inherited a rental property in 2012. I have not been
I inherited a rental property in 2012. I have not been depreciating this property with the appraised value upon my mother's death. Can I start depreciating now? Thank you, TerriJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The rental property was in my name along with my parents. Upon their death the property was legally deeded to me and an appraisal was done at the time of my mother's death. Can I begin to depreciate this property at the appraised value for my 2016 income tax or do I have to file depreciation for the last 3 years?JA: Is there anything else important you think the Accountant should know?Customer: No, I think this will suffice. Thank you, Terri
For PDtax..... When a bank or mortgage broker submits a
For PDtax.....When a bank or mortgage broker submits a 4506-T form to the IRS to request your tax return and the boxes that are checked are:#6 Transcript request 1040RECORD OF ACCOUNT... "Available" for current year and 3 prior tax years.", and...#9 YEAR OR PERIOD REQUESTED: 2015 2014Will the IRS --automatically-- send the bank the "3 previous years" to 2015, and 2014? Or does the bank have to specifically request to see the year 2013, and previous years?Just to be clear, my question specifically is: will the IRS send my tax returns from 2013 and other previous years to the bank, when the bank requests my returns for 2015 and 2014...or will the IRS only send my 2015 and 2014, since those are the only years that the bank specifically wrote and requested on the form? (Is the form only saying that the other years are "available" to request, not that they "will" send them without the banks specifically requesting them?)Thank you!
An investment property that I had a mortgage on was
An investment property that I had a mortgage on was foreclosed in 2015. It was a house I'd purchased for my mother, who passed away. Not my primary residence. The 1099-A shows the Balance of Principal outstanding as $246,788, and the Fair Market Value of the Property as $407,802. Leaving a loss of $161,014. For my 2015 taxes, how do i show the loss? On Form 8949 (Sales and other Dispositions of Capital Assets) & Schedule D (Capital Gains & Losses)? ... OR ... On Schedule E, as a Loss on Rental Real Estate (although I didn't charge my mother rent) ...OR... somewhere else? It appears that using Schedule D will only allow me to report $1,500 of the huge loss (married filing separately).
JD, MBA, CFP, CRPS
I have a question about a case where an S Corp gives a gift
Hi,I have a question about a case where an S Corp gives a gift to a client.I understand that a gift to a client is deductible up to $25. In other words, if the S Corp provides a $500 gift to a client, then for tax purposes, the S Corp can deduct only $25.My questions are what happen to the other $475. :1. Is it reported on the K1 for the S Corp Shareholder?2. Is he $475 reduce the Shareholder basis? OR it simply reduce the S Corp cash flow?Could you please clarify.
Vocational, Technical or Trade School
I have been paying spousal maintenance for this year as the
I have been paying spousal maintenance for this year as the first year of a settlement agreement. I may want to pay what is left in January 2017 in a lump sum. The original agreement was for 44 months so I would have 32 months left to pay as a lump sum. Is my deduction spread out over the remaining 32 months, not taken all at once and is the income to my former spouse reportable over the 32 months or in tax year 2017?
EquonCPA, I have a case where a US subsidiary is owed by aView more tax questions
Hi equonCPA,JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have a case where a US subsidiary is owed by a Foreign corporation. I am filing out Form 5472 for the US subsidiary. The CEO of the USA subsidiary owns 25% of the foreign corporation and his brother owns 12% of the foreign corporation. Thus, in reality, both have more than 25% indirectly of the USA subsidiary.JA: Is there anything else the Accountant should be aware of?Customer: I understand that in Part II I need to report the foreign corporation. How do I report the CEO and his brother?