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Recent Taxpayer questions

A certain taxpayer received a refund of 10,000.00 for a tax

A certain taxpayer received a refund of 10,000.00 for a tax year beyond the statute of limitation.. As per his calculation, this is erroneous refund. He returned the check. But the IRS sent it again. Then, he returned second time. Then IRS returned second time. He thought that he would not cash the check and kept it at home instead of tearing it. His wife accidentally cashed it. The check belongs to year four years back. Can the IRS demand the check if they come to know their error?

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Barbara

Enrolled Agent, Paralegal

5,122 satisfied customers
If the state and the federal govt have tax liens on my home;

If the state and the federal govt have tax liens on my home; if I should sell my home - which one gets the money first? Does Federal or State have precedence?

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Barbara

Enrolled Agent, Paralegal

5,122 satisfied customers
My wife's brother has yet to pay the property taxes on their

My wife's brother has yet to pay the Peruvian property taxes on their rental property for 2015, but, of course, our US tax deadline is looming. How does this work in terms of filing here in the US. Can I still include these taxes as a deduction off the rental income?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
PA Fictitious Name Amendment, Withdrawal, Cancellation: I

PA Fictitious Name Amendment, Withdrawal, Cancellation: I run my business as sole prop and only address was changed from my home address to the office address. In the form PA Fictitious Name Amendment, Withdrawal, Cancellation, do i have to sign only current party signature OR fill out name of entity, signature and Title as well in the bottom of 2nd page ?Another question, do i have to file this form for business address change or can I use the changed address without filing it ? thanks

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
I'm filling out the on-line ss-4 form, to obtain Taxpayer ID

I'm filling out the on-line ss-4 form, to obtain Taxpayer ID number for my mother's family trust. My mother passed away recently.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I seem to have questions about most of the blanks. First, when it asks for the trustee, in box 3., is that me as successor trustee, or my mother as the original trustee? Mailing address -- can I use mine? My mother lived in a different state.JA: Is there anything else the Accountant should be aware of?Customer: Who is the responsible party? Me as successor trustee, or my mother as original trustee?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
I have a question, can a 1099 contractor who was overpaid by

I have a questionJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: can a 1099 contractor who was overpaid by me file amended returns?JA: Is there anything else the Accountant should be aware of?Customer: and how do I charaterize or deal with the money returned? he was overpaid the last few years

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
Question for Dr. Fiona. Some appraisers whom I asked to

Question for Dr. Fiona Chen. Some appraisers whom I asked to provide the report were concerned in providing an appraisair report for the IRS casualty loss purposes as they are concerned that IRS can "go after them" in querstioning the report. Is it true or IRS neither have power to talk to the appraiser nor it is what IRS does normaly? In my situation when there is a substantial difference betweeen wht Insurance paid me and what my total claim is (due ot variety of resons described) - to minimize the chances of audit -- am I better of of to provide appraiser reports on paintings and jewlery or hold in providing them if/when I get audited? If there ian an audit -- would that normaly be conducted with my CPA - or the auditor may request to see damaged jewelery pieces and burnt paintings? Can IRS auditor reject appraiser report on paintings and jewelery without IRS hiring their own independent appraiser? I know your answer may say "it depends" - -but I am asking for most likely probability on what is going to happened?

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
I half own an S Corp that my annual W-2 is over $200k and my

I half own an S Corp that my annual W-2 is over $200k and my half of the company profits range around another $100k or so that goes on my tax return. Been a W-2 employee there since 1990 and have a good book keeper and accountant. This job also provides a company car and my health insurance.I have several rental houses in my personal meme that produced income.In addition, on the side I dabble with flipping houses. Since I'm short on time about 1/4 or so of the 5 or 6 houses a year that I sell a year I hold for over a year. No rents. They just sit. Busy.I have always reported the sales on Schefule D except for in 2013 I included two sales on C and 2015 I included two on C. The reason at the time I reported those on C was that they were the only houses I carried in my LLC. The others were in my personal name. Income from the sales are around $100k a year.This year my pay from my normal job will remain the same as well as the company profits rolled to me. Sales of the houses, 2 being held for over a year with one rented for six months to the eventual buyers come Dec.What I want to do is just report all from here on out on Schedule D. I have a full time well paying job outside of real estate. I also am contemplating amending those two other returns to switch the sales from C to D. Do you think this would throw up red flags?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,010 satisfied customers
Request Dr. Fiona to answer this question.. The insurance

Request Dr. Fiona Chen to answer this question. . The insurance company reimbursed me for the limit of my policy on my contents. And my real loss substantialy exceeds the insurance reimbursement. Even with that there is roughly 30% discrpency in what the insurance allows for lost items and what public adjuster estimated in my case. I did not fight the insurance on that - as I was over the policy limit. Some other lost items such as paintings were not even part of the coverage, but were aknowleded by insurance as legitamate loss ( and I need to get separatly prepared appraisal for those items). Whom does IRS beleives in this situation -- my public adjuster estimate , my other I hired appraisair OR the insurance adjuster? I forsee this to be the biggest issue during the IRS audit. I am stil lnot clear on how to fill out the 4684 -- should I just lump everything into one number on this form (from my NOTsubmitted Excel spreadsheet) -- and tell IRS to use the provided to them estimates from the insurance company and the public adjuster and independent appraiser if they want to see how the numbers are substantited? How often does IRS calls my public adjuster or my other appraisar "on the carpet" if there is an audit (as I suspect there would be one as my loss exceeds limit of my policy by 200k)

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
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