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I have an employment law question. This issue transpired

Hi. I have an employment law question.JA: What state are you in? It matters because laws vary by location.Customer: This issue transpired when I was working in the state of Maryland.JA: Has anything been filed or reported?Customer: Nope. I just had a question.JA: Anything else you want the lawyer to know before I connect you?Customer: I don't think so. But it has to do with tax withholdings if that makes a difference.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,110 satisfied customers
I have the following questions please answer underneath each

Hi,I have the following questions please answer underneath each one.I currently live in a house with $700 K loan amount. I'm planning to rent it out and build a new house.Q. Will the interest on the $700K be still tax deductible?Q. Will I only have $300k left as tax deductible? Or the $1 m cap will be still applicable since the first one will be an investment property?As for the new houseI'm going to buy 11 acres lot, I'm planning to build a house, horse farm, and horse boarding facility(for commercial use). My mom will pay half the price in cash and I'll pay the other half by borrowing on margin with 2.5 % interest rate.Q. Will this interest be tax deductible?As for the development,I have two options to finance the development .Borrow on margin from the brokerage account with a competitive rate of 2.5% for nearly half the cost and finance the rest with a construction loan at 4%Or get a construction loan for the whole amount.Q. Will the 2.5 % interest be tax deductible?Q. Will the interest on the construction loan be tax deductible?Also, should I set up an LLC for the horse business to protect my self?

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PDtax

Owner

Master's Degree

7,274 satisfied customers
We incorporated in 2015, and are a software application

We incorporated in 2015, and are a software application without any appreciated value (we have yet to launch). When I file my 83b election for my unvested share, do I state that the amount to include in my gross income is $0? or is it par value per share x amount of shares in grant?Best

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,110 satisfied customers
I received a 1099 misc line 3 from Enterprise Pipelines as a

I received a 1099 misc line 3 from Enterprise Pipelines for damages as a result of the pipeline installation.The payment was for me to hire someone to fix the damages as their crew had left the area.I believe this should be non taxable as it is not income.What forms do I use to file this and avoid this?

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Robin D.

Vocational, Technical or Trade School

21,882 satisfied customers
Have a partnership LLC where the commercial building is

Have a partnership LLC where the commercial building is titled. That. Building is being rented two to tenets. One of them is a business that the same tow Partners own and the other is rented to a non-related party. On the 1065 return schedule OK, is this considered a non-passive activity even though it's a rental property because it is being rented to a related party?

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
My husband and I have been living separately years pending a

My husband and I have been living separately for 6 years pending a divorce. I fully support myself but since I have no qualifying children I can't use HOH as my tax filing status. Would I be able to file as single considering in AR a legal separation means living apart for 18 months pending a divorce?

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38,522 satisfied customers
Regarding Section 179 and Uber , I have placed Vehicle

Customer: Regarding Section 179 and Uber JA: Thanks. Can you give me any more details about your issue? Customer: I have placed Vehicle in UberSelect & business use effective 2015 and would like to know whether I can writeoff full value of the car in year 2015 JA: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit? Customer: ok JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
S Corp transfers assets of $1M value, with zero adjusted

S Corp transfers assets of $1M value, with zero adjusted basis, to partnership for 50% interest. What are tax consequences?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,110 satisfied customers
I have a rental property which the tenets employer is going

I have a rental property which the tenets employer is going to pay the monthly rent. The employer wants me to do a W-9 before issuing me a check. This doesn't sound correct to me. Wouldn't this mean I would be a 1099 contractor for the company?

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38,522 satisfied customers
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