Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
I am 50% owner in partnership. My partner is retiring. The
i am 50% owner in partnership. My partner is retiring. The partnership is going to borrow money and buy out the retiring partners partnership interest. This is not a service partnership - we operate a… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,699 satisfied customers
Capital account on LLC. Nevada. Question: We have a
Question: We have a partnership with another couple on an LLC. It is a building where we have been collecting rent. We are looking to dissolve the partnership. According to the Schedule K's we have been reeving each partner has a Capital Account with $102,000 to reflect the rental profit over the past 10 years. We have been paying taxes on the yearly rental profit and have not taken out any distributions for taxes as allowed by the LLC operating agreement. The operating agreement is a standard format that indicates that if the LLC is dissolved, NV law applies on the order in which creditors/partners are paid which mirrors Nevada law on LLC distributions on dissolution of LLC. Our understanding is that we are entitiles to our capital account once any creditors have been paid. That is our profit! The partners attorney says we are not entitiled to anything in our capital account as "we don't understand" how capital accounts work. We are representing ourseves in Proper Person in an ongoing contract dispute and I am a paralegal wwho works for several attorneys who do not handle business law. They think that we are entitiled to our capital account though. Is there something any of us are missing? … read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,506 satisfied customers
My partner and I started an LLC in 2009. Over the years we
My partner and I started an LLC in 2009. Over the years we have both put in over $2000 in our own funds to pay for website hosting and parts and instruments for use in developing new products. These f… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,750 satisfied customers
I have a specific question regarding a definition on the
Hi, I have a specific question regarding a definition on the Schedule K-1 for our partnership return Form 1065 … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,185 satisfied customers
I'm trying to figure out how to prepare the 1065 and K-1 for
I'm trying to figure out how to prepare the 1065 and K-1 for a 10% partner who left the partnership. She'll receive more than just her equity and undistributed earnings because the FMV of the three re… read more
PDtax
PDtax
Owner
Master's Degree
5,954 satisfied customers
The partner in my 2 member LLC retired effective 12/31/2016.
The partner in my 2 member LLC retired effective 12/31/2016. There was a buyout using LLC funds, the ownership was originally split 60/40. We both have negative amounts in our capital accounts due to … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,750 satisfied customers
I have an LLC with 3 members, one of the members wants to
I have an LLC with 3 members , one of the members wants to get out. We need to do it through a sell of shares. Accounting wise how should my entries be? on the tax return itself what is the schedule w… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,699 satisfied customers
I have a question about a member joining our LLC, This is an
Hello, I have a question about a member joining our LLC … read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
We bought out a member of a multi-member llc, taxed as
We bought out a member of a multi-member llc, taxed as partnership, for $500K more than her capital account. Generally speaking, what are the journal entries? Does it create goodwill?… read more
PDtax
PDtax
Owner
Master's Degree
5,954 satisfied customers
, I'm trying to post the sale of 49% interest in a single member LLC, thereby trans
Hi, I'm trying to post the sale of 49% interest in a single member LLC, thereby transforming the company to a mutli member LLC. The seller didn't contribute the money to the company; he kept the sale … read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
PARTNERSHIP FINAL TAX RETURN I have a two member LLC and the
PARTNERSHIP FINAL TAX RETURN I have a two member LLC and the ownership interest is 80%-20%. The LLC has been treated as a general partnership for all practical purposes. The members filed paperwork wi… read more
PDtax
PDtax
Owner
Master's Degree
5,954 satisfied customers
An LLC with 4 partners and three of the partners buyout the
An LLC with 4 partners and three of the partners buyout the 4th in Nov 2013. Should the K-1 for the 4th partner show 0 for the ending capital account balance?… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,185 satisfied customers
I need help with a journal for an LLC buyout of one the partners.
I need help with a journal for an LLC buyout of one the partners. I don't know how to record the buyout of the member. This member has a negative equity balance and we are buying them out over 3 years… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,699 satisfied customers
final k-1 for a multimember llc that closed with debt and a
final k-1 for a multimember llc that closed with debt and a member has about 60k in capital balance. teh llc has no money or assets. how do i treat this?… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I share ownership of an LLC 50% with another partner; 100%
I share ownership of an LLC 50% with another partner; 100% of the membership interest is accounted for. We have no Operating Agreement. We want to bring in a new partner who would vest 20% membership … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,750 satisfied customers
Two member LLC taxed as a partnership. 85% partner agrees
Two member LLC taxed as a partnership. 85% partner agrees to sell his Interest to the LLC for $15,000. Partnership is terminated and remaining partner becomes sole prop/disregarded entiry. Selling par… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
798 satisfied customers
I started an LLC 3 years ago with my brother. Following the
I started an LLC 3 years ago with my brother. Following the advice of a lawyer we did our articles of organization and each put up $500 as a capital investment in the company. This $1000.00 was used a… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
We are members in an LLC that owns lots in Hawaii. Our ownership
We are members in an LLC that owns lots in Hawaii. Our ownership interest is approximately 10%. Our share of the LLC's liabilities is approximately $534,000. Our previous capital contributions were ab… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,750 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

5,914 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

673 satisfied customers

B.A., M.B.A, J.D.

Loren

Loren

Attorney

555 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

21,808 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,666 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x