Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I trade stocks and options on margin and I pay interest on
I trade stocks and options on margin and I pay interest on the money borrowed on margin.Is the interest paid this way considered a business loss and tax deductible from any earnings?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Lane, Interest paid relating to a real estate investment is
Lane,Interest paid relating to a real estate investment is deductible on schedule A line 14? Does it matter that it wasn't reported on a 1098? It was for a private loan.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have around 30 residential properties that I rent out on a
I have around 30 residential properties that I rent out on a full time basis. I recently purchased (through a bank loan) empty land for investment purposes. I have been making the monthly mortgage pay… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,950 satisfied customers
I have a real estate investment (building) where the
I have a real estate investment (building) where the mortgage was paid off many years ago. I would now like to take cash out, say $100K and suppose interest rate is 5% and suppose there is $5000 of in… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If borrow money to buy 100% of a "C" company's stock, that I
If borrow money to buy 100% of a "C" company's stock, that I am an employee of, is the interest deductible?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
We are considering selling our rental home in a real estate
We are considering selling our rental home in a real estate contract for $355,000 with $50,000 down payment and balloon of the remaining amount in 12 months with payment at 5% of the financed amount. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I borrowed money to invest in the stock market.. I had a loss
I borrowed money to invest in the stock market.. I had a loss this year.. Can I write off the interest on the loan I used to invest?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Please clarify for me that Advisory fees are a Schedule A deduction
Please clarify for me that Advisory fees are a Schedule A deduction subject to the 2% and do not reduce investment income. Whereas investment interest to include margin interest, but NOT management or… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Your information has been accurate, and very helpful. I am
Your information has been accurate, and very helpful. I am very thankful to you. One last question on this matter, and then I will hopefully work the rest out with my accountant. Because of the late f… read more
winktax
winktax
Enrolled Agent
Master's Degree
349 satisfied customers
we have a loan on our property (on which our home sits) that
we have a loan on our property (on which our home sits) that is for developing the property in to 30 lots that are now for sale. We live in a house on lot #8 but the house is not included in the colla… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Im interested in using my S corp (well established and profitable)
I'm interested in using my S corp (well established and profitable) to assist in buying real estate investments. 1.) Can my S. Corp. purchase a real estate investment as a tax deductible expense? 2.) … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I borrows $200,000 to finance taxable and tax-exempt investment.
I borrows $200,000 to finance taxable and tax-exempt investment. i incurs $15,000 investment interest expense, allocate equally between the taxable and tax-exempt investment. ignore any possible inves… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
i borrowed against my home equity line of credit to purchase
i borrowed against my home equity line of credit to purchase raw land that i am holding for investment/speculation. Can i deduct the interest in full or only as an investment interest expense on form … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
I have an unsecured line of credit that I may access with a
I have an unsecured line of credit that I may access with a check. If I wrote a check to transfer the entire amount to my brokerage to purchase investment shares, would I be able to write off the inte… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
I purchased a lot in a development in Nov.06 for $480K ...
I purchased a lot in a development in Nov.06 for $480K (incl.closing costs). Our plans were to build our new home. We put our house on the market and it sold in Mar.07. We moved into rental in the int… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Currently residence is paid for. Also own a second ...
Currently residence is paid for. Also own a second home which we have a small mortage on. Plan, in retirement to sell primary home and build another new log home in its place. We have found the lot fo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I TOOK A MORTGAGE TO BUY PROPERTY NOW THE DEAL FELL THRU I ...
I TOOK A MORTGAGE TO BUY PROPERTY NOW THE DEAL FELL THRU I PUT THE BORROWED MONEY IN A MONEY MARKET AT 4.05% BUY I WAS BEING CHARGED 7.35% FROM BANK ON BORROWED MONEY NOW I HAVE 1099 FOR THE INTEREST … read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
is there a certain amount (Cap) of adjusted gross income to ...
is there a certain amount (Cap) of adjusted gross income to where you can not deduct real estate investment expenses such as property taxes and interest paid for loans for the investment properties to… read more
RD
RD
Self Employed
Master's Degree
1,164 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

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

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

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< 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