Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I have a question about travel expenses related to a rental
I have a question about travel expenses related to a rental business in another state. My full-time job is in rural Western New York; however, I own two rental properties in Illinois. I have not forma… read more
Tax.appeal.168
Tax.appeal.168
Principal
8,688 satisfied customers
I want to convert $200K of traditional IRA to $200K of Roth
Hi. I want to convert $200K of traditional IRA to $200K of Roth IRA in 2017. I have a K1 $150K loss in 2017. Will my AGI be affected in this way $200K - 150K = 50K added to AGI for 2017? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
We are considering purchasing a rental property in Cape. My
we are considering purchasing a rental property in Cape Cod. My understanding to get the full tax advantage I am only allowed to stay in the property for 14 days. Is this the case even when the rental… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,004 satisfied customers
ATTENTION TAX ATTORNEY OR CPA: If a Sub-S voluntarily does a
ATTENTION TAX ATTORNEY OR CPA: If a Sub-S voluntarily does a dissolution (not a BK), will any unpaid portion of an expense included on previous year's tax return under accrual accounting need to be ta… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
, I sold a rental property at a loss in 2014. Plus, I had
Hi, I sold a rental property at a loss in 2014. Plus, I had carryforward losses suspended. Itemized deductions exceeded AGI. I am trying to figure out Form 1045 Schedule A in order to calculate a NOL.… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
If a rental property has prior suspended losses due to income
If a rental property has prior suspended losses due to income limits, but then has a gain in a year, can they "dip into" the pool of prior losses beyond the gain for that year if the income limits all… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,004 satisfied customers
I own a rental property that I would like to take tax deductions
I own a rental property that I would like to take tax deductions on. However, I was told by my tax professional that my household income exceeds the allowable limit. Therefore, I am losing out on tens… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
If a closely held c corp was engaged in the real estate
If a closely held c corp was engaged in the real estate rental business in 2010 and had 3.5 million in passive activity losses. Then in 2011 elected to be taxed as an s corp while selling a number of … read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
I own and live in a duplex. I rent out one of the units.
I own and live in a duplex. I rent out one of the units. Are deductions for expenses of the rental unit (including depreciation) subject to any limitations, including passive loss rules? What is the i… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
2,158 satisfied customers
My son subcontracts for an aviation company who contracts work
My son subcontracts for an aviation company who contracts work out to Falcon Jet. His wages are minimum wage + $20.50 an hour which is tax free for the first year. (He shows his home address as 50 mil… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
If you dispose of a rental property, I understand that the
If you dispose of a rental property, I understand that the suspended losses over the years can be used to offset ordinary income (irs tax code 469) and if have loss on sale on rental property, this ca… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
I have purchased fuel(gas) for my boat and jet ski. Ipurchased
I have purchased fuel(gas) for my boat and jet ski. Ipurchased at a local gas station paying the full price including all taxes. Can I deduct any taxes I paid for thse transations? Can you tell me the… read more
Jesse Handel
Jesse Handel
Tax Preparer and Chemist
Bachelor's Degree
400 satisfied customers
I have a $700,00 judgement against the builder of our home
I have a $700,00 judgement against the builder of our home that recently filed bankruptcy. We'd agreed that I would buy the land and sell the homes since I was a realtor and he would build the homes. … read more
socrateaser
socrateaser
43,156 satisfied customers
I am 50% owner of a Real Estate, LLC that invested in commercial
I am 50% owner of a Real Estate, LLC that invested in commercial property. I made a large number of loans to the company to purchase commercial real estate. The company is now going broke and I will n… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
232 satisfied customers
Carmen purchased a business for $150,000 by investing $40,000
1. Carmen purchased a business for $150,000 by investing $40,000 of her own funds and borrowing $110,000 from Local National Bank. Carmen signed the note payable as a personal guarantor. In the first … read more
Jesse Handel
Jesse Handel
Tax Preparer and Chemist
Bachelor's Degree
400 satisfied customers
Good Evening...I am a Dentist by Profession,but decided in
Good Evening...I am a Dentist by Profession,but decided in 2007 to begin buying/investing in multi-family properties. I am the Sole Owner,and have been reporting the income under my name.I now have 7 … read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
If an S corporation has two consecutive years of ...
If an S corporation has two consecutive years of net losses of $(50,000) and $(40,000) followed by a uniform net profit of $30,000 for each of the nest 5 years, how would the past losses be used up in… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
contract empoyee for a large company - self purchased benifits
i am considering working for a company as a contract employee, administrated and paid through a third party temp employee company. I am offered hourly wages that include a 30% premium to cover what wo… read more
Zhicheng Lai
Zhicheng Lai
Master Degree
426 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)

16,609 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