Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
Partner A and formed a partnership. A contributed a building
Partner A and B formed a partnership. A contributed a building worth $500 k and with an adjusted basis of $300 K to the partnership for a 50% interest in the partnership (thus there is a $200 K built … read more
Carter McBride
Carter McBride
LLM
5,858 satisfied customers
Dear Expert, QuestIon about difference in taxes for LLC
Dear Expert,QuestIon about difference in taxes for LLC (taxed as partnership) or C-Corp. Let's assume that these entity will have revenue 100k, 50k will be paid as salary and various expenses. But rem… read more
Barbara
Barbara
Enrolled Agent, Paralegal
16,935 satisfied customers
I was a merchant for Groupon. They took their profit and
I was a merchant for Groupon. They took their profit and added to my 1099 so they made it seem that my business received 100% of those sales - not the 50% can they do this? … read more
Carter McBride
Carter McBride
LLM
5,858 satisfied customers
As a contractor / builder, I've also built and sold a spec
As a contractor / builder, I've also built and sold a spec house. Do I Add the sales price on my schedule C, write off expenses of building materials, etc plus selling expenses such as realtor agent f… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
8,688 satisfied customers
A home owned by a husband and wife was placed in an
A home owned by a husband and wife was placed in an irrevocable trust ( Grantor) in 2016. The husband died in Sept 2017. Here are the facts The home originally cost 35 years ago , 25,000 The improveme… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,508 satisfied customers
A & are 50/50 owners in a PA LLC that sells Jewelry. C wants
A & B are 50/50 owners in a PA LLC that sells Jewelry. C wants to buy all of A's 50% ownership for $500K. What is the best way to structure the sale to minimize tax liability for A? A has about $300k … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
8,688 satisfied customers
A client of mine owns rental property that he moved under an
A client of mine owns rental property that he moved under an LLC after we claimed Depreciation for two years. So when I moved the property I am taking the net value after depreciation as the new basis… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,185 satisfied customers
We are trying to figure out how to file our taxes my wife
We are trying to figure out how to file our taxes my wife and I have a home but our son lives with us and we all three start a business together on Amazon and we just realize when he started the busin… read more
taxmanrog
taxmanrog
Master's Degree
2,161 satisfied customers
This is my third year as a SP LLC business owner. During the
Hi, this is my third year as a SP LLC business owner. During the first two years I have taken money out of my business account to pay me back for out of pocket business expenses however, this last yea… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,185 satisfied customers
On a 50/50 partnership whereas the expenses and profits are
On a 50/50 partnership whereas the expenses and profits are split evenly. If for instance the expense was 4000 but one partner A paid 3000 and the revenue was 5000. The expense is 2000 each and the pr… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
Complicated self employment tax situation. I am in multiple
Complicated self employment tax situation. I am in multiple partnerships developing apps on the App Store. I started about 3 months ago and have been making decent revenue from it. App #1: Net proceed… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,711 satisfied customers
. I am a fulltime nanny in North Carolina. My employer does not pay health insura
Hi. I am a fulltime nanny in North Carolina. My employer does not pay for my health insurance. I pay for EVERY expense out of pocket although I am married. This has insurance has hit my pocket hard bu… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
in 2010, a portion of home used for business A (LLC partnership)
in 2010, a portion of home used for business A (LLC partnership) was placed on a 39yr SL depreciation schedule and reported on 4562 (the accountant reported it as employee business activity on form 45… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,788 satisfied customers
I am a joint venture partner in a rental property. I own a
I am a joint venture partner in a rental property. I own a 75% interest and my JV partner owns 25%. My question is how to claim income and expenses. My JV partner says to take total income and subtrac… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,666 satisfied customers
I am preparing K-1 forms for the partners within the LLC.
I am preparing K-1 forms for the partners within the LLC. One of the partners is questioning the self employment earnings. We show a loss of -21,001 (code A) in the first box but 25,220 (code C) in th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
Should I setup an S Corp to avoid self employment tax?
I am a resident of California. I have 2 businesses setup and I'm a 50% partner in both. I take care of all technology related aspects of the business. Business A is setup as an S Corp. I receive a rea… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,207 satisfied customers
What tax structure should I use; schedule C, schedule E, or
What tax structure should I use; schedule C, schedule E, or some other? I rent a historic house and am fixing it up to rent out as a short term vacation guesthouse type setup. I don't live there. I ha… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
I am trying to get this situation figured out now for 2010
I am trying to get this situation figured out now for 2010 tax year: 1/04/04 - 2 men, "A" and "B", buy a house to flip. They buy the house as single men, as tenants in common. The each keep track of t… read more
Anne
Anne
Master Tax Preparer
2,601 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