Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Have a nyc s corporation which generated a large capital…

Customer Question
have a nyc s corporation...
have a nyc s corporation which generated a large capital gains . Had to pay large estimated tax payments . Can these be deducted off my Federal S Corporation return?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 2 years ago
these were large NYC estimated tax payment for the capital gains
Answered in 5 minutes by:
2/15/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,469
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified

No. As I'm sure you know all S-Corp income taxes are passed through to you personally. You will get a credit for those taxes on your NYC personal income tax return and you will be able to deduct the payments made in 2015 as an Itemized deduction on your 2015 personal federal income tax return.

Ask Your Own Tax Question
Customer reply replied 2 years ago
These were estimated taxes that the corporation for the NYC general corporation return related to the capital gains
Customer reply replied 2 years ago
these estimated taxes related to the sale of a section 1231 asset which the state of nyc corporation return assesses a tax liability
to i beleive
Customer reply replied 2 years ago
This was on the NYC General Corporation return
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

OK, you are talking about the NYC Corporate tax that treats S-Corps like regular corporation for NYC tax purposes.

So, yes they (NYC corporate estimated payments made by the S-Corp.) would be deductible as an expense on your 1120-S.

Ask Your Own Tax Question
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

Just checking in...................

I see that you have had a chance to review my response, but I don't see any follow-up questions?

If you do not have any additional questions, I would appreciate it if you would take a minute to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Stephen G. Your Own Question
Stephen G.
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,469
7,469 Satisfied Customers
Experience: Extensive Experience with Tax, Financial & Estate Issues

Stephen G. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

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 >

Related Tax Questions
Is FICA and medicare considered part of federal income tax?
is FICA and medicare considered part of federal income tax? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,047 satisfied customers
Tax Question. Texas. It is a federal estimated tax question.
It is a federal estimated tax question. We have an unusually high income year due to withdrawal from our IRAs to pay off our mortgage. We know we have met the safe harbor requirements through a combination of taxes withheld from the withdrawals and withholding from our pensions using the 110% rule of last year's tax because our income is over $150,000. The questions are: 1. Can we skip the rest of the estimated tax payments through the rest of 2018? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Question re: estimated tax payments and penalty for under
Question re: estimated tax payments and penalty for under withholding:Taxpayer has federal tax liability of $15,000 for 2017 tax year. The $15,000 is what he is expected to pay in 2018, however, he so… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,395 satisfied customers
Chad, our 2013 personal income tax was recently found to
Hi Chad, our 2013 personal income tax was recently found to have a gross error made by our CPA which caused a tax liability. Is there a deadline as to when this can be amended ?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,395 satisfied customers
How do I determine the percentage for federal income tax
How do I determine the percentage for federal income tax withholding when filing as married withholding at higher single rate? I need to withhold an additional $ amount but do not know what the base a… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,047 satisfied customers
What is my capital gains tax liability on commercial
what is my capital gains tax liability on commercial property inherited in 1991. assessed value at the time of inheritance was $171,000. Selling price would be $850,000; $200,000 at time of sale - bal… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,395 satisfied customers
What is the 2018 Federal capital gains tax rate for married
What is the 2018 Federal capital gains tax rate for married filing jointly with combined incomes of <$325K? Also, same question for California. We are selling our home and expect a capital gain of … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,283 satisfied customers
I have heard that a person cannot itemize deductions on
I have heard that a person cannot itemize deductions on their taxes for 2019? I am a widow (age 74) and have usually itemized. Please let me know if I will be unable to do this in 2019. The only Feder… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
If there is no federal tax liability in 2016 because there
If there is no federal tax liability in 2016 because there was no income in 2016, what is the minimum estimated tax that needs to be sent with the extension for 2017 to avoid a penalty?… read more
abci168
abci168
Principal
27 satisfied customers
I want to use TurboTax to compute federal income tax and
I want to use TurboTax to compute federal income tax and FICA tax for a hypothetical taxpayer for her 2018 tax year. Under the 2017 tax reform act, she won't have personal deductions and her standard … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,283 satisfied customers
I filed an estimated tax payment with the wrong voucher
I filed an estimated tax payment with the wrong voucher date. … read more
Marcia Mitrano
Marcia Mitrano
MBA
62 satisfied customers
I am completing my moms federal income tax forms for 2017.
I am completing my moms federal income tax forms for 2017. Mom (who is 90) purchased a vacant lot in June of 2012 and sold it at a profit of $23,7550 in November of 2017. Moms adjusted gross income fo… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,395 satisfied customers
A couple is filing their 2017 PA-40 personal income tax
A couple is filing their 2017 PA-40 personal income tax return. They had their first child in 2017. The father sets up a 529 account titled in his name fbo the child. The father contributes 14k into t… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,395 satisfied customers
According to federal income taxes rules, can a non-
According to federal income taxes rules, can a non- custodial parent fund a bank account with pre-tax dollars to pay child support … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I mistakenly entered an amount in the estimated tax payments
I mistakenly entered an amount in the estimated tax payments (line 65) but I have already filed for 2017. So I called the IRS but was told I must file a 1040 x with the correct info. Have completed bu… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I made estimated tax payments in 2017, just found out I
I made estimated tax payments in 2017, just found out I didn't to. Now What … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,283 satisfied customers
Can I submit the federal taxes with an itemize deduction and
Can I submit the federal taxes with an itemize deduction and the state with a standard deduction form? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
What is the federal income tax exemption for a single tax
What is the federal income tax exemption for a single tax payer for 2017? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 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.

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