Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

My husband retired 12/15 and is now a full time writer. We…

Customer Question
My husband retired 12/15...

My husband retired 12/15 and is now a full time writer. We built him a separate office (a separate building). He is undersontract for several books and is also a paid editor, but as of 2016 had not made appreciable amounts of money. Are we able to take any of the costs of the building agains pension funds received? other than his writing he has no "earned income" (only pension and SS). Can we take a loss for 2016 and lowere our total income this way?

Accountant's Assistant: The Accountant will know how to help. This sounds important. The accountant will definitely help you with this. I'm going to connect you with a accountant who has 582 happy customers and a 4.6 out of 5 Rating. Anything else we should know before I connect you?

Nothing I can think of right now.

Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 8 minutes by:
3/21/2017
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 877
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. If he is a full-time writer and has a business, he can fill out Schedule C on the 1040 return. If he had only expenses and a small amount of income, he can net it and take it off his regular personal income (i.e. pension) on his 1040. To be a business, he will need to have a net profit for three out of the five years. Since it is his first year, it is understandable that he would have a loss. He can claim the building on Schedule C, and depreciate it over 27.5 years (if you have a tax program, it will do this for you). Hope this helps. If you have any questions, let me know.

Ask Your Own Tax Question
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

A positive rating is very much appreciated. Thank you.

Ask Your Own Tax Question
Was this answer helpful?
Ask ABC Accounting Group Your Own Question
ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 877
877 Satisfied Customers
Experience: Business Consultant/Accounting Manager

ABC Accounting Group 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

4,495 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

15,272 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
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
2,244 satisfied customers
On schedule c-ez ,I gave my tax accountant the wrong figure
On schedule c-ez ,I gave my tax accountant the wrong figure amount on my self employtment. I needed 3 credits to quafily for social security and came up short by $58.24. I just need to claim $100.00 l… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I have foreign earned income that is being reported on one 7
Hello...I have foreign earned income that is being reported on one 7 within my tax return. I have been told by a mortgage lender that this income should be reported on line 21 and supported by Form 25… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Was contacted by IRS to provide documentation for schedule c
Was contacted by IRS to provide documentation for schedule c deductions. I'm 1099. Originally requested for me to come into their office by May 3rd. But I was in Florida in business through that date.… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
Schedule C business closed in 2016. However the company
Schedule C business closed in 2016. However the company still incurred rent expenses (due to broke the contract the business is not doing well.. The company pay attorney to settle the lease and the co… read more
abci168
abci168
Principal
27 satisfied customers
Does spousal support count as earned income toward an EITC?
Does spousal support count as earned income toward an EITC? I know it does for an IRA, but am not sure about the EITC. I am referring to taxes computed for 2018, which will be filed in 2019. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
New Jersey denied my earned income child tax credit but the
New Jersey denied my earned income child tax credit but the federal gave it to me. Will the state(New Jersey) tell the fed I was denied after the fed all ready gave it to me … read more
Carter McBride
Carter McBride
LLM
1,077 satisfied customers
Can you take the foreign earned income exclusion if you
Can you take the foreign earned income exclusion if you worked for a US company overseas and your home was overseas?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I received my last earned income at the end of 2016. I won't
Hi. I received my last earned income at the end of 2016. I won't be getting any 1099"s or W2's any more. I am living off of social security to date. I have been filing singly with one dependent in the… read more
abci168
abci168
Principal
27 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
2,244 satisfied customers
I am a self employed with schedule C Income, I over
I am a self employed with schedule C Income, I over contributed SEP in 2015 and 2016 return. How can I correct this error? My SEP( is just a savings account) custodian bank said it is too late to corr… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
Earned income credit, single and no children income 1392
earned income credit, single and no children income 1392 social security 15996.00 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,129 satisfied customers
Need to walk through local earned income tax form. Did turbo
did turbo tax for federal and state,, trying to understand berkhiemers form for the local earned income,, moved from pa. to florida on july 1, 2017 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a S corp. When filing taxes with my personal income,
I have a S corp. When filing taxes with my personal income, shall I file k1 or schedule C or both? How do I claim a real estate professional in the tax return?… read more
Carter McBride
Carter McBride
LLM
1,077 satisfied customers
Taxpayer amended 2015 tax return to report schedule C
Taxpayer amended 2015 tax return to report schedule C income. Note schedule C was never file on original return. Can taxpayer claim Sec 179 deduction on the amended return for 2015… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
The loss as K-1 of a partnership effecting the Earned Income
the loss as K-1 of a partnership effecting the Earned Income Credit. in other words more the loss is the lesser is Earned Income Credit we get. Is this something they introduces this year of taxes or … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm confused when income should be on a schedule C and/or
I'm confused when income should be on a schedule C and/or reported on Schedule SE. I'm a musician that gets 1099 for gigs and teaching in addition to W-2s. I was told that expenses used on Schedule C … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
This is a question on a UK resident's personal income tax on
This is a question on a UK resident's personal income tax on lump withdrawals of funds in a Canadian RRSP using an example with funds expressed in $CAN. Value of lump sum payment from the RRSP is $100… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,129 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