Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I have switched my company to an S-Corporation for 2018.
I have switched my company to an S-Corporation for 2018. Previously I was a single member LLC filing Schedule C. How do the assets get transferred to the S-Corp? What becomes the basis? For example, i… read more
Carter McBride
Carter McBride
LLM
3,128 satisfied customers
The extension is granted on the Like Kind exchange and I
Hi Dr. Chen, The extension is granted on the Like Kind exchange and I understand that you meant deferred gain. I would like to ask you a few other questions.Partnership questions When we spoke yesterd… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,170 satisfied customers
I am doing first 1120 S tax return for former sole
I am doing first 1120 S tax return for former sole proprietor business. I am trying to determine how to handle depreciation on assets that were purchased in sole prop, then transferred to S Corp. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,008 satisfied customers
My LLC is a disregarded entity now and the owner is an S
Hello, My LLC is a disregarded entity now and the owner is an S Corp. The LLC holds a rental property and will collect rental income. Do I have to have the rental income go into the LLCs account now t… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,094 satisfied customers
When doing a mid year convertion from a Sch C business to a
When doing a mid year convertion from a Sch C business to a new S-Corp, how are the assets purchased in the year of the change handled?In particular, if an asset is purchased by the Sch C biz a few mo… read more
Mark Taylor
Mark Taylor
Certified Public Accountant (CPA)
Masters
2,442 satisfied customers
MY CLIENT OPERATES A FED-EX ROUTE. THIS YEAR HE VENTURED
MY CLIENT OPERATES A FED-EX ROUTE. THIS YEAR HE VENTURED INTO RENTAL PROPERTIES. THE PROPERTIES ARE OWNED BY THE SAME CORPORATION AS FED-EX. WHERE DO I RECORD INCOME AND EXPENSES FROM THESE RENTAL PRO… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Need to know how to file a tax form. Corp building houses
For accountant need to know how to file a tax form. Corp building houses for officers to sell, does the Corp put income and expenses on Corp return and issue the officers a statement or do the officer… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,440 satisfied customers
I have a condominium that adjacent to another condominium,
I have a condominium that adjacent to another condominium, that i own, I live in one and spend much of my day in the the other doing my business work, i have a number of chapter s corps that i run fro… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,440 satisfied customers
My company was formed in 2011 and completed schedule C and
My company was formed in 2011 and completed schedule C and received net loss. However, my company was elected sub S in January of 2012. My question is can LLC transfer net loss from schedule C (line 3… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
gain.I have a question about step up in basis. Mr. X dies and
gain.I have a question about step up in basis. Mr. X dies and he is divorced. In his will he leaves everything to his four children. He is a farmer and owns 4 C Corporations. Shareholders at the date … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,440 satisfied customers
My client was advised to incorporate her existing restaurant
My client was advised to incorporate her existing restaurant business, which is a sole proprietor located in California. The date of incorporation with the California Secretary of State is May 7, 2009… read more
PDtax
PDtax
Owner
Master's Degree
9,530 satisfied customers
i want to transfer assets out of a s corporation into a sole
i want to transfer assets out of a s corporation into a sole proprietorship. I am the sole owner of the corp and will be the sole owner when it's complete. I have a net loss due to the real property l… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,670 satisfied customers
in 2010, I used a brand new vehicle for business purposes as
in 2010, I used a brand new vehicle for business purposes as an independent contractor and deducted everything on schedule C. In 2011, I converted my business into an S-corp. I have been paying all bu… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,440 satisfied customers
I converted my business from a sole proprietorship to s-corp
I converted my business from a sole proprietorship to s-corp (single member LLC) Jan 1 of 2011. I did not incur any expenses or income under the sole proprietorship for tax year 2011. How do I record … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,440 satisfied customers
How are US royalties of a purchased (or paid for in a work
How are US royalties of a purchased (or paid for in a work for hire agreement) intellectual property (ebook)/copyright taxed? Can the copyright/intellectual property be depreciated for tax puposes? Wh… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Land Sale Contract (Installment Sale) with seller financing
Land Sale Contract (Installment Sale) with seller financing questions We originally paid 500k building, 50k land, and 250k depreciation over 20 years and plan to sell for 610k. 1) How is depreciation … read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
my company sales are $7mm. the business buys & resells electronic
my company sales are $7mm. the business buys & resells electronic components. i started my business in 1994, sales were only $50,000/year, & i chose the cash method of accounting. 2 years ago my sales… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
4,666 satisfied customers
In 2008 client ceased doing business as X anS-Corporation and
In 2008 client ceased doing business as X anS-Corporation and started doing business as A also an S-Corp. He is 100% shareholder of both S-Corps and transferred ALL assets and liabilities from X Corp … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 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