Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Cost to acquire a lease (Section 178): Taxpayer purchased
Cost to acquire a lease (Section 178): Taxpayer purchased assets and the privilege to lease the same location as the seller. Let's say the purchase price was $100,000. This was an asset purchase (no s… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,812 satisfied customers
My client has purchased a Walmart building, land, and lease.
My client has purchased a Walmart building, land, and lease. The contract is stated as follows: $5 million for building, $1 million for land, $7.6 million for lease purchase. The remaining Walmart lea… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,812 satisfied customers
My company recently made two purchases. The first was the
My company recently made two purchases. The first was the purchase of a Walmart ground lease. The second was a purchase of a Walmart building AND ground lease, separately stated in the agreement. Thes… read more
taxmanrog
taxmanrog
Master's Degree
1,193 satisfied customers
Lev, I have a client that purchased a property in Netherland
Good morning Lev, I have a client that purchased a property in Netherland and he is renting it out. As far as the land value of the property goes, he says that in Europe you do not purchase the land a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
An S Corporation & its 2 shareholders are in the process of
An S Corporation & its 2 shareholders are in the process of selling its assets. The Corporation provides credit card processing services & its major assets are its customer contracts & goodwill. Its s… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have sold business with the following allocation total
Sir I have sold business with the following allocation total =1,180,000 Land 450,000 Building 525,000 FFE =120,000 Goodwill 84,000 Inventory 1,000 I have question regarding the goodwill it was not pur… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Within the last year I bought a duplex which I owner-occupy.
Within the last year I bought a duplex which I owner-occupy.According to my research, I can (1) deduct operating costs (real estate taxes, insurance, etc); (2) amortize costs to obtain the mortgage (l… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
A client purchased a land lease and land. There was no
A client purchased a land lease and land. There was no allocation between land lease and land in purchase agreement. For purposes of this conversation, the total purchase price was $1 million. The lan… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
We sold our business a few months ago. As part of the sale
We sold our business a few months ago. As part of the sale and process, we had to enter non-compete agreements with our franchisor that has 35 location in Atlanta for a period of three years. We had t… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a client who sold s brand name and website but kept s
Customer: Hi. This is Debbi. I have a client who sold his brand name and website but kept his business open. He created this company so the goodwill was not purchased. Is the sale ordinary income or c… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do I handle Code Section 178 unamortized leasing
How do I handle Code Section 178 unamortized leasing commissions paid by a partnership holding a commercial building, when the partnership is sold? Can I write off the remaining unamortized commission… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
You just answered a question for me and part of your answer
You just answered a question for me and part of your answer is part of the selling price will be allocated to goodwill (the excess over SP less FMV of other assets being sold. How will the seller be t… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I own a condo in Mexico that I use myself for roughly 3 months
I own a condo in Mexico that I use myself for roughly 3 months a year and rent for roughly 6 weeks a year. I declare the rental income and deduct related allocated expenses. However, I hadn't been tak… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I am in Turbo tax in the rental & income property section.
I am in Turbo tax in the rental & income property section. Question in addition to the normal rental income, expense and depreciation calculations for a one family house rented for the last 15 years, … read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
I spent 10,000 to acquire this turn key mechanic business.
I spent 10,000 to acquire this turn key mechanic business. What do I deduct that 10,000 under on the taxes? I lease the building, but paid the 10,000. to the previous business owner to acquire the equ… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am purchasing all of the assets of an existing business.
I am purchasing all of the assets of an existing business. I am allocating the purchase price to the various assets: Inventory, Land, Land Improvements, Buildings, Equipment, Non Compete Agreements an… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
If married and filing jointly making $150k and then sell a ...
If married and filing jointly making $150k and then sell a business in 2008 (7 years in operation) at a $388k profit, what are the capital gains we must pay? What income tax?… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Under IRC 263A, if a partnership incurs interest costs ...
Under IRC 263A, if a partnership incurs interest costs related the acquisition of land, existing buildings, land improvements, and building improvements, would the interest incurred related to the acq… read more
RD
RD
Self Employed
Master's Degree
1,164 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