Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Last year I cashed out my 401K and invested it into a home.
Hi Last year I cashed out my 401K and invested it into a home. Will that help with the tax penalitys or like a tax break on my taxes? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
478 satisfied customers
My wife and I have been saving for retirement and in 2012
My wife and I have been saving for retirement and in 2012 moved 401 K money in an IRA that invested in real estate. The owner of the company took our investment and purchase houses but then borrowed m… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
With a forclosed house, will I get a 1099-C from a servicer?
I had a Fannie Mae mortgage, the mortgage servicing company refused to work with me and the house was foreclosed on in Feb 2016. I know the house was sold by Fannie Mae in June 2016. Will I get a 1099… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
Another Question: if my friend purchased one medallion in
Another Question:if my friend purchased one medallion in 2010 with $100000.in 2012 value dramatically increased to 300000.now its market value is 50000. But my friend refinanced the loan to 250000, wi… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
Taxpayer owned a commercial property with a morgage balance
Taxpayer owned a commercial property with a morgage balance of $300,000. In 2012, the taxpayer walked away from the property. The bank issued a 1099 A in 2012 for the full amount of the mortgage balan… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
I'm following up on some questions regarding filing a
Hi there. I'm following up on some questions regarding filing a late 2012 return for a CA C-corp that has been abandoned for a while (ex and I were going through a divorce). We had 100K in gross recei… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
In July 2007 I was asked to invest $50k into my company from
In July 2007 I was asked to invest $50k into my company from owners (Europe based) in return number of shares. $50k was financed through a foreign bank loan that also had an interest in the company 6 … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
We recently sold our home, which we purchased in 2008 and took
We recently sold our home, which we purchased in 2008 and took the credit on (the one you must repay). We took quite a loss on the home, and it was my understanding that we would not have to repay bec… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
hi. #1 - I am selling my rental property and purchasing a 2nd
hi. #1 - I am selling my rental property and purchasing a 2nd home. For IRS1031 I understand this is deferring to pay gain from the rental property sale. Question say my rental property made 150k gain… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
A nevada corporation owned 2 investment properties. In 2012
A nevada corporation owned 2 investment properties. In 2012 ,one of the properties was foreclosed upon . The lender issued a 1099-c for the discharged debt. What is the effective tax rate for discharg… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
We have $190k of forgiven debt from a shortsale. We also received
We have $190k of forgiven debt from a shortsale. We also received a pay off of $7k for a $90k note on an investment property sold years ago. We were insolvent by $150k before debt forgiveness. Can the… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Im thinking about borrowing against my 401K for a home purchase. I
I'm thinking about borrowing against my 401K for a home purchase. I understand the consequences (only allowed up to $50K, paying interest, limited timeframe to pay myself back, loss of employment, etc… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
Sold my home in 2008. Did not get my price. Had made a commitment
Sold my home in 2008. Did not get my price. Had made a commitment to a senior Co-Op and paniced because price from my house sale did not cover price of co-op. Could not get 50K mortage due to newness … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
Question 1. In 2008 sold my house for 350k vs depreciated
Question 1. In 2008 sold my house for 350k vs depreciated cost of 150k.. paid tax of 50k in Canada. In US, I had 100k capital stockmkt loss already that nets off my gain of 175k resulting in tax owing… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
I am being bought out of a partnership (7-plex building) how
I am being bought out of a partnership (7-plex building) how is it to be taxed? just thje interest being paid or what?… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
i borrowed against my home equity line of credit to purchase
i borrowed against my home equity line of credit to purchase raw land that i am holding for investment/speculation. Can i deduct the interest in full or only as an investment interest expense on form … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
We need to know how to handle the following on our taxes
We need to know how to handle the following on our taxes: We had a USDA 90% wrapped loan for a business that we incorporated. The business went out of business 3 years ago, but it took USDA and the le… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
keep getting cut off everytime i hit the return button... i
keep getting cut off everytime i hit the return button... i started my own business - a chowder house as a sub s corporttion. Have had losses of about $50000 in both 2007 and 2008 without having any o… read more
RD
RD
Self Employed
Master's Degree
5,572 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