Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I need help with like kind exchange on personal property. I
I need help with like kind exchange on personal property. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,753 satisfied customers
I would like the journal entry for the seller's side of a
I would like the journal entry for the seller's side of a like-kind exchange, contract includes funds transferred to another purchase.Contract Sales Price 14669, Property taxes 45, Amount due Seller 1… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,753 satisfied customers
How do I fill out a Like-kind Exchange Accounting book? I
How do I fill out a Like-kind Exchange Accounting book? I need help with a journal entry - 1031 exchange with no cash involved. Sold prop A and it was on the books at $100.00 with accum depre of $50.0… read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
855 satisfied customers
Can an estate qualify for an 1031 exchange to save on
Can an estate qualify for an 1031 exchange to save on capital gains tax? The estate of which I am the representative, recently sold its property for a significant profit in Washington DC. As the repre… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do i record a 1031 exchange with cash, I sold a business
I sold a business and bought the type of business in another location. In the first transaction a 1031 Exchange account secured by a third party and appropriately designated to the new business within the 45 day time limit. … read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
I am trying to record a 1031 Exchange. the original property
Hi, I am trying to record a 1031 Exchange. the original property sold for $500,000. Only $300,000. is being used for the 1031 exchange. New property purchased was for $250,000. I have Gain on Sales of… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I sold a apartment building for approximately 2.3 million
i sold a apartment building for approximately 2.3 million dollars. I netted after expenses 2.1 million. I took 650k and purchased another rental (1031 like kind exchange) My questions are as follows: … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
HAVE A S CORPORATION THAT SOLD A APARTMENT BUILDING IN NYC
HAVE A S CORPORATION THAT SOLD A APARTMENT BUILDING IN NYC FOR A LARGE GAIN. PURCHASED ANOTHER RENTAL IN A SECTION 1031 EXCHANGE AND NEED SOME HELP IN ACCOUNTING FOR IT… read more
Tax-Scholar
Tax-Scholar
Senior Associate
Bachelor's Degree
53 satisfied customers
A rental property owner wishes to sell a rental building and
a rental property owner wishes to sell a rental building and perform a 1031 exchange. the new property will be much smaller 2 units as opposed to 10 units of the old one. the new one is newer construc… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We bought out a member of a multi-member llc, taxed as
We bought out a member of a multi-member llc, taxed as partnership, for $500K more than her capital account. Generally speaking, what are the journal entries? Does it create goodwill?… read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
I sold a house 50 % Business Use & 50% personal use, ( two
I sold a house 50 % Business Use & 50% personal use, ( two family house) I bought the house on 2001 for 300 sold for 700, during the 45 days Y bought two property one 2 family rental property 100% bus… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a Sec 1031 exchange where the FMV of the asset given up was $2.5M > the asset re
I have a Sec 1031 exchange where the FMV of the asset given up was $2.5M > the asset received. Boot will be recognized for tax purposes. I need help with journal entry to record value of replacemen… read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
Should the deferred gain on installment sale be added to the
Should the deferred gain on installment sale be added to the AAA balance on S Corp M-2 analysis?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do I fill out a Like-kind Exchange Accounting book?
I need help with a journal entry - 1031 exchange with no cash involved. Sold prop A and it was on the books at $100.00 with accum depre of $50.00. Bought property appraised at $300.00, costs on sale o… read more
taxmanrog
taxmanrog
Certified Public Accountant (CPA)
Master's Degree
1,346 satisfied customers
Exploring section 1031 exchange. Anticipating sale of investment
Exploring section 1031 exchange. Anticipating sale of investment property with $100k LTCG. Unallowed losses to date - $41k. Depreciation recapture - $101k. Based on these #s we expect tax debt of appr… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Question 1 I have owned a rental home (in Georgia) for a number
Question 1: I have owned a rental home (in Georgia) for a number of years which has provided me with good income. However, I want to sell the rental home as the neighborhood is "not what it use to be"… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
My parents own a property that they want to sell. They bought
My parents own a property that they want to sell. They bought the place in 1988 for $200k.. They can sell it for $1.1 million , property is free of any liens.. Parents are divorced age are 62 and 58 .… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My wife and I plus another married couple jointly own a 4 ...
My wife and I plus another married couple jointly own a 4 apartment rental unit in NJ. It is deeded to the 4 of us and is not in a partnership, corporation, or LLC. My wife and I would like to cash ou… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 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