Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Regarding NC state income tax. Nonresident of NC with a
Nonresident of NC with a rental property in NC. This property had a rental loss that was used to offset passive income of a Florida rental... so no passive loss carryover on federal return. Can this loss attributed to NC be carried over on the NC state returns, although it was absorbed on the Federal return from other passive activties not pertaining to NC> … read more
taxmanrog
taxmanrog
Master's Degree
1,182 satisfied customers
Have two C Corps. One with BIG NOL carryforward. One that I
Have two C Corps. One with BIG NOL carryforward. One that I started a bit later and transitioned to. Can I fold the BIG NOL C Corp into the newer Corp? If not, do I get to carry those NOL to my own re… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Interested in Loss Carryback. Owner/manager of a TX LLC
Interested in Loss Carryback. Owner/manager of a TX LLC filing Federal tax as a C Corp. Tax year 2016 had net income of about $32k and tax liability of about $6k. For tax year 2017 looks like will hav… read more
abci168
abci168
Principal
27 satisfied customers
I was just talking to you about a CPA is there one I can
hi i was just talking to you about a CPA is there one I can talk to now … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I started a company several years ago as a C-corp and had
I started a company several years ago as a C-corp and had several years of accumulated losses. I later switched to a S corp. the losses continued. … read more
abci168
abci168
Principal
27 satisfied customers
I recently sold my dry cleaning route customers to a local
I recently sold my dry cleaning route customers to a local competitor. My company is a c-corp. I had built my customers up over 6 years. should I record the sale as an ordinary income? I have loss car… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Tax Attorney or CPA only: When a 50% member of an LLC filing
Tax Attorney or CPA only: When a 50% member of an LLC filing taxes as a Sub-S withdraws from the LLC, does the other 50% owner become responsible for 100% of the taxes that flow down from the K-1(s) f… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Tax loss carry forwards for a Chapter S Corporation. In
Tax loss carry forwards for a Chapter S Corporation. In 2013, the Corp made $ 13,718, in 2014 a loss of 66,452 and in 2015 a loss of 53,304. In the shareholder's returns, none of the losses were deduc… read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
I am majority owner of 2 California "C" Corporations, both
I am majority owner of 2 California "C" Corporations, both in electronics but different markets. 90+% of the stock in both corproations is owned by the same shareholders. Corporation A has been in bus… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Sole shareholder C Corp. Corp has a NOL carryforward. Corp
Sole shareholder C Corp. Corp has a NOL carryforward. Corp is liquidating. What, if anything can I do with the unused NOL? Thank you Dux… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Hello, Background: 100% owner in S-Corp, just filed 2010
Hello, Background: 100% owner in S-Corp, just filed 2010 (NOI < 50k) and 2011 (NOL) 1020S on 12/31/12. Completing 2010 and 2011 personal returns. Question: can I use past NOL (2006, 2007, 2009) to … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Pennsylvania - I have a NOL for sole proprietor who resides
Pennsylvania - I have a NOL for sole proprietor who resides in PA but all business is done in Georgia. Where on the PA-40 (state return) is the NOL amount posted??… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A Personal Service Corporation (C Corp.) elected under Section
A Personal Service Corporation ('C' Corp.) elected under Section 444 to have a 7/31 fiscal year end in 2005. The Corporation has taxable income in the fiscal years ended 7/31/05 thru 7/31/09 & pays th… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
1,363 satisfied customers
sub chapter s tax question a sub s corp is formed snd the
sub chapter s tax question a sub s corp is formed snd the investment into the business is 90,000. year one they lose 50,000 year two lose 20,000 year three they make15,000 what is the basis in the com… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
If an Illinois C-Corp is disolved that has a loss carry foreward,
If an Illinois C-Corp is disolved that has a loss carry foreward, can that loss be used by the husband and wife owners afterwards.… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
The company I work with had a 12-31-07 Retained Earnings Balance
The company I work with had a 12-31-07 Retained Earnings Balance of (887,772) then posted a 2008 loss of 77,812. These accumulated losses represent a "Net Operating Loss" of approximately 964K as of 1… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
I own 100% stock in a Chapter S corp. My K-1 from the corp.
I own 100% stock in a Chapter S corp. My K-1 from the corp. shows an $18,116 loss for year 2008. I am now completing my 2008 personal ( individual) taxes. I need to know the following: 1. if I can car… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
We had a small business which we sold on 1/1/2006. As part
We had a small business which we sold on 1/1/2006. As part of the agreement our landlord required us to personally guarantee the lease agreement until March 1, 2009. The new owner has not paid the ren… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 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