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A client of mine has written off a note receivable of over
A client of mine has written off a note receivable of over $100,000. IRS wants to know whether he materially participated in the business. This is an S Corp where he is the sole owner and all decision… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,816 satisfied customers
I am running a private lending business (hard money loans).
Hello. I am running a private lending business (hard money loans). Up until now I have just used the 1099-int to record the income. However, I am thinking to switch this all over to Schedule C. As I l… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,816 satisfied customers
I have 1099-misc income for a 1st mortgage owned by my
I have 1099-misc income for a 1st mortgage owned by my S-corp. Where do I enter this information in my 1120S? … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,816 satisfied customers
My client own a NYC taxi medallion on which he owes more
my client own a NYC taxi medallion on which he owes more than 600 thousand as loan. Due to crisis in the transportation industry (specially in New York City) he is not able to keep up with the payment… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,867 satisfied customers
Me and my wife own an s-corporation, and a general
Me and my wife own an s-corporation, and a general partnership. The issue that we have is that our general partnership has all the income and most of the expenses. This year we made the corporation to… read more
PDtax
PDtax
Owner
Master's Degree
4,306 satisfied customers
I have paid about $40k of business expenses from my personal
I have paid about $40k of business expenses from my personal account this year for my S Corp. This has increased the loan from shareholder account to $40k. Should the S corp pay me back this year, or … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,816 satisfied customers
On the 1120, where does one enter a loan made to an officer
On the 1120, where does one enter a loan made to an officer or third party for the purposes of generating future income through interest? It is not compensation as it is a loan, but not sure where to … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,816 satisfied customers
I sold my sub chapter s corp in a asset only sale in 2013.
I sold my sub chapter s corp in a asset only sale in 2013. I still own the company as the buyer did not want the liabilities. My question is: can I deduct business expenses from the interest the compa… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,816 satisfied customers
Megan, I have new s-corp. I will receive payment form my
Hi Megan, I have new s-corp. I will receive payment form my client soon. Can I use my business (s-corp) account to pay my personal debt? I am the only employee. I need to clean up my personal finance … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
A sub S shareholder obtains a loan from a bank and loans the
A sub S shareholder obtains a loan from a bank and loans the money to the corporation. In order to preserve and protect debt basis, 1. Does the bank loan need to first be paid to the shareholder or ca… read more
PDtax
PDtax
Owner
Master's Degree
4,306 satisfied customers
need tax code for tax court to support our treatment of 1099
need tax code for tax court to support our treatment of 1099 misc equip. lease income. we put on sch c and took expenses related to income there. irs wants included in line 7 and expenses on 2106 subj… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
I have an 1120S and my loan documentation is creating an NOL
I have an 1120S and my loan documentation is creating an NOL basis problem, or so I am told. Some loans were written in my name with corp cross collateralization and others in the company name alone -… read more
Jon Andrews
Jon Andrews
CPA
3,038 satisfied customers
Im interested in using my S corp (well established and profitable)
I'm interested in using my S corp (well established and profitable) to assist in buying real estate investments. 1.) Can my S. Corp. purchase a real estate investment as a tax deductible expense? 2.) … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
At the beginning of 2008 we bought the remaining 55% of the
At the beginning of 2008 we bought the remaining 55% of the stock in our sub s corp. We already owned 45% of the corp prior to this purchase. We now want the sub s corp to borrow the funds and purchas… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
In the 1120S tax return for an S Corp where there are ...
In the 1120S tax return for an S Corp where there are only two shareholders, Don & Peg Hunt; can the interest expense be deducted? The interest expense is from a loan from the company''s bank with the… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,663 satisfied customers
I have a sole proprietorship business. I need to buy a new ...
I have a sole proprietorship business. I need to buy a new car (Prius). Can I take out a business line of credit to buy the car through my company and pay all the bills out of the company account? Do … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
S Corp -- only stockholders husband and wife. I just took
S Corp -- only stockholders husband and wife. I just took these books but the stockholders have been using a credit card in the company for business expenses and personal as well. The personal expense… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Youve worked out a line of credit arrangement that
You've worked out a line of credit arrangement that allows you to borrow up to $70 million at any time. The interest rate is .480 percent per month. In addition, 5 percent of the amount that you borro… read more
Zhicheng Lai
Zhicheng Lai
Master Degree
426 satisfied customers
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