Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
Lev, This is to my previous questions re: the taxpayer who
Lev, This is a follow up to my previous questions re: the taxpayer who owns a commercial rental property which has been reported on his Schedule E & is almost fully depreciated. As I mentioned, he is … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,538 satisfied customers
How would you deduct the startup cost or acquisition expense
how would you deduct the startup cost or acquisition expense of buying a new business on sch c - person bought a business for 275k - you can deduct loan payment and interest - they paid 70k cash down … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,538 satisfied customers
I'm selling my dental practice. Is the goodwill taxed as
Second opinion] I'm selling my dental practice. Is the goodwill taxed as long terrm capital gains in 2018 or as something else? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,818 satisfied customers
I'm selling my dental practice. Is the goodwill taxed as
I'm selling my dental practice. Is the goodwill taxed as long terrm capital gains in 2018 or as something else? … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,538 satisfied customers
A dentist is purchasing a dental practice for 500,000. The
A dentist is purchasing a dental practice for 500,000. The seller wants 300,000 allocated to Goodwill & 200,000 to Equipment. The buyer initially proposed 150,000 to Goodwill, 150,000 to the Patient L… read more
PDtax
PDtax
Owner
Master's Degree
4,344 satisfied customers
Proper way to report sale of my dentist office. Owned it for
Proper way to report sale of my dentist office. Owned it for nine years. Sold it for a loss. What about depreciation that I have taken over the years?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,340 satisfied customers
A dentist sells s dental practice. It is an S Corporation.
A dentist sells his dental practice. It is an S Corporation. Is it tax beneficial for him to allocate more of the sales price to Equipment vs Goodwill/Patient List or vice versa?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,538 satisfied customers
A dentist is purchasing the assets of another dentist. Does
A dentist is purchasing the assets of another dentist. Does he want to allocate a greater amount of the purchase price towards the equipment vs the intangible assets (patient list, restrictive covenan… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I have a client that is currently leasing a piece of
I have a client that is currently leasing a piece of machinery equipment for his business. The lease is for 5 years, it includes a 1$ buyout and 10% purchase on termination clause. The monthly lease p… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,818 satisfied customers
An dentist is the sole stockholder of his dental practice,
An dentist is the sole stockholder of his dental practice, which is an 'S' Corporation. He is selling the assets only to his associate under an "Asset Purchase Agreement". A portion of the purchase pr… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a S Corp that was a C Corp. They have only been a S
I have a S Corp that was a C Corp. They have only been a S Corp a little over two years and are now selling. The selling price is $150,000 for equipment that has a basis of zero. Also included is good… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,104 satisfied customers
I purchased a restaurant last year and I am looking at how
I purchased a restaurant last year and I am looking at how to go about depreciating the equipment that I received in the purchase. First off, am I even allowed to depreciate these items even though al… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,818 satisfied customers
I have a welding shop. Ive bought welders and plasma cutters
I have a welding shop. I've bought welders and plasma cutters this year so I need to know how to deduct these. Are they considered construction equipment or shop tools? They range in price from $1,500… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I have another questions, if a corporation bought a small office,
I have another questions, if a corporation bought a small office, can the corporation claim it as the 179 expenses deduction, how much can be deducted with 179 expense for year of 2010, can the entire… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
How to figure the IRS useful life table for equipment?
How do I figure the useful life for equipment? This is for a dental practice. There are several assets involved.… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,538 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
Tax Advisor
Bachelor's Degree Equivalent
34,538 satisfied customers
Farmer purchased a farm in 2007. IRS is arguing valuation
Farmer purchased a farm in 2007. IRS is arguing valuation of assets purchased. Purchase included over 1 mile of vinyl fencing (livestock) with current replacement value of over $70,000. IRS only wants… read more
Anne
Anne
Master Tax Preparer
2,374 satisfied customers
We are selling a business. How is the capital gains tax fig
In other words, how do you get to the dollar amount that the tax is figured on? Is it from the total amount of the sale, which includes the real estate AND equipment eventhough the new owners pay a sa… read more
Jon Andrews
Jon Andrews
CPA
3,038 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