Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I know and understand that I will pay tax on the interest
I know and understand that I will pay tax on the interest income. Do I have report when I give a loan in taxes? As far as I know : ''Loan are not reportable transactions. You do not deduct it when you… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,902 satisfied customers
My son needs $100,000 to buy a house. Can I make him a very
My son needs $100,000 to buy a house. Can I make him a very low interest (say .5%) loan to help him without either of us having to pay tax on it?… read more
PDtax
PDtax
Owner
Master's Degree
9,530 satisfied customers
I am a US citizen that has borrowed money, (with interests)
I am a US citizen that has borrowed money, (with interests) from a foreign friend (he is not in the business of making loans). 1) do I need to pay the IRS a percentage of the loan interests that I hav… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,902 satisfied customers
A colleague and I would like to start an LLC under which we
A colleague and I would like to start an LLC under which we own rental properties. He already has two properties he is running on his own. We are under the impression that an LLC cannot be on a commer… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Two Trusts within the same Estate. One Trust alleged that
Two Trusts within the same Estate. One Trust alleged that the other Trust owes money. The Trustee of the alleged lending Trust will not produce any documentation (such as a promissory note), but has f… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,902 satisfied customers
Dear Professional, If an individual (not the financial
Dear Professional, If an individual (not the financial institutions, nor in lending business, just an individual) lends the money to the person who purchases the house, does that individual need to re… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
We have a c corp. An individual borrowed money from us, personally,
We have a c corp. An individual borrowed money from us, personally, for what was supposed to be a 60 day turnaround, but his partner was grossly deceiving him and a year has passed without the money b… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
ATTN:TO SOCRATEASER ONLY subject:CORPORATION TAX for TAXI
ATTN:TO SOCRATEASER ONLY subject:CORPORATION TAX for TAXI MEDALLION business. My friend has a taxi medallion in Chicago.He has a C Corporation.He purchased the medallion in 2010 with $100,000.In 2012,… read more
socrateaser
socrateaser
43,142 satisfied customers
An S corp pays for the life insurance premiums of its only
An S corp pays for the life insurance premiums of it's only shareholder & officer. In the event of the officer's death, 31% of the policy proceeds would go to the officer's wife, and the remainder to … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,070 satisfied customers
Taxpayer has a hospital bill for 23,000.00 which he does not
Taxpayer has a hospital bill for 23,000.00 which he does not have the money to pay. He makes an agreement with the hospital to pay installments with interest. When is the medical bill deductible? If h… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,789 satisfied customers
If I buy a house with other person who is not my spouse, who
If I buy a house with other person who is not my spouse, who claims the tax? or get the tax break?… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
924 satisfied customers
My husband was laid off last January and remained unemployed
My husband was laid off last January and remained unemployed until October 2009. Since his 401k plan was associated with his previous employer, we had to repay the $30,000 that we had borrowed from it… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
4,666 satisfied customers
A potential client purchased 45 acres of vacant farm land because
A potential client purchased 45 acres of vacant farm land because he felt there was a potential opportunity to resell the land to a manufacturing company about four years , in the future .He paid $50,… read more
Anne
Anne
Master Tax Preparer
3,422 satisfied customers
1. Can I claim my 21 year old son who went on a church missi
1. Can I claim my 21 year old son who went on a church mission in Oct 2008 as a dependent on my 2008 taxes? I pay for his expenses for the mission. 2. Are MIP fees and Serving Set Aside Fees deductibl… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,789 satisfied customers
I am loaning 185000 and need to know how much I would be taxed.
I am loaning 185000 and need to know how much I would be taxed. I will receive a flat payment of 6670 a month. I make 30000 annual right now as reportable income. Will it make a difference if I set up… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
A friend is buying a lot from me for 75k and offer to just
A friend is buying a lot from me for 75k and offer to just give me that much more as a gift. how can I minimize my cap. gain tax on the sale of the property which I will use to build a cabin on anothe… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My boss has been paying me cash under the table and I know ...
My boss has been paying me cash under the table and I know this is illegal and asked him to stop but he said no how can i report this?… read more
Wayne Brasch
Wayne Brasch
Accountant and Business Consultant
Master Degree
718 satisfied customers
back taxes and owning property if property is not in your name
my husband and I have been separated for the past 6 months and are filing for divorce. We have an enormous irs tax debt from a construction business that we owned. We were told a year ago at a meeting… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 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

18,789 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