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We bought a new truck for the business, can I write off the
We bought a new truck for the business, can I write off the expense of the truck or any part of it on our 1040? In addition we bought a carwash the last week of the year and it was not open, do I clai… read more
emc011075
emc011075
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Working on 2017 Tax (Sch C) for small business. During 2017, we built a new location while operating out of the old location. How do I claim the insurance and construction loan interest for the NEW lo… read more
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We bought a second home in 2017 and are renting it out as a
We bought a second home in 2017 and are renting it out as a seasonal rental. We spent $15k fixing it up in2017 but did not rent it out until Jan 2018. Can I deduct the $15k on schedule C? We only stay… read more
Robin D.
Robin D.
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I started a very small business which was registered in Feb
I started a very small business which was registered in Feb 2018. However, I bought equipment and supplies for business in 2017. Can I claim those expenses on 2017 return … read more
Brian Michels
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I have a small business that I use a tractor for. Last year
I have a small business that I use a tractor for. Last year the tractor was destroyed and I received an insurance payment for the full value. The equipment was fully deprecated. Do I need to report th… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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Lev
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I am now a US Citizen ( person of indian origin ) working
I am now a US Citizen ( person of indian origin ) working and residing in USA . However , I have 2 homes in India which I started to rent out first time from June month of 2017 . Now , I am planning t… read more
Robin D.
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I am now a US Citizen ( person of indian origin ) working
I am now a US Citizen ( person of indian origin ) working and residing in USA . However , I have 2 homes in India which I started to rent out in 2017 from June month of 2017 . Now , I am planning to f… read more
taxmanrog
taxmanrog
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Second opinion] Tax question: We purchased a new small
Second opinion] Tax question: We purchased a new small tractor on five year payment plan. Can we depreciate it out in one year, now with 2017 taxes, or can we only do one year at a time?If a home is s… read more
Lev
Lev
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Sorry to bother you, but need to know when will the IRS.gov
Sorry to bother you, but need to know when will the IRS.gov w-4 2018 forms be ready to to print on do on line. At having an awful finding the 2018 form. … read more
Robin D.
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A quick question perhaps... I bought a condo property for
I bought a condo property for rental on Nov 9 and been doing some renovations.. wondering whether it's worth it to put in for rent still in 2017, or wait until 2018 wonder if start-up expenses in 2017 can count when I actually rent it in 2018 … read more
Carter McBride
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My wife and I live in Texas and file jointly using a 1040
My wife and I live in Texas and file jointly using a 1040 Schedule C since we have a side LLC business. Previously my Dad(who is still living :) had passed down his land in Arkansas to his sons(my Bot… read more
Lev
Lev
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I have a tax filing question, On September of 2016 I went
On September of 2016 I went into a contract on a new 2 family house. I closed on this house in January 2017 and moved into one unit and rented out the rental unit. In October 2016 I had bought a refrigerator, added additional tiles and bought a glass shower door. All of this was for the rental unit in the house I mentioned above. The total cost was $1990. My question is do I deduct the $1990 on my 2016 taxes or 2017 taxes? Since I bought them in 2016 do I deduct in 2016 but I closed in 2017 and rented it in January of 2017. … read more
emc011075
emc011075
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If I purchase a tractor in December 2015 to start a new
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Robin D.
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Can I deduct the depreciation on a tractor purchased this year
Can I deduct the depreciation on a tractor purchased this year and a building built this year to store the tractor and other materials used to maintain rental properties we own. We use the tractor and… read more
R. Klein, EA
R. Klein, EA
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Master's Degree
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I would like to depreciate the entire purchase for a new piece
I would like to depreciate the entire purchase for a new piece of equipment on 2011 tax return. Under Sec 179, can I depreciate the full amount even though the equipment was not put into service until… read more
Jax Tax
Jax Tax
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Master's Degree
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Good morning. We bought a semi truck on a lease. Can ...
Good morning. We bought a semi truck on a lease. Can we set up the depreciation for 3 years? In past years the depreciation has been set up for 5 years and we are replacing our Semi with a new one bef… read more
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Best way to purchase new tractor for business to maximize ...
Best way to purchase new tractor for business to maximize writeoffs 3 year no interest financing 5 year low interest financing can an I purchase tractor as individual and transfer to my LLC in order t… read more
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