Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Only Passive VS activies income(loss) Taxpayer have several
This question is forCustomeronlyPassive VS activies income(loss)Taxpayer have several K-1 from 1065 and 1120s. How do you determine if they are passive or activity income or loss by just review the K-… read more
taxmanrog
taxmanrog
Master's Degree
1,358 satisfied customers
I received k-1's from multi-member LLC's that hold real
I received k-1's from multi-member LLC's that hold real estate investments - mainly land. I am a realtor but only a limited partner in these. The K-1's have deductions in line 13 code W - licenses and… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
2,106 satisfied customers
Investment Expense Deduction: I took a loan (through my
Investment Expense Deduction: I took a loan (through my company) to buy a stake in my company's passive activity business (a partnership which generates a K-1). As part of this process, I paid a $2,00… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,606 satisfied customers
Income from the leasing of cars...is it self employment
Income from the leasing of cars...is it self employment income? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,289 satisfied customers
I borrowed money to purchase my stake in a multi-member LLC.
Hi, I borrowed money to purchase my stake in a multi-member LLC. I do not materially participate in the business operations of the LLC, so I am a passive partner. How and where do I enter the interest… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,636 satisfied customers
Sure I bought property two years ago and part of the deal
Sure I bought property two years ago and part of the deal involved sharing in the earnings last year. I guess you could classify the expense as consulting on acquisition. How do I deduct it and is a 1… read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Principal
Master's Degree
168 satisfied customers
I am finishing up my 2014 taxes (had an extension). At the
Hello, I am finishing up my 2014 taxes (had an extension). At the end of 2013, I created an LLC (call is Real Estate LLC) for the sole purpose of purchasing a commercial real estate property and leasi… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,289 satisfied customers
I have a single member LLC and I'm working with a business
Hi, I have a single member LLC and I'm working with a business partner who has several other investors in his multi-member LLC. We are partnering on the purchase of land for development. I planned on … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,636 satisfied customers
Let me re-phrase my question. If we are a partnership that
Let me re-phrase my question. If we are a partnership that is holding a house as an investment property, are the expenses and the future income, when we sell, to be considered as ordinary income and, … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,104 satisfied customers
Typically if you have investment properties owned in your own
Typically if you have investment properties owned in your own name you would have a schedule e on tax return and if income is high enough any losses from rental property would not be deductible in cur… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,606 satisfied customers
Lev: A multimember (4 members/two married couples) LLC was
Lev: A multimember (4 members/two married couples) LLC was formed in 2013 but its one owner-member bought a condo in his own personal name (NOT in LLC name). There is no mortgage interest as there was… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
Hello, I am a partner in a LLC Partnership. We own a single
Hello, I am a partner in a LLC Partnership. We own a single family home that is rented and we report income and expenses for the rental activity on form 8825 while reporting other expenses on 1065 for… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,636 satisfied customers
JGORDOSEA Would like to work WITH. Questions related to Real
JGORDOSEA Would like to work WITH. Questions related to Real Estate. 1. I own several rental properties. Hold title as a Single member LLC. Majority of my income is from Real-estate rental investment.… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have another one for you... How do I structure an LLC
I have another one for you... How do I structure an LLC to optimize for tax? It needs to be 'member managed' and I will share in the investment decisions with my friend. Is there anything I should kno… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
LLC #1 has invested in LLC #2 that rents property. The first
LLC #1 has invested in LLC #2 that rents property. The first year tax return reveals a loss with LLC #2. On LLC#1's 1065 tax form, are Passive Income losses allowed? If they are allowed where / how ar… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
I have 2 investment properties in PA which I purchased under
I have 2 investment properties in PA which I purchased under my name and my wife's name. I had also created an LLC for real estate investment to manage the property. The rental income is breaking even… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
i invested 90K as a member of an LLC. the LLC declared bankruptcy,
i invested 90K as a member of an LLC. the LLC declared bankruptcy, and my entire investment is lost. are there any tax advantages that i have at this point? Thank you… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
Hi. I made an investment in a film LLC in 2008. The LLC is
Hi. I made an investment in a film LLC in 2008. The LLC is going to deduct the full amount in that tax year, so I will have a large deduction. Can that be offset against ordinary income? or just passi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 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