Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I need to estimate my US and AZ tax liability on about
I need to estimate my US and AZ tax liability on about $600,000 of profit on stock that I held for over 10 years and was sold when the company was purchased. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,861 satisfied customers
Sole owner in s corp. sold my stock 10/31/17. do i file a
HELLO. sole owner in s corp. sold my stock 10/31/17. do i file a short year, 1/1/17 to 10/31/17 1120s? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
I have an S Corp for sale, currently under contract. The
I have an S Corp for sale, currently under contract. The profit will be considered long term capital gains. Our fiscal year runs August 1-July 31. The closing date on the sale is set for August 9. His… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
S-Corp Tax question: If an S-Corp sells a fully depreciated
S-Corp Tax question:If an S-Corp sells a fully depreciated vehicle (straight line dept, owned 6 years) for $2,000 (thus a $2,000 gain), how does this capital gain get reported to the shareholder? And … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,803 satisfied customers
Asset sale of an S corp. Assets where transferred into S
Asset sale of an S corp. Assets where transferred into S Corp from sole Prop at sole Prop Adjusted basis not FMV. S corp sold all assets. The basis is the adjusted basis at the time of electing S Corp… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
Lev: I have a client who converted s C-Corp ($300K retained
Hi Lev: I have a client who converted his C-Corp ($300K retained earnings) to an S-Corp on 01/01/2015. He continued to withdraw money from the corp in addition to his salary. Are those withdrawals cla… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,803 satisfied customers
Robin -- I have a new, unrelated question: I have an
Hi Robin -- I have a new, unrelated question: I have an AZ LLC that is a Sched C filer as a disregarded entity. This has been operating continuously for several years. I have not wanted to undertake a… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
I am sole shareholder in an S-Corp that was incorporated in
I am sole shareholder in an S-Corp that was incorporated in 2012 in the State of Kansas, USA. I have an offer to sell 30% of my shares for $50,000. I've put at least $35,000 of my own money into the c… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
What is the federal tax effect(s) of having a S Corp create an LLC (disregarded entity) an
What is the federal tax effect(s) of having a S Corp create an LLC (disregarded entity) and conducting all business from LLC (100% owned by the original S Corp). The reason for the LLC is to later tak… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
We are new to S-Corp Accounting year 2014. 1120S's
We are new to S-Corp Accounting for tax year 2014. 1120S's are on extention right now. We were told when the S-Corp needs money to pay its bills to transfer the money in from our personal account and … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,803 satisfied customers
, This question is regarding my state income taxes
Hi, This question is regarding my state income taxes for California and Arizona for 2014. Me and my wife filed our federal income tax under the 'married filing jointly' category. I lived in CA from Ja… read more
Tax.appeal.168
Tax.appeal.168
Principal
4,884 satisfied customers
Hi Rachel - Where does the sale of goodwill created in a C
Hi Rachel - Where does the sale of goodwill created in a C Corp (not purchased) get reported? Form 4797? and what about sale of inventory? COGS section?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Hi Lev, I am doing some tax planning for an S Corp.
Hi Lev, I am doing some tax planning for an S Corp. There were repayment of loans, with sufficient debt basis, but insufficient retained earnings, therefore there are capital gains. I understand this … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,803 satisfied customers
In the case of an S Corp distribution. In 2009 the S corp
In the case of an S Corp distribution. In 2009 the S corp made a tax profit of 100,000 and was reported on K1 and personal taxes paid. On the books, this is first year we declared a distribution of 10… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
sold an asset in the s-corp. Intangible. Capital gains will
sold an asset in the s-corp. Intangible. Capital gains will be 15% pass through to the shareholder. I don't understand, does the money remain in the s-corp or does the shareholder get to take it out a… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Please refer to my previous question and answer it according
Please refer to my previous question and answer it according to NY State rules for dissolving S Corp and opening LLC for the same building which I own. Are there capital gais tax for IRS and NY State … read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
I am 100% stock owner in s-corp. My AAA was $25000 and ...
I am 100% stock owner in s-corp. My AAA was $25000 and took a $9500 distribution from it. My stock ownership on my balance sheet shows $2000. Is this $9500 tax free or do I owe some on capital gain ? … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I lived in Arizona all of 2006 and sold my home in ...
I lived in Arizona all of 2006 and sold my home in California in February 2006. How do I file capital gains tax?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 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