Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
We formed a partnership husband/wife LLC Aug, 30 2018. We
We formed a partnership husband/wife LLC Aug, 30 2018. We filed a K-1 this year. We did not have any income, as we are designing a product.The product development cost us $25,000 in 2018, since we had… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,519 satisfied customers
Is a family limited partnership immediately terminated when
Second opinion] Is a family limited partnership immediately terminated when there are two surviving general partners and one of them withdraws?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,519 satisfied customers
I have a client that started up a new business with her
Good morning, I have a client that started up a new business with her partner. She immediately obtained the tax ID number as a corporation in September of 2018 and she obtained the article of incorpor… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,271 satisfied customers
I have a two member LLC that was taxed as a partnership in
I have a two member LLC that was taxed as a partnership in 2014. As of January 1 2015, one partner bought out the other. I need this now one member LLC to be taxed as a S corporation. Aside from Form … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,519 satisfied customers
I need to get clear, that if a partner sells his interest
Hi, I need to get clear, that if a partner sells his interest mid year, does he receive a K-1? And what amount woud be reported since the 1065 has not been prepared until end of year… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,330 satisfied customers
CLIENT IS A PARTNERSHIP WITH 2 PARTNERS AND ALOT OF DEBT.
CLIENT IS A PARTNERSHIP WITH 2 PARTNERS AND ALOT OF DEBT. NEW PARTNER PAYS OFF DEBT IN EXCHANGE FOR 70% OWNERSHIP OF THE PARTNERSHIP. THIS HAPPENED 4/3/14 AND NEW PARTNER HAS A 6/30 FISCAL YEAR END. W… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Two individuals contribute property and cash to a limited partnership
Two individuals contribute property and cash to a limited partnership on 6/30/14; construction on an apartment building begins on 7/1/14 and completed on 6/30/15. Each limited partner sells its intere… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,519 satisfied customers
Lev. We are members in a small LLC. We have 3 members and
Lev. We are members in a small LLC. We have 3 members and we are bringing in a 4th. We want to give him 25% of the profit allocations going forward in exchange expertise, and he will also invest $100,… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,519 satisfied customers
I have a LLC Partnership with 9 Franchises. My partner and
I have a LLC Partnership with 9 Franchises. My partner and I want to split with me taking 5 locations and the other partner taking 4 locations. Can we just split and go our separate ways or what are t… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,271 satisfied customers
What are the general legal financial reporting requirements
What are the general legal financial reporting requirements for the General Partner's when have a family Limited Partnership. Do they need to keep all limited partners up to date on the financial perf… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I have a partnership that went to a single member partnership,
I have a partnership that went to a single member partnership, desired to add a partner, converted the LLC to Inc taxed as C corp keeping the same federal id number. Immediately upon completing this s… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
2,693 satisfied customers
The 2011 K-1 I received reported $0 income/expense and the
The 2011 K-1 I received reported $0 income/expense and the capital account reconciliation is blank. I had invested $660,000 into the partnership and took deductions (from the prior years K-1s) of abou… read more
winktax
winktax
Enrolled Agent
Master's Degree
425 satisfied customers
I own a 1/3 partnership interest in an office building. The
I own a 1/3 partnership interest in an office building. The other 2 partners also have a 1/3 interest. The other 2 partners want to sell their partnership interests to me & another individual. The oth… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,519 satisfied customers
a limited liability partnership member sell their 50% interest
a limited liability partnership member sell their 50% interest to the other member of the partnership. Must the partnership file a short-year tax return or can they just wait until the end of the year… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I left my business partnership, I didnt get any cash for leaving.
I left my business partnership, I didn't get any cash for leaving. My partner remained and switched to a sole prop. This happened in march of 2008. My former partner isn't very good and I'm worried he… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I am creating a new LLC (#1)to become the Parent Company of ...
I am creating a new LLC (#1)to become the Parent Company of an existing LLC (#2). I am transferring all assets of #2, including contracts, employees to #1 except for the holding of a subsidy. What are… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
We have a Partnership and one partner was bought out, now ...
We have a Partnership and one partner was bought out, now we switched to an S corp. Do we 0 out the Schedule L on page 4 of the partnership and book all to distribution, for it was distributed to the … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have a partnership with 2 partners who are selling all of ...
I have a partnership with 2 partners who are selling all of their interest in the partnership (59%). I will then own 100% of the partnership. The only asset of the partnership is an office building. W… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 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

4,937 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

261 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,888 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,659 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