Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
I am in escrow on selling my 4plex. My estimated capital
I am in escrow on selling my 4plex. My estimated capital gains tax is about $100k. I don't want to 1031 it because I have different, non-real estate investment opportunities that I want to pursue with… read more
Tax.appeal.168
Tax.appeal.168
Principal
6,938 satisfied customers
I have an LLC with one other partner. he has loaned me some
i have an LLC with one other partner. he has loaned me some money to contribute to the LLC but we haven't yet put together a formal loan agreement. the LLC lost money this year, and i would like to ta… read more
Carter McBride
Carter McBride
LLM
3,908 satisfied customers
The partner in my 2 member LLC retired effective 12/31/2016.
The partner in my 2 member LLC retired effective 12/31/2016. There was a buyout using LLC funds, the ownership was originally split 60/40. We both have negative amounts in our capital accounts due to … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
43,059 satisfied customers
I'm the principal shareholder in Californian LLC, with 51%
Hi,I'm the principal shareholder in Californian LLC, with 51% of shares. I have a hostile co-owner with 49% of the shares. Since forming the company in '13, we have been operating at a loss. I have be… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,539 satisfied customers
An S Corp owner has received more distributions than
An S Corp owner has received more distributions than retained earnings for income tax purposes which forces the balance sheet to be out of balance because the return (in Turbo Tax) won't accept a nega… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,539 satisfied customers
I have a 2 person partnership where by the partners have taken
I have a 2 person partnership where by the partners have taken distributions that exceed the basis. The partners capital account basis is negative. What is to be done with the negative balance?… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,361 satisfied customers
I prepare the partnership tax returns CA LLC. Husband and
I prepare the partnership tax returns for a CA LLC. Husband and wife and 8 other people are partners. Wife has 66% share, husband .8% share, the rest is divided among the other partners. Wife's basis … read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Principal
Master's Degree
168 satisfied customers
We have a ltd partnership with a $5mm building (currently
We have a ltd partnership with a $5mm building (currently worth $5mm) with a recourse loan of around $2mm. The GP can refinance the building into a $3mm NON-recourse loan take the proceeds and distrib… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
43,059 satisfied customers
I am preparing the tax return two member LLC taxed as a
I am preparing the tax return for a two member LLC taxed as a partnership (Form 1065) that had one rental property. It is owned by two brothers 99% and 1%. The LLC short sold the rental property for $… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,799 satisfied customers
I have a client who has an LLC it is a member in another LLC.
I have a client who has an LLC it is a member in another LLC. I k1 was issued for a large loss to my client. I booked the k1 under the income section of the 1065. The balance sheet now needs to reflec… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,799 satisfied customers
Are loans from LLC Members to the LLC considered recourse or
Are loans from LLC Members to the LLC considered recourse or non-recourse debt. It is my understanding loans from LLC members to the LLC do not increase basis, however they increase the members abilit… read more
PDtax
PDtax
Owner
Master's Degree
5,030 satisfied customers
Is it preferable to initially fund a company as a loan or as
Is it preferable to initially fund a company as a loan or as a basis in the company? (to give context, it is a multi-member LLC (4 partners) but only one person (me) is contributing funding while all … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
43,059 satisfied customers
HAVE A TWO PARTY LLC, COMMERCIAL REAL ESTATE BUILDING. BUILDING
HAVE A TWO PARTY LLC, COMMERCIAL REAL ESTATE BUILDING. BUILDING HAS A LARGE NOTE RECEIVBLE FROM CORPORATION. CORP. IS PAYING BACK LOAN AT $10,000.00 PER MONTH PRINCIPAL. TWO SHAREHOLDERS WANT TO TAKE … read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
How do we treat drawings by LLC members, report on sch-k and
How do we treat drawings by LLC members, report on sch-k and do we need to give them a 1099… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Do I have a taxable income issue and basis adjustment issue
Do I have a taxable income issue and basis adjustment issue with the following: I am preparing a final year accrual basis tax returns for 2 retail operations: an S-corporation/1120S and an LLC/1065 fo… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
1,394 satisfied customers
LLC-Basis-Loss Carry-forwards. Help me better understand
LLC-Basis-Loss Carry-forwards. Help me better understand LLCs. Owner took draws of $200k(shown on balance sheet not included in below profit amount) in 2011 and corporate loans increased by $50k. Owne… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
241 satisfied customers
I am self-employed working for a my LLC (which is a two member
I am self-employed working for a my LLC (which is a two member LLC that is in the wholesale business) we carry inventory and sell through brick and morter and online channels. I.e. this is not a passi… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I loaned my business $124,000.00 from my own personal ...
I loaned my business $124,000.00 from my own personal loan, to my business, an s-corp. I took the reimbursement of the loan in 2006 instead of wages, as reimbursement. My tax preparer states, I will t… 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

5,118 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

298 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

18,818 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,665 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