Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
I live directly on a large popular lake in TN. The fishing
I live directly on a large popular lake in TN. The fishing is amazing especially on this lake. How hard would it be to start my own small fishing charter company? Would the IRS consider this a busines… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
I am currently trying to buy a property to fix and flip for
I am currently trying to buy a property to fix and flip for my multi partner llc. We all have individual jobs that make up most of our income. We are also only trying to fix and flip 1 maybe 2 properties in a year. Is there a way to avoid getting labeled as a dealer by the irs so that we don't have to pay the fica tax. Basically I'm looking for the best strategy to lower my tax implications … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
5,299 satisfied customers
Megan, We bought a property to renovate and flip under our S
We bought a property to renovate and flip under our S corp. Its a high end property and the renovation got much more expensive than we had imagined. Its about 60% complete. We put the house up for sale as is but have not had any interest. Can we buy the property from our S corp so we can move into it as our primary residence? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
5,299 satisfied customers
I am looking for some advise on the type of entity I should
I am looking for some advise on the type of entity I should set up for real estate investing (specifically flipping) with a partner. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,172 satisfied customers
If LLC borrows money from friends to purchase and flip a
If LLC borrows money from friends to purchase and flip a property. Can LLC pay the friends percentage of the profit? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,031 satisfied customers
Two South Carolina C Corporation owners want to rent a
Two South Carolina C Corporation owners want to rent a building together that they will have an option to jointly purchase in the next 18 months. Is the best structure to form an LLC? How would the C … read more
HK Tax
HK Tax
CPA
Master's of Science
399 satisfied customers
I'm negotiating with a Canadian company on how to handle
I'm negotiating with a Canadian company on how to handle employment and benefits. I'm a us citizen and will work out of the us. I'd be the only us employee so we are looking at options. I currently ha… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
About the VC LP fund and the GP LLC entity: I'm one of the
About the VC LP fund and the GP LLC entity: I'm one of the GPs and will make a capital contribution to the VC fund. Should I make the contribution directly into the fund using my personal name or shou… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
1,206 satisfied customers
Me and my partner are Real Estate Dealers (we flip houses).
Me and my partner are Real Estate Dealers (we flip houses). Currently we setup a partnership (tax form 1065). We are trying to file the 1065 partnership return. Are we required to use the accrual meth… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,172 satisfied customers
I currently own a rental property in North Carolina (in my
I currently own a rental property in North Carolina (in my own name) and I'm thinking of expanding my portfolio of rental properties. I am also considering flips (buying, remodeling, and selling). Bec… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,172 satisfied customers
I would like to set up an S-Corp for a Real Estate House Flipping
I would like to set up an S-Corp for a Real Estate House Flipping business that I will be starting shortly. My question is how to get the income into the S-corp if the property will be purchased (i.e.… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,665 satisfied customers
I would like to start and get registered as a Minority Business
I would like to start and get registered as a Minority Business Enterprise (I am of Asian descent and a US citizen) with foreign Ltd.'s cash injection. The foreign Ltd will pay for everything includin… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,172 satisfied customers
I am about to form an LLC with my wife and mother-in-law 3
I am about to form an LLC with my wife and mother-in-law: 3 members. My mother in law is helping to provide capital to purchase a home that my wife and I are living in. The reason for setting up the L… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,172 satisfied customers
CPA Tax question. - I buy and sell real estate. I own
CPA Tax question. - I buy and sell real estate. I own several properties. My lender said I would have to sell one of my properties in order to be under their limit of “maximum allowable number of prop… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
My husband started flipping houses this year. We would ...
My husband started flipping houses this year. We would like to operate this as a sole proprietorship. ( Wouldn't there be more benefits to doing this?) We bought and sold one house and bought another … read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
four investors put funds into an llc purchased a house for
Four investors put funds into an LLC, purchased a house for cash(with intent to resell), renovated it, sold it at a gain. Can one or more of the investors leave their share of the gain in the LLC to r… read more
Jon Andrews
Jon Andrews
CPA
3,038 satisfied customers
I am a new develper. I bought an empty lot for $325,000 and ...
I am a new develper. I bought an empty lot for $325,000 and build a house on it. The construction cost is $675,000. I sold the property for $1,500,000. What is my capital gain Tax on this transaction.… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I PURCHASED A VACANT LOT WITH A CONSTRUCTION LOAN ...
I PURCHASED A VACANT LOT WITH A CONSTRUCTION LOAN IN JULY 2004. I JUST FINISHED BUILING A CUSTOM HOME ON THE LOT IN OCTOBER 2005.ONE LOAN PAID OFF THE LOT AND PUT TITLE OF THE LOT IN MY NAME (IN JULY … 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