Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
We paid off our adult daughter's student loan ($120,000) in
We paid off our adult daughter's student loan ($120,000) in 2019. We paid it directly from our Schwab account to Dept of Treasury. Will we owe regular income taxes on this amount. … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,240 satisfied customers
In stocks I paid 50000. In stocks I paid $50000 margin loan.
Second opinion] In stocks I paid 50000JA: Have you talked to a tax professional about this?Customer: In stocks I paid $50000 margin loan. I know margin interest can be deducted. Pl. advice me regardin… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,320 satisfied customers
I have a line of credit secured by a stock brokerage account
I have a line of credit secured by a stock brokerage account (not a margin loan). I have used it to pay off mortgages on my house and a rental property and to pay for a home remodel. Is the interest d… read more
NelsonProTax
NelsonProTax
Remote Tax Support Expert
Master's Degree
685 satisfied customers
Lane - I have a client who has approached me with an
For Lane,Hi Lane - I have a client who has approached me with an interesting situation who had a colleague who's accountant says this was correct and is currently doing it. My client is about to take … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,240 satisfied customers
Have a Merrill lynch LMA account borrowed money to purchase
have a Merrill lynch LMA account borrowed money to purchase a house for a relative. the interest from the account is it considered marginal interest? if so can it be used as an itemized deduction as i… read more
Barbara
Barbara
Enrolled Agent, Paralegal
11,963 satisfied customers
I own a rental property that was financed with margin from
I own a rental property that was financed with margin from an investment account. This worked fine with old tax law since the margin interest could be expensed. With the new tax law the interest expen… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,172 satisfied customers
I retired early at 57 years old. living expenses while I was
I retired early at 57 years old. For monthly living expenses while I was waiting to turn 59.5 (and start drawing from our IRA accounts), our financial manager crafted a margin loan, using our stock po… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,240 satisfied customers
Can you specify the IRS guidance that specifies treating short
Can you specify the IRS guidance that specifies treating short borrow fees as interest expense, or alternatively is there any precedent for treating short borrow fees as an investment expense (not int… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
Recently I purchased a new Honda car for 45,000. I have cash
Recently I purchased a new Honda car for 45,000. I have cash in the bank. I was offered financing by Honda at 1.9% repayable over 6 years. I figured I would take the financing, and invest the 45,000 c… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
My bank is offering me an opportunity to lower the rate on
My bank is offering me an opportunity to lower the rate on my mortgage (which is current/never delinquent) through a "mortgage rate security modification feature". The fee is a percentage of the loan … read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
Hi, I am in a process to purchase a primary residence and
Hi, I am in a process to purchase a primary residence and would like to partially finance the purchase with a loan against my stock investments ( margin). I can get more favorable interest rate. I und… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,172 satisfied customers
On my mortgage interest statement for 2011, the mortgage interest
On my mortgage interest statement for 2011, the mortgage interest that I can deduct is listed in Box#1 and in Box#5 for Real Estate Taxes paid, is listed an amount. I am currently underwater in my mor… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I a phsician. A hospital gave me a loan of 75K and was suposed
I a phsician. A hospital gave me a loan of 75K and was suposed to be forgiven when I work for them. Somehow it did not work and we made a settlement of paying 50K toresolve this matter. My question is… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I have a small Corp business and have used my personal credit
I have a small Corp business and have used my personal credit cards to pay some bills for a total of $30,000. I am considering cashing in some IRA stock to loan the company the money to pay off the bi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,172 satisfied customers
My sub s corp just bought the shares from the primary ...
My sub s corp just bought the shares from the primary shareholder (60%) and signed a promissory note showing 5 annual payments going to this person for purchase of this stock. How does the debt get re… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
IN 2002, I SOLD MY SHARES OF STOCK THAT I WAS AN OWNER OF ...
IN 2002, I SOLD MY SHARES OF STOCK THAT I WAS AN OWNER OF BACK TO THE BUSINESS FOR A NEGOTIATED PRICE OF $123,168. IN ADDITION THE COMPANY OWED ME A NOTE PAYABLE IN THE AMOUNT OF $199,832. BOTH AMOUNT… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,172 satisfied customers
I bought and sold a stock about 35 times last year. its ...
I bought and sold a stock about 35 times last year. its very hard to determine what each lot was bought and sold for .My main problem is I bought alot of it on margin. When I sold, How do I determine … read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
cost basis of margin stock purchased with borrowed funds
What happens if you use borrowed money to open a market account and pay interest on the amount and you deposit the borrowed money into a market account and purchased stock on margin? What is the actua… read more
Dr WLS
Dr WLS
engineer/physicist, retired 1992
Doctoral Degree
296 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