Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
Capital loss: Client invested about $20,000 in a friend's
Capital loss: Client invested about $20,000 in a friend's LLC. Did not receive an ownership position. Rec'd a few payments and then the business closed. No personal guarantee by the LLC's members (cli… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,270 satisfied customers
Lane, I am filling out schedule k1. If my partner took
Lane, I am filling out schedule k1. If my partner took $26000.00 total as a guaranteed payment, would I add that on section L - withdraw and distribution? Or only add in on Part III. #4 Guaranteed pay… read more
ALEX O
ALEX O
Partner O & G Tax
Master's Degree
769 satisfied customers
I have 10% ownership in a payments company and we will have
Hello, I have 10% ownership in a payments company and we will have a loss of approx. $1M in 2019. I am planning on selling back my 10% ownership to the company very soon. If I sell it back prior to Ja… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,113 satisfied customers
I am trying to figure Net Operating Loss (NOL) using the
Second opinion] I am trying to figure Net Operating Loss (NOL) using the worksheet 1 from publication 536. Is there an easier way to calculate this? I am a single member LLC owner, so I am looking to … read more
PDtax
PDtax
Owner
Master's Degree
5,215 satisfied customers
If a client rents their primary home for 4 years, do they
If a client rents their primary home for 4 years, do they get the sale of primary home exclusion. She only lived in it for a year. She had to leave the home for her job.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,127 satisfied customers
I am part owner in a s i am part owner in a small business
I am part owner in a s i am part owner in a small business set up as an LLC. I currently own 14.7% and we have seen losses the past three years. I have been able to recognize some tax relief due to th… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,127 satisfied customers
I have just started renting out an apartment that I own. And
hi there... i have just started renting out an apartment that I own. And would like to set up guarantee payments for the revenues so that I can contribute to a SEP-IRA. This will make the business a c… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,555 satisfied customers
Can a business have two different divisions (in two
Can a business have two different divisions (in two different sates) each independently filing quarterly taxes under the same Fed Tax ID number? Does the business to combine these filings together and… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,270 satisfied customers
I bought a controlling interest in a company this year that
I bought a controlling interest in a company this year that has a 2m NOL over the past three tax years how would I go about monetizing the NOL? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,270 satisfied customers
Dad and son want to go into business as LLC with 50/50
Dad and son want to go into business as LLC with 50/50 ownership ideally. Son has vast experience in this business field. 100% of capitol being kicked in by Dad Ideally 100% of loss/profit distributio… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,665 satisfied customers
I have been self employed for many years, its always been
I have been self employed for many years, it's always been a struggle, I have the knowledge but never the capital to build out my business. Then in 2005 a few friends approached me with the idea of he… read more
taxmanrog
taxmanrog
Master's Degree
1,896 satisfied customers
Hello there. I am opening a business in Arizona and right
Hello there. I am opening a business in Arizona and right now it will only be in my name but after six months will share partnership with by brother and sister, as well as make an allotment for a max … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,270 satisfied customers
Are cash contributions to S-corporation MUST be in proportion
Are cash contributions to S-corporation MUST be in proportion to the ownership percentage between 2 shareholders? How it will affect taxes? What about owner distributions - they also must be in propor… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,270 satisfied customers
My quesion is Whether an individual will be able to set off
My quesion is Whether an individual will be able to set off losses from an 99% owned LLC (taxed as Partnership) from the profits of a sole properitorship business, when the other 1% is owned by his 10… read more
PDtax
PDtax
Owner
Master's Degree
5,215 satisfied customers
I work a regular job making over 100k. I got a business license
I work a regular job making over 100k. I got a business license to sell antiques at a booth in a shop. I am sole proprietor. In my county of Nv I do not have to have a business license. I did not know… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I have formed an LLC a few years back. I have been employed
I have formed an LLC a few years back. I have been employed full-time and did not have significant activities with my LLC. I have received some business, and got payments to my company, recently. I ha… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,113 satisfied customers
I have just formed an LLC with 2 of my close friends. We are
I have just formed an LLC with 2 of my close friends. We are all equal owners/officers. I am getting ready to file form 2553, but I'm unsure what we should put for where it says current shareholders/o… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,113 satisfied customers
On the SS-4, there is no selection for "tenants-in-common"
On the SS-4, there is no selection for "tenants-in-common" ownership. In this case, its rental real estate (residential). So when 3 individuals purchased homes and rent it out, do they have to submit … read more
Merlo
Merlo
Tax Consultant
558 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