Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
I received a form 8886 attached to my 1065 K-1 form. What
I received a form 8886 attached to my 1065 K-1 form. What needs to be done with this for tax purposes?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
I have a tax situation I'd like to run by someone. My client
I have a tax situation I'd like to run by someone.My client has received a K-1 (Form 1065) for many years on a rental property in Mexico. He is 8.33% owner in this property. Each year we have reported… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
My partner and I started an LLC in 2009. Over the years we
My partner and I started an LLC in 2009. Over the years we have both put in over $2000 in our own funds to pay for website hosting and parts and instruments for use in developing new products. These f… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
Lane! If a partnership has a negative capital account (or
Hello again, Lane! If a partnership has a negative capital account (or S-Corp has a negative AAA account) does the IRS require any sort of partner (shareholder) basis information to be attached to the… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,096 satisfied customers
I'm looking for some guidance on the best way to transfer
I'm looking for some guidance on the best way to transfer ownership interest. The entity is an LLC taxed as a partnership. Basically, parents want to transfer ownership to a child. This question just … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,096 satisfied customers
A taxpayer received a K-1 from a partnership they say they
A taxpayer received a K-1 from a partnership they say they have severed ties with years ago.The K-1 shows an increased adjustment to basis for the taxpayer (a 20% limited partner according to the K-1)… read more
PDtax
PDtax
Owner
Master's Degree
5,610 satisfied customers
I have a couple questions regarding the tax treatment LLC
I have a couple questions regarding the tax treatment for an LLC that has been elected to be taxed as a partnership. 1. Is it necessary for the LLC to send the members K1s on an annual basis? 2. Do th… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
9,316 satisfied customers
I have a K-1 limited partnership. The partnership was disposed
I have a K-1 limited partnership. The partnership was disposed in 2014. There was a complete disposition. U recaptured was from disposition of interest in partnership. Line 2 -2310.00. 9C-19480.00, 10… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,112 satisfied customers
I have a client who has a partnership with a couple of k1 investment.
I have a client who has a partnership with a couple of k1 investment. On 1 k1 it states line 11 other income code F - NET IRC Section 988 Gain/Loss...under the other k1 it puts the same line 11 but un… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
We are a partnership that operates a business out of our home.
We are a partnership that operates a business out of our home. Our home is our primary business location, and we use 25% of our home exclusively for business. My partner and I each have equal ownershi… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
would a partnership with 50/50 ownership that has a capital
would a partnership with 50/50 ownership that has a capital gain transaction only in current year with 2,600 profit be required to complete schedule m-3, l, etc.… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My brother and I have just sold (12/23/2011) a house we bought
My brother and I have just sold (12/23/2011) a house we bought in May, 2011 and fixed up as an investment under a partnership agreement. We would like to know how to report the capital gains to the IR… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
Question l On a Schedule K-1, Line 9, Net Sec. 1231 gain
Question l: On a Schedule K-1, Line 9, Net Sec. 1231 gain or loss, I have a loss. Where can I deduct on my tax return? QUESTION 2: I use a financial advisor who charges 1% for advise. I have been taki… read more
Jesse Handel
Jesse Handel
Tax Preparer and Chemist
Bachelor's Degree
161 satisfied customers
A Multi Member LLC start up company with two members, taxed
A Multi Member LLC start up company with two members, taxed as a partnership, had no "business income" in 2010 but did have ordinary and ncessary expenses of roughly $10k. In addition, they did tradin… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
I bought stock in EPD (master limited partnership) in 09 and
I bought stock in EPD (master limited partnership) in 09 and got my first K-1. I am using H&R Block taxcut and filling in is pretty straight forward except for two areas. On line 20 other information … read more
Jesse Handel
Jesse Handel
Tax Preparer and Chemist
Bachelor's Degree
161 satisfied customers
Does the fact that the Partnership supplying me a K-1 form
Does the fact that the Partnership supplying me a K-1 form is registered as a tax shelter have any bearing on what or how much I need to report on my schedule K-1 tax form?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I received a K-1 that lists a tax shelter registration number.
I received a K-1 that lists a tax shelter registration number. No other information about this is provided. In previous years, I would have disclosed on a Form 8271, but that has been eliminated. Do I… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
My former financial advisor put me in a 419e plan. The required
My former financial advisor put me in a 419e plan. The required 8886 form was NOT filed, but no deductions were claimed either for the 2008 year. What should be done to correct if necessary? and what … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 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

5,764 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

626 satisfied customers

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

Loren

Loren

Attorney

372 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

20,865 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,666 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

< 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