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Daloisio., to you! in Brentwood. I am finishing up my son's
This question is for Mr. James Daloisio.Jim, hello to you! This is Gary in Brentwood. I am finishing up my son's income tax for 2020. He is married filing jointly. His wife has a W-2 full time job. He… read more
Carter McBride
Carter McBride
LLM
8,035 satisfied customers
Example: In tax year 2019, reported Business Gross income of
Example: In tax year 2019, Gary reported Business Gross income of $120,000, Expenses of $700,000, and a Taxable Loss of $580,000. He filed a Married Filling Joint return in 2019. How do you calculate … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,360 satisfied customers
Reynolds here in Brentwood, CA. Hope all is well with you
Jim,Gary Reynolds here in Brentwood, CA. Hope all is well with you this new year.I have a question about our VA-LLC. We have one remaining rental property in Virginia (and it is the only member of our… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
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Reynolds here in Brentwood. Are you familiar with 1099-NEC
Jim, Gary Reynolds here in Brentwood. Are you familiar with 1099-NEC reporting? My son's business has a few independent contractors that he used in 2020. Formerly, he used 1099-Misc, and he only had t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,360 satisfied customers
Mr. Daloisio, in Brentwood. One of my sons got married later
Mr. Daloisio,This is Gary in Brentwood.One of my sons got married later in life, and he and his wife each owned their own homes. After marriage, they moved into a different home and rented out each of… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
3,014 satisfied customers
Mr. Daloisio, I am doing my son's and his wife's tax return.
Mr. Daloisio, I am doing my son's and his wife's tax return. Prior to marriage they each owned their own homes (they are 40+). After marriage, they resided in my daughter-in-laws home, and my son rent… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
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New client and I'm not sure how to advise on this. Client
New client and I'm not sure how to advise on this. Client has company A that is SMLLC taxed as sole proprietor, Sch C, for 2019. Company is growing into two distinct areas, so he created 2 new LLCs at… read more
Carter McBride
Carter McBride
LLM
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IRS tax question: I know you can deduct up to $25,000 as a
second opinion] IRS tax question: I know you can deduct up to $25,000 as a schedule E real estate deduction based on income. What if you decide to put the rental property into a partnership or S Corp?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,037 satisfied customers
Can you provide examples of service and trade of businesses
Can you provide examples of service and trade of businesses that are not eligible for 199A?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,582 satisfied customers
Lane, if taxpayer has 3 rental properties (in addition to
Lane, if taxpayer has 3 rental properties (in addition to main job), would that be considered active businesses for purposes of QBI deduction?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,037 satisfied customers
I am working on an individual Form 1040 tax return. The
Hello,I am working on an individual Form 1040 tax return. The taxpayer has two Schedule E residential rental properties. If Aggregated and treated as one rental enterprise, they meet the Safe Harbor r… read more
Carter McBride
Carter McBride
LLM
8,035 satisfied customers
What is the difference between these two options option 1 I
Hello, What is the difference between these two options option 1 I choose to treat my rental activity as a trade or business under the safe harbor rules for the qualified business income deduction and… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,037 satisfied customers
IRS tax question: If someone is just renting out 1 home
IRS tax question: If someone is just renting out 1 home during the year as supplement income and does not use a property management company, does that count as an active trade or business for QBI? Ple… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,037 satisfied customers
I have a couple questions related to filing form 2553 for
i have a couple questions related to filing form 2553 for sub s filing status as a smllc. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,979 satisfied customers
Section 199A - Rent boat slips several of them. Income &
Section 199A - Rent boat slips several of them. Income & Expenses are reported yearly on Schedule E. Losses are unallowed by rules. So, my question is, does section 199A apply? I do have two slips tha… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,360 satisfied customers
Have boat slips I purchased several years ago. They are
Have boat slips I purchased several years ago. They are rented all year for profit and I report the income & expenses on Schedule E. My question is, Does this business qualifies as a trade or business… read more
Carter McBride
Carter McBride
LLM
8,035 satisfied customers
for the past several years Ive had ONLY non taxable income
for the past several years I've had ONLY non taxable income sources, which does not allow me to file 1040A. my question is: If I start renting my home for $1100/monthly, will that income source able m… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,037 satisfied customers
tax question-- I have an LLC with an s-corp tax election.
tax question-- I have an LLC with an s-corp tax election. How is the accounting and bookkeeping different from an LLC taxed as a sole proprietor?… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
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