Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
I have a partnership that owns real estate. The partners
I have a partnership that owns real estate. The partners receive their share of the depreciation write-off each year. One of the partners is selling his interest in the partnership to another partner,… read more
Zahid, CPA
Zahid, CPA
Senior Consultant
Masters Degree in Accountancy
27 satisfied customers
Context: filing for a multi-member LLC treated as a
Context: filing for a multi-member LLC treated as a partnershipQuestions about schedule K-1 (Form 1065) for the sections listed below: J--I personally made no deposits to the LLC's bank account, but m… read more
Roxanne625
Roxanne625
Certified Public Accountant (CPA)
Master of Accountancy
1,787 satisfied customers
I can't seem to get my Schedule L to balance. Partnerships
I can't seem to get my Schedule L to balance. Partnerships capital account went down due to cash distributions, and I don't see where to offset this in the end of year balance.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,678 satisfied customers
My and two other partners own a rental commercial building.
My and two other partners own a rental commercial building. Our basis in the property is as follows:A - $140,000 (25%) B - $210,000 (37.5%) C - $210,000 (37.5%)Now, if B and C each contribute an addit… read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,341 satisfied customers
Re: Partnerships. I am a general partner in a family
Re: Partnerships. I am a general partner in a family partnership whose main activities are investment of contributed funds in mutual funds. At the end of each year the partnership has taxable income a… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
11,023 satisfied customers
I have a question regarding inherited LLC and 754 step-up
I have a question regarding inherited LLC and 754 step-up basis.So my step-father has invested in 3 LLCs with $100,000 in cash invested in each LLC, and I inherited his interests as a beneficiary of h… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,678 satisfied customers
I have a specific question regarding a definition on the
Hi, I have a specific question regarding a definition on the Schedule K-1 for our partnership return Form 1065 … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
9,340 satisfied customers
I HAVE A PARTNERSHIP TOTAL OF 3 PARTNERS. I COMPLETED THE
I HAVE A PARTNERSHIP TOTAL OF 3 PARTNERS. I COMPLETED THE 1065 BUT WE DIDNT DISTRIBUTE AN EQUAL AMOUNT OF PROFIT IN 2017. I RECEIVED MORE THAN MY OTHER PARTNERS AND I WAS NOT SURE IF YOU CAN STATE A D… read more
Carter McBride
Carter McBride
LLM
9,243 satisfied customers
Thanks again for all of your help last night! I was
Thanks again for all of your help last night! I was wondering if you were open to helping with a tax form for my wife's business? She needs the Schedule K1 form completed where the two of them are spl… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,678 satisfied customers
Introducing a new LLC member and researching whether partner
Introducing a new LLC member and researching whether partner capital accounts need to be aligned to match ownership percentages immediately following entrance of new member. In my case, existing 50/50… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
11,023 satisfied customers
I started a partnership last year and am trying to fill out
I started a partnership last year and am trying to fill out the 1065 form. We design and sell prints, canvases, gifts, etc. We pretty much spent last year going through a lot of trial and error, so ha… read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
1,083 satisfied customers
I need to get clear, that if a partner sells his interest
Hi, I need to get clear, that if a partner sells his interest mid year, does he receive a K-1? And what amount woud be reported since the 1065 has not been prepared until end of year… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,678 satisfied customers
A newly formed partnership had no income year but had
A newly formed partnership had no income for the year but had some expenses including contribution. On the partners K-1, can the partners deduct this contribution?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,678 satisfied customers
LLC that reports as a partnership. One member with a $4000
LLC that reports as a partnership. One member with a $4000 capital account, after years of losses, sells his units to another member for $0. Presumably he takes a long term capital loss on his $4000 o… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
I am preparing a K-1 for the first year of a partnership (started
I am preparing a K-1 for the first year of a partnership (started september 2011) that was supposed to be simple, however one partner sold his share and I am second guessing my work. There were origin… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
I am considering selling shares in a Flow through Partnership.
I am considering selling shares in a Flow through Partnership. The income from that would be 137,000. My AGI last year was 23,000. How would that sale be taxed and at what rate?… read more
Lev
Lev
44,433 satisfied customers
How would a partnership reconcile the following. Partner 1
How would a partnership reconcile the following. Partner 1 has taken 10,000 in draw. Partner 2 20,000. They close the business. Profit was 0.00, so the capital accounts equal -10,000 and -20,000. Does… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I have a client who starter a partnership with no contribution,
I have a client who starter a partnership with no contribution, there were 3 equal partners, first year, now the 3 year 1 partner made a contribution of inventory and another person came in and contri… 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

6,077 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

877 satisfied customers

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

Loren

Loren

Attorney

795 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

24,361 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,667 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