Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
If the S-corp buys the entire shares of one of its
Hi, If the S-corp buys the entire shares of one of its shareholder's shares and pays him with a note payable over 8 years with interest accruing of 3%, should the company issue a form 1099-INT to the … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,230 satisfied customers
Do we as an LLC S corp have to issue a 1099 Interest to
Do we as an LLC S corp have to issue a 1099 Interest to another LLC S corp for interest paid during the year? Also do we as an LLC S corp have to issue a 1099 interest to a bank we pay interest to on … read more
Rick
Rick
MBA
21,639 satisfied customers
My LLC borrowed money from a friend in 2019. We paid him
My LLC borrowed money from a friend in 2019. We paid him 4.5K of interest. Do we need to issue him a 1099-INT or 1099-MISC for tax purposes? My business is real estate development.… read more
Carter McBride
Carter McBride
LLM
9,250 satisfied customers
Is it necessary to file a 1099-INT for a loan received from
Is it necessary to file a 1099-INT for a loan received from a friend for an incorporated small business where the interest paid on the loan in 2019 was only ~$270 … my understanding is that it is not … read more
Carter McBride
Carter McBride
LLM
9,250 satisfied customers
We are non profit organization that has a promissory note to
We are non profit organization that has a promissory note to an individual which pays interest-only on the note until maturity. Do we need to issue a 1099 misc or a 1099 int to the individual? … read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,515 satisfied customers
S Corp Expenses after final return. S Corp was on a cash
S Corp Expenses after final return. S Corp was on a cash basis and filed its final return in 2017. In 2018, sole shareholder paid off a S Corp loan including interest charges. Assume S Corp had an acc… read more
Lev
Lev
44,452 satisfied customers
I am looking for a tax expert with the experience in C
I am looking for a tax expert with the experience in C Corporation dissolution involving a foreign shareholder, in dealing with shareholders loans, Capital losses, form 1099-div, form 1042-s and other… read more
taxmanrog
taxmanrog
Master's Degree
2,203 satisfied customers
An S-Corp sole shareholder loaned the Corp monies. Corp is
An S-Corp sole shareholder loaned the Corp monies. Corp is paying her back with interest. I deducted the interest expense on the 1120S BUT can I show the interest paid to her on the K-1 line 4 or do I… read more
Lev
Lev
44,452 satisfied customers
I'm an owner in an S Corporation and the Corporation bought
I'm an owner in an S Corporation and the Corporation bought out one of the other owners in 2017 (purchased the other owner's shares as treasury stock). The buyout was financed by a 10 year note with a… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I was a shareholder in a C Corp during 2014 and loaned the
I was a shareholder in a C Corp during 2014 and loaned the corporation 15,000 about 5 years ago. When I sold my shares I received a check for the loan plus interest. How do I report this on my tax ret… read more
Lev
Lev
44,452 satisfied customers
Is the interestpaid back to the shareholder on a shareholder
Is the interest paid back to the shareholder on a shareholder loan to a S corp tax deductible?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,667 satisfied customers
Hi, Stephen, If a C Corp paid out $50k in a secured personal
Hi, Stephen, If a C Corp paid out $50k in a secured personal loan interest to a NON-shareholder of the C corp in 2010, and 2011, BUT - did not send out a 1099-INT for these years, what is the remedy? … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
9,340 satisfied customers
Hi, Stephanie, If John Doe provides a $500k personal loan
Hi, Stephanie, If John Doe provides a $500k personal loan to a C corp at 10% interest annually, but paid out quarterly, John Doe would have to report this as interest income on his 1040, correct? Will… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,230 satisfied customers
Hello, Stephen, If John Doe provides a $500k personal loan
Hello, Stephen, If John Doe provides a $500k personal loan to a C corp at 10% interest annually, but paid out quarterly, John Doe would have to report this as interest income on his 1040, correct? Wil… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
9,340 satisfied customers
DOES AN OIL CORPORATION THAT PAYS INTEREST ON LOANS FROM STOCKHOLDERS
DOES AN OIL CORPORATION THAT PAYS INTEREST ON LOANS FROM STOCKHOLDERS HAVE TO FILE 1099-INT?… read more
Lev
Lev
44,452 satisfied customers
If the sole shareholder of an s-corp is making loans to the
If the sole shareholder of an s-corp is making loans to the business, is it legal to charge their own company interest on the loan? If so, would the shareholder get a 1099 INT?… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
Sub S - basis / debt. Sole stockholder - arranged line of
Sub S - basis / debt. Sole stockholder - arranged line of credits / loans in his name. Advances come direct to corporation and are deposited into corporate account. Corporation pays advances back. Cor… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
Used credit cards and personal funds to loan a ...
Used credit cards and personal funds to loan a friend''s business (not mine) money. The business paid me compounded interest on top of the principle...so I made a profit. How should I account for this… 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