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Recent Taxpayer Relief questions

Is the taxpayer relief act of 1997 still in affect, or was

is the taxpayer relief act of 1997 still in affect, or was it replaced by the taxpayer relief act of 2012? and also, if I do not file income tax, must the credit be claimed on a return, or is it an understanding that is simply in place?

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Barbara

Enrolled Agent, Paralegal

6,642 satisfied customers
Ok. I purchased my home in 2009 and got the 2009 first time

hi. ok. I purchased my home in 2009 and got the 2009 first time homebuyer credit, ive lived here over 3 years so it doesn't have to be paid back, my question is if social security disability and VA disability is my only income and is not taxed, how does the first time home buyer credit and the taxpayer relief act of 1997 for tax free capital gains work, and how does it affect the previous 2 things?

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Barbara

Enrolled Agent, Paralegal

6,642 satisfied customers
I have a client that had to pay for an environmental study

I have a client that had to pay for an environmental study done on an old gas station they purchased. They had to pay to have the ground cleared and fix and environmental spill that was found. Lastly they had to remove tanks and had to pay a civil engineer to redesign the land for proper future use.Is the client eligible for any sort of special credit deduction/depreciation for any of the above mentioned.

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Robin D.

Vocational, Technical or Trade School

25,644 satisfied customers
My parents built a house a few years ago. Their cost basis

My parents built a house a few years ago. Their cost basis was about $2 million. I suspect the house is now worth about $3 to $3.5 million. If they were to pass away, we (the kids) would get the house and under current law, not owe any estate tax since it is under the $5 million threshold (is that the right current threshold?). What happens to the tax basis at the time the property transfers to the kids? Does it get marked up to the current market value at the time we receive it or does it retain it's original value until we sell it?Should we do anything before they pass away to make the transfer of the property tax free? I.e. put it in a trust or put the kids' names on the deed sooner rather than later?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,480 satisfied customers
Small, cash basis S-Corp with one shareholder, who's also an

Small, cash basis S-Corp with one shareholder, who's also an employee. Accountable Reimbursable Expense Plan already in place. Principal place of business is an office-in-home. Haven't taken depreciation on the office since becoming an S-Corp several years ago. Is Form 3115 required for the catch up depreciation since the corp is a cash basis taxpayer? What is the best way to account for (current and future ) depreciation of the home office? Would it be appropriate/correct for the depreciation expense simply be reimbursed to the shareholder-employee just like any other out-of-pocket reimbursable expense, then the SCorp deduct that depreciation expense on the corporate tax return(s) w/out the need to list the (shareholder's) asset on the books and/or the return(s)?Also, the shareholder-employee (personally) owns a vehicle that is used solely for the business. Since the auto is a personally owned, although not personal-use, vehicle, it has not been put on the company books. Would it be appropriate/correct to simply allow the business to pay for auto expenses for as long as it uses the vehicle? Is it necessary/recommended that the S-Corp rent the vehicle while it is using it? What do you recommend as the best income tax treatment for the depreciation/auto/auto expenses?I aimed to be as clear/concise as possible, but please feel free to lmk if you need any further details. Thanks in advance!

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PDtax

Owner

Master's Degree

8,046 satisfied customers
I have a question regarding firpta taxes with a real estate

I have a question regarding firpta taxes with a real estate purchase. If the buyer does not live in the property for the 2 year period required who is responsible for paying the 15% tax?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,480 satisfied customers
My friend sent in his Massachusetts state income tax

My friend sent in his Massachusetts state income tax for 2013 in Massachusetts for the mortgage forgiveness debt relief act and debt cancellation. Massachusetts told him that they don't recognize qualified principal residence indebtedness as the Federal government does. Is this correct and will he need to pay an additional tax? The Federal government had forgiven his debt.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: What steps would he need to take?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,920 satisfied customers
Issue is regarding once in a life time sale of home. ,

Customer: ***** *****, Issue is regarding once in a life time sale of home. JA: Thanks. Can you give me any more details about your issue? Customer: I thought there was an amount you could subtract from gains in sale of home once in your lifetime. JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Lev

Retired

Bachelor's Degree Equivalent

25,432 satisfied customers
I converted a C corp to a sub S corp in 2012 under America

I converted a C corp to a sub S corp in 2012 under America Taxpayer Relief Act of 2012 . Question is if the 5 year extension allows exemption from built in gains after 2016 or is 5year extension only for sub S corp established 2008 and prior?

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Lev

Retired

Bachelor's Degree Equivalent

25,432 satisfied customers
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