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About John Stancil, CPA
(Top Expert on this page)

Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. Kentucky state income tax also. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.

Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
   

You are here:  Experts > Business > Corporate Law > Tax Law (Questions About Taxes)

SubjectDate AskedExpert

Married filing separately for expat with foreign spouse?7/19/2008Glenn D Schnabel
  Q: This question is about 2008 taxes. I'm a US citizen, and my husband is Japanese. He worked in the ...
  A: Amy, Thank you for you question. 1) My question for 2008 is: would our taxes be lower if we ...
Non business Bad Debt-Home Improvement7/18/2008John Stancil, CPA
  Q: My wife and I recently had a pool installed. The pool has poor workmanship and numerous defects. ...
  A: You do not have to actually spend the $40K, an estimate of the cost to finish would be sufficient to ...
Taxation of retirement funds7/18/2008Glenn D Schnabel
  Q: I am leaving my company in Switzerland and moving to California,USA .What happens to my Swiss ...
  A: Ugur, Thank you for your question. 1)What happens to my Swiss retirement funds savings if I ...
Bonus Pay7/18/2008John Stancil, CPA
  Q: My bonus pay was suppose to be $7,498 dollars but my pay stub read $6,998. When I asked my employer ...
  A: Amish, Thanks for your question. What your employer has done may not be the best way to handle it, ...
Capital Gains on Real Estate7/18/2008Carole Dunton
  Q: My wife currently own our home in San Jose, Ca, approximate value $400,000. We also own 3 acres of ...
  A: All of that would work but you could not exclude all the gain on the rental unit even if it is ...
FILING STATUS7/18/2008Jay Allen Finn
  Q: My husband passed away in june 2007. I filed my 2007 taxes as married. How many years does IRS ...
  A: if you have a qualifying child, you can extend the joint filing (I think only one year). However, ...
Tax on a Structured Settlement7/18/2008Jay Allen Finn
  Q: I have a structured settlement and I am selling it to a company that buys these annuities. In the ...
  A: We need to determine if your original annuity or structured settlement is a taxable annuity; ...
federal taxes due?7/18/2008Carole Dunton
  Q: my name's candice and i recently opened a small business in NJ. This is my first quarter filing ...
  A: Assuming that you are a sole proprietor, you will report your business income and expenses on ...
Early IRA Withdrawal7/18/2008John Stancil, CPA
  Q: I have 2 homes and other real estate that I own free and clear. No rental income from any of ...
  A: Dale, You cannot contribute to an IRA unless you have earned income, which you do not appear to ...
Church Tax Deductible7/18/2008John Stancil, CPA
  Q: We have a issue that keeps coming up at our church that i would clarification. We have a senior ...
  A: Actually the problem is that if the funds are designated as entertainment, there could be an ...
gift taxes / trust7/18/2008John Stancil, CPA
  Q: I was recently made trustee of a trust created for a living elderly friend. Essentially, his assets ...
  A: Ann, Thanks for your question. This is not a gift situation, so you do not have to worry about ...
Separated Tax Filing7/18/2008Glenn D Schnabel
  Q: My wife and I may separate. One of our biggest issues is the way she spends money. She owns her own ...
  A: Jack, Thank you for your question. Just a note, why did she not incorporate if the business was ...
Injured spouse deductions allotment7/18/2008Mike Wellman
  Q: I am trying to fill out an injured spouse form, as I recently remarried and am not liable for my new ...
  A: If you itemize your deductions, enter each of your separate deductions, such as employee business ...
state income tax7/18/2008John L. Tidwell
  Q: I know someone who lives and works in DC. She is getting Maryland state tax withheld from her ...
  A: Sandi: Maryland has an agreement with DC that employers will withhold state income tax and forward. ...
per diem7/17/2008Glenn D Schnabel
  Q: I am an independent contractor working on a long term project. How long can I remain on this job ...
  A: Mike, Thank you for your question. As an independent contractor, per diem becomes subject to ...
1120 s balance sheet7/17/2008John Stancil, CPA
  Q: husband and wife owners 50/50. we put prop. 2 lots into business name. did not owe any money on them ...
  A: Steve, Thanks for your question. The land would go on the balance sheet at your cost not FMV. ...
Is gift tax due on 3rd party loan payoff?7/17/2008John Stancil, CPA
  Q: My father and I are joint owners (50% each) of a vacation property in Washington, and both our names ...
  A: Mickey, Thanks for your question. Because you are not liable on the debt, your paying off the ...
unreimbursed expenses from employer bankruptcy7/17/2008Glenn D Schnabel
  Q: My husband worked for a company that reimbursed his expenses (gas, etc.; he was in sales). He used ...
  A: Rebecca, Thank you for your question. He should use Form 2106 to claim business expenses. There ...
Gift Tax7/17/2008John Stancil, CPA
  Q: but am hoping to get a bit more detail. My understanding is that a married couple can gift up to ...
  A: Mark, Thanks for your question. No, its about that simple. The key point is that the payments ...
How to report to investors in an LLC7/17/2008John Kirk, CPA
  Q: I have a single-member LLC. If investors put money into it with the idea of earning interest income ...
  A: It depends on how they are investing in the LLC, if not as members than they are loaning the LLC ...
Gift Taxes7/17/2008Glenn D Schnabel
  Q: My Mother in Law wants to gift her three children $10,000 each, i understand from your answer to the ...
  A: David, Thank you for your question. 1)My question is if there is a standard form that should be ...
Non business Bad Debt-Home Improvement7/17/2008John Stancil, CPA
  Q: My wife and I recently had a pool installed. The pool has poor workmanship and numerous defects. ...
  A: Steve, Thanks for your question. You cannot deduct the legal costs, as they are classified as ...
Gift Tax7/16/2008John Stancil, CPA
  Q: My father could win a mal-practice law suit of around 2 million. He wants to give me $200,000. Is ...
  A: Kristi, I misread a portion of your question and need to amend my answer. If you defaulted he ...
Clergy Tax Reporting7/16/2008Helen P. O`Planick, EA
  Q: I would like information about gift giving and pastoral responsibility in reporting. Is there any ...
  A: Anyone can give anyone a gift, nothing is taxable (a gift tax return is due if the gift(s) exceed a ...
Employment status7/16/2008John L. Tidwell
  Q: I agreed to fill in for an employee who is out for surgery in the month of July at a winery that I ...
  A: Elizabeth: You are an employee not an independent contractor. It is apparent that the employer is ...
Church provided material and gifts7/16/2008John Stancil, CPA
  Q: Is there an established monetary threshold to be used when providing literature, books, and ...
  A: Kenneth, Thanks for your question. The key here is whether there is a pro-quid-pro. In other ...
Claiming Independent7/16/2008John Stancil, CPA
  Q: I'm a 19 year old college student who was born and raised in Ohio, but am attending school in ...
  A: Sarah, Thanks for your question. First, there is really no such category as claiming independent. ...
social security7/16/2008Glenn D Schnabel
  Q: This is the first year I'm receiving social security My business failed and my only income is social ...
  A: Lisa, Thank you for your question. Since your only source of income is $1400 per month, you will ...
MFS - amending later7/16/2008Helen P. O`Planick, EA
  Q: The new student loan repayment legislation which includes loan forgiveness after 10 years of public ...
  A: You can amend to MFJ anytime within the 3 year window of amending the returns. HOWEVER, I'm not ...
Parentally abducted children7/16/2008John Stancil, CPA
  Q: My ex-wife abducted our two daughters in mid May of 2007. I was granted sole custody of them in ...
  A: Bill, Unfortunately not. Since the child was abducted by a relative, they are not considered by ...
adoption tax question7/16/2008Helen P. O`Planick, EA
  Q: I will be adopting an older child, and the child will be legally placed in my home for adoption in ...
  A: Unless adopted by the end of the year, you will not be able to claim him for 2008. If he is legally ...
rental property losses7/16/2008Carole Dunton
  Q: I own a condo in California. I am considering moving to Washington State and renting out my property ...
  A: When you deduct your expenses they include mortgage interest and property taxes as well as other ...
need to know how to do taxes7/16/2008Carole Dunton
  Q: i work for a texting company as a ic and no taxes taken out of checks i just started and i am paid ...
  A: You will report your income and expenses on Schedule C. Your net self employment income will be ...
OFF the Books7/16/2008John L. Tidwell
  Q: currently work off the books but my employer pays me with a check. i have been working there for ...
  A: Steve: If you are working for your employer as an employee, the wages you are earning are being ...
OFF the Books7/16/2008John Stancil, CPA
  Q: i currently work off the books but my employer pays me with a check. i have been working there for ...
  A: Steve, Yes, you need to file amended return for all years in which the off the books income was ...
Car donations of deceased title holder7/16/2008John Stancil, CPA
  Q: I understand that I must provide a tax id or social security number to the charity to whom we are ...
  A: Barbara, Thanks for your question. You should use the estate ID or your SSN. If you use the ...
S-Corporation and 1099-C7/16/2008John Kirk, CPA
  Q: I have a small retail business with property under S-Corporation. I and my partner, each are 50% ...
  A: The taxes cannot be avoided. The fact that the business is insolvent has no bearing in this case. ...
rental property losses7/15/2008Carole Dunton
  Q: I own a condo in California. I am considering moving to Washington State and renting out my property ...
  A: You report your rental income and expenses on Schedule E. One of your expenses is depreciation. Be ...
Overseas Tax Exempt7/15/2008John Stancil, CPA
  Q: Is it possible for your tax exemptions to be prorated for the number of days you are out of country ...
  A: Sean, The foreign earned income exclusion will be prorated, but in order to receive it at all you ...
Buying house tax issues7/15/2008Glenn D Schnabel
  Q: My mom (85) lives in an apartment and is considering buying an investment house (foreclosure). She ...
  A: Pam, Thank you for your question. 1)What issues will this present for her income taxes, etc. If ...

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Questions by
Active Experts:
Helen P. O`Planick, EAJohn Kirk, CPACarole Dunton
WILLIAM D MCCONNAUGHYJay Allen FinnIvan Roth
Gerard L. Samoleski, CPA*Mike WellmanGlenn D Schnabel
Richard FritzlerJohn L. TidwellJohn Stancil, CPA
Neil Johnson (The Tax Dude™)  

     
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