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Tax Law (Questions About Taxes)/Questions

Subject	Date Asked	Expert
Independent contractor/tutor report on Schedule C	2/10/2012	John Stancil, CPA
Q: I received a 1099-MISC from an Educational Service, LLC that I worked for. I received $600 under ... A: Michael, Thanks for your question. It is your business, use your name, business name, address, and ...
Discharged debt	2/9/2012	John Stancil, CPA
Q: I had two rental properties discharged in Chap 7 last year. Both properties were 40% underwater. ... A: Will, Thanks for your question. the $240,000 is taxable income, reported on line 21 of the 1040. ...
State Taxes	2/9/2012	John Stancil, CPA
Q: My husband and I live full time in NC but in 2011 he got his paycheck from PA with PA taxes taken ... A: Martha, Thanks for your question. If he did not work in PA, those taxes should not have been ...
Filing Status	2/9/2012	Carole Dunton
Q: Last year my wife and I filed Married Separately. This year, I will owe taxes and she will get a ... A: I mean it its generally beneficial to both parties, you and your wife. There are exceptions. For ...
CPF taxability	2/9/2012	IJ Zemelman, EA MBA
Q: A Singapore citizen renounces her citizenship and she is a citizen of the Unites States. She, then, ... A: Part of CPF funds that comprises of contributions previously non-taxable (Employer's portion ...
Business Investment Loss	2/9/2012	Mark Trazo, CPA Candidate
Q: In June 2011, I financed a small business that I was opening up with my boyfriend. In September, ... A: Yes there is. But I cannot tell you what line item since I don't know what kinds of return you are ...
tax exemption?	2/9/2012	John Stancil, CPA
Q: First off thanks for your professional advice. Here is my situation. I have been a contractor ... A: Ed, There are actually two ways to qualify. I was working under the assumption that you were using ...
Selling farm land	2/9/2012	Rod Dorothy
Q: I inherited land from my Father, still living. He gifted this land to me to avoid probate. I am ... A: When you receive something as a gift you also are given their basis, plus any gift taxes paid, if ...
Per Diem	2/8/2012	John Stancil, CPA
Q: I receive a W2 from my employer. I travel out of state for my job every other week - 8 days on and ... A: Tammy, Thanks for your question. No, you cannot take a deduction as you are being paid for them. ...
Deed in lieu and no 1099	2/8/2012	John Stancil, CPA
Q: My ex-husband and I completed a deed in lieu of foreclosure June 2011. The mortgage company told me ... A: Shannon, Thanks for your question. I can't say why they aren't going to issue a 1099. They said ...
Taxable Lawsuit Settlement	2/8/2012	John Stancil, CPA
Q: I settled a lawsuit this year between myself and my home's builder. The lawsuit began in 2006 and ... A: Sally, Thanks for your question. The document you cite does not give complete information. While ...
Form 709	2/8/2012	John Stancil, CPA
Q: A parent had his house named to his 4 kids in his trust, then he titled it to them for about 4-5 ... A: Jan, Thanks for your question. The answer, by necessity, is somewhat complex, so if any part is ...
Inheritance after the fact	2/8/2012	John Stancil, CPA
Q: In 2010, I learned that my mother (who died in 1988) had unclaimed money in New Jersey from MetLife ... A: OK, it would be reported on your 2011 return. It is taxed because the law provides that an ...
Inheritance after the fact	2/7/2012	John Stancil, CPA
Q: In 2010, I learned that my mother (who died in 1988) had unclaimed money in New Jersey from MetLife ... A: Bill, Thanks for your question. Actually it is taxed. You owe tax on the excess of the sale price ...
Dependent	2/7/2012	John Stancil, CPA
Q: I'm about to file my taxes and have someone who has been living with me for a while now. I've been ... A: Mavi, Thanks for your question. His tax liabilities will have no effect on you if you can claim ...
Tax Residency Question	2/7/2012	John Stancil, CPA
Q: John, First thank you for posting this blog - I think we can all agree we usually have more ... A: S, Thanks for your question. You are a resident of MD, even though you have not transferred your ...
Schedule C Questions	2/7/2012	John Stancil, CPA
Q: This year I started generating 1099 revenue as sole proprietor and used my personal vehicle for ... A: Lisa, Thanks for your question. The in service date would be 7/1/2011. You should, however, ...
Schedule C Questions	2/7/2012	MEdusa
Q: This year I started generating 1099 revenue as sole proprietor and used my personal vehicle for ... A: mileage from 1.1 to 7.1 was just zero. simple. miles from 7.1 to 12.31 = whatever it was. two ...
University Stipend tax treatment	2/7/2012	John Stancil, CPA
Q: My daughter is working toward her PHD at an American Graduate University in NYC. She gets paid on a ... A: Federal tax being withheld is not an indication one way or the other of it being earned income. ...
LLC Taxed as Corp	2/7/2012	Richard Fritzler
Q: When an LLC elects to be taxed as a corporation; a) are the OWNERS treated as employees for tax ... A: a) That depends on how you pay them. If they are on payroll, getting a wage or salary, then they are ...
University Stipend tax treatment	2/7/2012	John Stancil, CPA
Q: My daughter is working toward her PHD at an American Graduate University in NYC. She gets paid on a ... A: Richie, Thanks for your question. That is rather strange, I have never seen a 1099 MISC issued and ...
Reporting Requirments	2/7/2012	Richard Fritzler
Q: My husband and I are considering opening a cash for gold store in a mall. We only want to purchase ... A: AS I contemplate this question I am torn between giving you answers that will encourage you into ...
Business Deductions	2/7/2012	Richard Fritzler
Q: I'm looking into starting up a restuarnt business as an LLC. I was hoping you could answer the ... A: These deductions would only reduce the taxes that you would pay in. The part of your plan that isn't ...
Business Mileage	2/7/2012	MEdusa
Q: I am looking for clarification about which miles are deductible given that I have both business and ... A: I would only take 1099 contractor miles beyond the work commute on any day that you do both. not ...
Schedule C Questions	2/7/2012	MEdusa
Q: This year I started generating 1099 revenue as sole proprietor and used my personal vehicle for ... A: Generally date in service is July 2011. Use value of car then. But miles is doing to prevail ...
1099 Mileage Deduction when you also have W-2 employment	2/6/2012	Richard Fritzler
Q: I am looking for clarification about which miles are deductible given that I have both business and ... A: IF your personal tax return is audited. . . And your likelihood of audit has skyrocketed since you ...
Head of Household	2/6/2012	John Stancil, CPA
Q: John, First off, thinks for doing this. I love this site. I got divorced in 2008 and have a ... A: Chris, Thanks for your question. Your interpretation is correct. You can file amended returns for ...
Sale of assets in a partnership	2/6/2012	Richard Fritzler
Q: All the assets of a partnership are sold at less than the basis of the assets, generating a ... A: Assets sold at LESS than basis would result in a loss, not a gain. Discharged debts by others ...
tax filing married to a foreigner	2/6/2012	Edward L Parsons CPA
Q: I am an American, my spouse is from Guinea, West Africa. We were married there, he has never been ... A: Genevieve, When married to a non resident alien, you can file: Married Filing Joint- If you ...
Tax Refund for 17 year old	2/6/2012	John Stancil, CPA
Q: My ex-husband pays child support on our 17 year old daughter. Thus he can claim her as a dependent. ... A: Mitzi, Thanks for your question. Sure. She just files her own return, probably a 1040EZ and does ...
Rent Income	2/6/2012	John Stancil, CPA
Q: My wife has a small business and she rents the bottom floor of a small office building that has ... A: David, She will need to report her rental income on Form 8825 as a part of her 1120-S. On that ...
2011 Taxes, student loans & employer compensation	2/6/2012	John Stancil, CPA
Q: I attend college full time and receive student loans (subsidized and unsubsidized) to pay for it. ... A: Kevin, Thanks for your question. You deduct the qualified student loan interest on page 1 of the ...
IRA	2/6/2012	John Stancil, CPA
Q: I am under age 50 and working with no retirement benefits. May I transfer stock from my regular ... A: Jackie, Thanks for your question. Yes, you can put stocks into your IRA. However, when ...
tax exemption?	2/6/2012	John Stancil, CPA
Q: First off thanks for your professional advice. Here is my situation. I have been a contractor ... A: Ed, Your exemption for 2010 would be approximately $80,970, so none of your 72K earned income would ...
Head Of Household	2/5/2012	John Stancil, CPA
Q: My daughter turned 19 on Nov,2011.She had registered for college for the Fall/Spring (2011/2012). ... A: Jeff, Thanks for your question. Dependents are classified as a qualifying child or a qualifying ...
1099 Mileage Deduction when you also have W-2 employment	2/5/2012	Richard Fritzler
Q: I am looking for clarification about which miles are deductible given that I have both business and ... A: That is the way they like it, as a whole it leads to more net revenue. The requirement by the IRS ...
alimony	2/5/2012	John Stancil, CPA
Q: i got divorced last year. we split the property half and half. I have to pay my ex 20K a year. Can i ... A: RT, Thanks for your question. It alimony and deductible by you if all of the following apply: 1. ...
Tax Question Regarding Business Partnership	2/5/2012	John Stancil, CPA
Q: I am in the early stages of starting a small business with several partners. One of my partners ... A: Krissy, You and your business are not responsible for the tax transgressions of others. As long as ...
Does IRS look at delivery drivers for a restaurant as contractor or as an employee?	2/4/2012	John L. Tidwell
Q: I am considering adding delivery services to my restaurant. Should I hire the delivery as ... A: Jim: If you hire a delivery company to also deliver your orders that could be considered ...
Does IRS look at delivery drivers for a restaurant as contractor or as an employee?	2/4/2012	MEdusa
Q: I am considering adding delivery services to my restaurant. Should I hire the delivery as ... A: Look up independent contractor and form s8 on IRS.gov. It all boils down to control. Can the ...

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John Stancil, CPA

Top Expert on this page

Expertise

I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. 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. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 35 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants. Visit my website at www.johnstancilcpa.com. Also visit my blog, www.thetaxdocspot.com. Prepare and file your own taxes at www.1040stancilcpa.com

Experience

I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CGMA, and CFM. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 30 years and have taught accounting and tax at the college level for over 30 years.

Organizations
AICPA, FICPA, IMA, NATP

Publications
The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly.

Education/Credentials
DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill College

Encyclopedia

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