| Subject | Date Asked | Expert |
|
| choosingcct/fin planner | 7/11/2009 | John Stancil, CPA |
Q: First I am glad that you have been vouunteering for several yrs.I thank you. q 1 Is it good or not ...
A: Bart, Thanks for your question. It really does not matter. If you have found someone who can do ...
|
| deductable milage | 7/10/2009 | John Stancil, CPA |
Q: Background data; 1) one way from home to employer is 11 miles 2) a certain vendor is 28 miles round ...
A: William, Thanks for your question. The first and last stop of the day are not deductible mileage. ...
|
| Gift tax exclusion | 7/10/2009 | Helen P. O`Planick, EA |
Q: A relative of mine is going to receive a gift from an inlaw of $13,000, which I know is the maximum ...
A: If you are given a gift, it is yours. If a string or in your case a rope is attached, both you and ...
|
| Church help for new missionary with no organization | 7/10/2009 | John Stancil, CPA |
Q: We have an individual in our church who would like to start a ministry abroad but has yet to decide ...
A: Elizabeth, Thanks for your question. That would be acceptable under current IRS guidelines. The ...
|
| Personal use of business vehicle | 7/10/2009 | John Stancil, CPA |
Q: Our company supplies vehicles for us to use. We have to record our personal miles. We are told ...
A: Chris, Thanks for your question. Yes, you do have a commute. The home office appears to be for ...
|
| In home child care and taxes | 7/10/2009 | John Stancil, CPA |
Q: I am a stay-at-home mom and am considering watching one child full time. I am not watching the child ...
A: Jenny, Thanks for your question. The income must be reported on Schedule C and Schedule SE (for ...
|
| sale of personal residence | 7/9/2009 | John Stancil, CPA |
Q: We sold two (2) homes in 2008 that both qualified as personal residences. Do we have the option to ...
A: Theresa, No, there is no option in most cases. You can only exclude gain on the sale of your ...
|
| Capital Gains Tax Fed&State (PA) | 7/9/2009 | John Stancil, CPA |
Q: What is the % of Capital Gains tax if I sell my business. I am a small S-Corp. Is there a different ...
A: Kara, Thanks for your question. The capital gain rate is zero or 15% depending on your marginal ...
|
| Offerings for individuals | 7/9/2009 | John Stancil, CPA |
Q: Have looked through some of your other answers which specify that if a gift is designated to an ...
A: Matt, Thanks for your question. In giving support to a missionary, it is preferable to give it ...
|
| nanny question SUB S corp | 7/9/2009 | Jay Allen Finn, CPA |
Q: We have a Sub S corp and a nanny that takes care of our children, errands for the business, and ...
A: If possible, you should separate business expenses and personal expenses. The time that she is ...
|
| Moving out of state | 7/8/2009 | Ivan Roth |
Q: I am moving to Florida permanently, however my NC employer has asked me to work for them remotely ...
A: Hi Angela if you spent more than 183(it seems you are very close) days in NC you would be considered ...
|
| Sale of home by one joint owner to another | 7/8/2009 | John Stancil, CPA |
Q: My mother and I own our home as JTWROS. I have a 75% share of the basis (including improvements) ...
A: Elizabeth, Thanks for your question. The property tax appraisal is not valid for this purpose. ...
|
| taxation of proceeds from title insurance claim | 7/8/2009 | Ivan Roth |
Q: My company recently bought property located next to a body of water. We later discovered that the ...
A: irsustreas.gov Topic 507 - Casualty and Theft Losses Generally you may deduct losses to your home, ...
|
| Church Bookstore and Tax implications | 7/8/2009 | John Stancil, CPA |
Q: We are a church with a bookstore. We sell books, Bibles, CD's and DVD's of our services, candy ...
A: Rick, Thanks for your question. From an income tax standpoint, there are no issues. The bookstore ...
|
| Gift of Equity | 7/8/2009 | John Stancil, CPA |
Q: I'm trying to determine if there is a tax consequence on a gift of equity. My father in law is ...
A: Todd, Thanks for your question. The $1,000,000 exemption is his lifetime exemption above and ...
|
| Short Sale of Home | 7/8/2009 | John Stancil, CPA |
Q: My spouse and I currently hold a mortgage with my mother in law on it, as well. We were trying to ...
A: Eva, Thanks for your question. Since you have not lived in the home for 24 of the past 60 months, ...
|
| LLC property transfer | 7/8/2009 | John Stancil, CPA |
Q: Several years ago my wife and I transfered our home (where we reside) into an LLC. There was little ...
A: Ben, Thanks for your question. Your basis is your original cost plus the cost of any capital ...
|
| Lease paymernt less than mortgage payment - tax implications for the homeowner | 7/8/2009 | John L. Tidwell |
Q: If I lease my house with no intent of selling it at this time, and the lease payment to me will be ...
A: Cheryl: Your expenses will not be the mortgage payment but instead will be any up keep expense plus ...
|
| chilcare expenses and childcare spending account | 7/8/2009 | James G Rogers CPA |
Q: My ex and I have joint custody of our daughter. We take turns claiming her, however. I am ...
A: Under the Special Rule for Children of Divorced (or Separated) Parents, you CAN claim your ...
|
| LLC operating agreement | 7/8/2009 | Richard Fritzler |
Q: Forming a 3 person LLC. I am doing most of the work and we wish to setup so that the LLC has equal ...
A: LLC's don't issue shares, there is no option to create different classes. The owners are members. ...
|
| Food Donation Tax Deduction | 7/8/2009 | John Stancil, CPA |
Q: I live in CA and was wondering how food donations are calculated as far as tax deductions go. My ...
A: Ben, Assuming the food bank is a qualified charitable organizatin, you can take a deduction under ...
|
| Is this taxable? | 7/7/2009 | Glenn D Schnabel |
Q: I recently received money resulting in an overage from a delinquent tax sale for property. This ...
A: Sheila, I do not understand. IS this money from a real estate escrow account? If it is , then no it ...
|
| Travel Expenses | 7/7/2009 | John Stancil, CPA |
Q: I live in TN but work in PA. I travel every week to PA and have done so for about 2 years. The ...
A: Gary, Thanks for your question. I am sorry to tell you that your employer is 100% correct. Since ...
|
| self employment/being a employee | 7/7/2009 | Jay Allen Finn, CPA |
Q: I am self employed i work as a caregiver in elderly persons home.I work on my own,private duty and ...
A: Your client is correct that you should be treated as an employee and not an independent contractor. ...
|
| 401k | 7/7/2009 | John Stancil, CPA |
Q: I was recently displaced from my job and will have severance until May 2010. I currently have some ...
A: Angela, You would be subject to a penalty of 10% of the amount of the distribution. Federal taxes ...
|
| ministry or not? | 7/7/2009 | John Stancil, CPA |
Q: We have just been told that my husband is consider self employed because he works at our church. He ...
A: Victoria, Thanks for your question. The laws in this regard have not changed recently. If they ...
|
| taxes | 7/7/2009 | Richard Fritzler |
Q: My question is somewhat loaded in its content. My brother and I formed a partnership about 7 years ...
A: You are right, you are getting hammered, you are right, self employment tax is a big bite out of the ...
|
| Gift/loans for corporations | 7/7/2009 | John Stancil, CPA |
Q: To close my recent escrow, my aunts company which is incorporated made a check to me in the amount ...
A: Chris, Thanks for your question. Just to clear up a point, the $13,000 is the exclusion the donor ...
|
| Pros & Cons of owning vacation/rental home through an LLC | 7/7/2009 | John Stancil, CPA |
Q: I plan to build a second home near the water via a bank construction loan. I plan to rent this home ...
A: Tim, Thanks for your question. An LLC is a disregarded entity from an IRS perspective. This means ...
|
| Personal Service Corporation Clarification | 7/6/2009 | Richard Fritzler |
Q: Your prior explanation of PSC taxation was very useful, but I have a follow-up question. With regard ...
A: Good try, but. . . If I can take license with the explanation: The term "Personal" would apply to ...
|
| Insolvency | 7/6/2009 | John Stancil, CPA |
Q: OK, I do hope this question is within your guidelines. If not, I am apologizing to you upfront. My ...
A: Katrina, Thanks for your question. To prove insolvency total up the fair market value of ...
|
| Inherited IRA, income tax, inheritance tax | 7/6/2009 | John Stancil, CPA |
Q: which is... When are income taxes due on an inherited traditional IRA that is passed to a non-spouse ...
A: Amelia, Thanks for your question. Taxes are due on your 1040 in the year of withdrawal. However, ...
|
| Disability Pension | 7/6/2009 | John Stancil, CPA |
Q: I am receiving a 3/4 disability pension from NYS Police & Fire System. Coded as 3 on the W-2 or 1099 ...
A: Robert, Thanks for your question. Your residency does not affect the taxability of the pension for ...
|
| Foreclosure Form 1099-A & 1099-C | 7/6/2009 | John Stancil, CPA |
Q: I am trying to help out a personal friend. Here are the facts. He had a first trust deed secured by ...
A: Mario, Thanks for your question. If he owed more on the house than its fair market value, he owes ...
|
| Pennsylvania Back Taxes | 7/6/2009 | Helen P. O`Planick, EA |
Q: I owe Pennsylvania back income taxes. Due to a OIC with the IRS I have been unable to pay ...
A: PA usually does not settle back taxes. And you have probably had your run of luck with JK Harris, ...
|
| Tax on inheritance from a Trust | 7/6/2009 | John Stancil, CPA |
Q: My name is Curtis. My elderly parents set up an Irrevocable Living Trust back in 2002 naming me as ...
A: Curtis, Thanks for your question. Since the IRA was funded with deductible dollars, the proceeds ...
|
| Foreign Adoption | 7/6/2009 | John Stancil, CPA |
Q: Dr. Stancil, In 2008 we finalized an adoption. We began the process in 2007 (spent $8000) looking ...
A: Millers, Thanks for your question. The credit is limited to $11,650 for 2008. Since it is a ...
|
| non-resident state source income | 7/6/2009 | Ivan Roth |
Q: I am an artist and reside and work in Colorado. In Iowa, two parties, one private, one a ...
A: you are right this would be similar to buying two cars and saying GM manufacturing was subject to ...
|
| dependnts | 7/6/2009 | John Stancil, CPA |
Q: Last year my taxes were done by Tax Express. They claimed my live in girlfriend, her two daughters, ...
A: Joshua, Run, do not walk, away from Tax Express. You do not ignore an assessment letter from the ...
|
| first time home buyer tax credit | 7/5/2009 | Jay Allen Finn, CPA |
Q: I understand that if you are a first time home buyer but purchasing the house from a relative then ...
A: You are correct in the fact that your son and daughter-in-law are no eligible for the First-Time ...
|
