| Subject | Date Asked | Expert |
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| Willed property | 11/18/2008 | Glenn D Schnabel |
Q: My Mother's house was willed to me. Her death was in Oct. 2008. I am now selling this house. Do I ...
A: Carolyn, Thank you for your question. 1)Do I have to put the capital gains, from this house, on ...
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| 1065 & LLC | 11/17/2008 | Carole Dunton |
Q: I have an individual LLC, but I did put my wife on it also. Does this mean that it is a partnership ...
A: If there are 2 members in the LLC you would need to file a partnership return unless you prefer to ...
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| Withdrawing money from an IRA | 11/17/2008 | Glenn D Schnabel |
Q: Do you have a close estimate about how much taxes I will have to pay after withdrawing $23,000 from ...
A: Mary, Thank you for your question. 1) Do you have a close estimate about how much taxes I will ...
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| Gifting Money | 11/17/2008 | Richard Fritzler |
Q: I know I can give my son $11k per year and my wife can do the same. But can I give my future ...
A: Yes, and if you were so inclined you could gift me $11,000. But. . . why all the gifting? Is it to ...
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| corp to corp for mmllc | 11/17/2008 | John Kirk, CPA |
Q: I asked this question whether can use invoices instead of receiving 1099 misc, or have to file as an ...
A: You have to follow the terms of the LLC agreement as far as distributions to members are concerned. ...
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| Independent Contractor | 11/17/2008 | John Kirk, CPA |
Q: my employer recently changed to having it's employers become independent contractors and I would ...
A: First of all, your employer can't just change you to an independant contractor without significant ...
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| Capital Gain Loss deduction | 11/17/2008 | Carole Dunton |
Q: My wife and I own stocks in our own names and will realize capital gain losses over $6000 each this ...
A: If you file separately you can each use $1,500 of capital losses to offset other income. Any unused ...
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| $7,500 Tax Credit for First Time Home Buyer | 11/17/2008 | Glenn D Schnabel |
Q: 11/18/08 I am looking to buy a house in the next couple months. I am single and 23 with no ...
A: Gregg, Thank you for your question. 1)My question is: If I buy the house in Jan 2009, can if be ...
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| back pension paid to ex | 11/17/2008 | Jay Allen Finn, CPA |
Q: ordered by court to pay back payments of my pension in lump sum to ex.making payments to her myself ...
A: If it is a payment of previously withheld taxes, than you can incur a loss and it is taxable to her. ...
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| tax questions re sale rental property | 11/17/2008 | Carole Dunton |
Q: We had a lease for 12 months (12/07-11/08) but tenant stopped paying rent after 2/08 and vacated ...
A: Capital improvements would add to your basis and be depreciated. Repairs and maintenance would be ...
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| 2 jobs | 11/17/2008 | John Stancil, CPA |
Q: i have an s corp and would like to employ my cousin part time until rest of year. i am planning to ...
A: Unless he claims "exempt" on his W-4 which legally he is probably not entitled to to do so, the ...
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| 2 jobs | 11/17/2008 | John Stancil, CPA |
Q: i have an s corp and would like to employ my cousin part time until rest of year. i am planning to ...
A: Robert, Thanks for your question. He is not exempt, he simply has not make enough in order to have ...
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| Tax consequences of foreclosure and similar transactions | 11/17/2008 | Carole Dunton |
Q: My parents bought a house in Florida in May 2006. Like many other properties it is currently worth ...
A: If she sells it, since she owned and lived in the home for 2 years during the 5 years preceding the ...
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| Real estate agent with tax question | 11/17/2008 | James G Rogers CPA |
Q: I have passed my real estate salesperson test and will be becoming an "active" agent with a local ...
A: Normally, you should make an estimated payment in the right time frame. However, if during 2008 ...
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| S Corporation Owner Compensation | 11/16/2008 | Jay Allen Finn, CPA |
Q: I have $225,000 net income in my S Corporation and I do not take a salary but I withdraw $118,000 ...
A: Natalie, No it is not okay. You are avoiding Social Security. However, a Sub-S Corps. allows you ...
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| rental deductions | 11/16/2008 | Glenn D Schnabel |
Q: Last year, I could not deduct expenses and depreciation from my rentals because my wife and I made ...
A: Thang, Thank you for your question. 1) I do all the screening, repairs, and management duties so ...
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| Passive versus active landlord | 11/16/2008 | John Stancil, CPA |
Q: Last year, I could not deduct expenses and depreciation from my rentals because my wife and I made ...
A: Thang, In order for the activity to be considered non-passive you must meet two requirements: 1. ...
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| settlement, 1099 filing | 11/16/2008 | Carole Dunton |
Q: I will be receiving a $30k lump settlement in January 2009. I was told that it would be considered ...
A: I'm assuming that the entire $30,000 will be taxable. You didn't mention that federal income tax ...
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| Real estate agent with tax question | 11/16/2008 | James G Rogers CPA |
Q: I have passed my real estate salesperson test and will be becoming an "active" agent with a local ...
A: Welcome back. TurboTax is an excellent product. If I didn't need CPA professional software for my ...
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| Real estate agent with tax question | 11/16/2008 | James G Rogers CPA |
Q: I have passed my real estate salesperson test and will be becoming an "active" agent with a local ...
A: Welcome to All Experts, and thank you for your question. Congratulations on the passage of your ...
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| Transportation worker per diems | 11/16/2008 | Neil Johnson (The Tax DudeŽ) |
Q: I am trying to find out what the transportation employee (like a pilot) per diem rates were in ...
A: Harold, For airline workers, here are MIE rates and the percentages can be deducted by year: MIE ...
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| SEP IRA for partnership | 11/15/2008 | James G Rogers CPA |
Q: I am associated with a 2 member LLC (wife of one member) taxed as a partnership and am interested in ...
A: Welcome to All Experts, and thank you for your VERY GOOD questions. They are not the slightest bit ...
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| Ownership of Rental Property | 11/15/2008 | Richard Fritzler |
Q: My son and I inherited a home which we own 75/25. We intend to rent it. My question is about the ...
A: Because you own it jointly, you are already a general partnership by default. If you go with this ...
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| Roth Early withdrawl for Home Purchase | 11/15/2008 | Helen P. O`Planick, EA |
Q: My fiancee and I are about to make a first time home purchase. To speed up the closing, my ...
A: It is much cleaner to come to the closing table with the IRA money or a strong agreement with ...
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| Per Diem and taxable income | 11/15/2008 | James G Rogers CPA |
Q: I have been offered a job out of state. However, instead of relocating permanently, the employer ...
A: Welcome to All Experts, and thank you for your question. The adage that comes to my mind when I ...
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| Roth Early withdrawl for Home Purchase | 11/15/2008 | Helen P. O`Planick, EA |
Q: My fiancee and I are about to make a first time home purchase. To speed up the closing, my ...
A: As long as you spend (out of your pocket) the 10K, then you can pull it out of your ROTH and pay ...
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| employee & independent contractor | 11/15/2008 | John Kirk, CPA |
Q: I have been an independent contractor for several years and earning some residual income. I also ...
A: The answer depends on your expected income in future years and future income tax rates. You are ...
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| Roth Early withdrawl for Home Purchase | 11/15/2008 | John Stancil, CPA |
Q: My fiancee and I are about to make a first time home purchase. To speed up the closing, my ...
A: Jonathan, Since you have not held the Roth for 5 years, your withdrawal of contributions will not ...
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| Medical Questions | 11/15/2008 | Glenn D Schnabel |
Q: I live in the Memphis, TN area and had to fly to New York City for open heart surgery. My wife ...
A: Larry, I'm glad that every thing worked out for you. I guess I will make a note that NY ...
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| Medical Questions | 11/15/2008 | Glenn D Schnabel |
Q: I live in the Memphis, TN area and had to fly to New York City for open heart surgery. My wife ...
A: Larry, I guess the IRS feels that people should be checked into a hospital and not staying at a ...
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| Capital gains on inheritance | 11/14/2008 | John Kirk, CPA |
Q: My siblings and I inherited a four unit apartment from our widowed father. He passed away in March, ...
A: If you use the value at DOD ($900,000)you would have a gain of $100,000. If revalue the estate at ...
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| FSA Distributions for Terminated Employees | 11/14/2008 | James G Rogers CPA |
Q: If an employee terminates and has paid in some FSA contributions, can they claim the partial ...
A: Welcome to All Experts, and thank you for your very good question. My best recommendation would be ...
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| Office deductions | 11/14/2008 | WILLIAM D MCCONNAUGHY |
Q: I am a consultant (sole proprietorship) whose home office is now too small for all my ...
A: If the new property is utilized strictly, and only, as a business property then you would be able to ...
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| back pension paid to ex | 11/14/2008 | Jay Allen Finn, CPA |
Q: ordered by court to pay back payments of my pension in lump sum to ex.making payments to her myself ...
A: Possibly we still misunderstand each other. If she is not getting pre-tax income (or after tax ...
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| Daycare Costs | 11/14/2008 | Carole Dunton |
Q: Can I write off daycare costs? How much of a credit would it translate to if daycare is $250 a week? ...
A: There is a tax credit called the Child and Dependent Care credit. You can deduct a portion of the ...
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| Daycare costs | 11/14/2008 | John Stancil, CPA |
Q: Can infant daycare costs be written off?
A: Phil, If you can claim the child as a dependent you get a credit of 20 to 35% of the first $3,000 ...
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| Large tax credit for donation to charity | 11/14/2008 | Jay Allen Finn, CPA |
Q: I have a house that is paid for and can't sell it or rent it. If I would donate it to an authorized ...
A: Kathy, You would be allowed fair-market value as a non-cash charitable tax "deduction" (not a ...
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| Dependent Care Credit/Flex Spending | 11/13/2008 | Glenn D Schnabel |
Q: I understand that my limit for contribution to my company's dependent flex spending account is ...
A: Tracy, Thank you for your question. 1) If I will pay more than that in 2009 for 1 child, can I ...
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| babysitting | 11/13/2008 | Glenn D Schnabel |
Q: ex husband trying to get me for tax fraud saying i run a daycare without turning in my income . i ...
A: Ronda, Thank you for your question. 1) how much can you make before you must turn it in the pay ...
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| 401(K) beneficiary | 11/13/2008 | Carole Dunton |
Q: Carole, My father past away recently and named me and my brother as the beneficiary of his 401(K). ...
A: You'll need to ask the custodian about rolling it over to a beneficiary IRA. If they are able to do ...
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