| Subject | Date Asked |
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| Tax | 1/1/2009 |
Q: I deliver newspapers for my job. I have a question on when I can start keeping track of miles. I ...
A: John: If the newspaper company pays you as a subcontractor, your principal place of business is ...
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| Taxes for Deceased Parents | 1/2/2008 |
Q: My parents have both died. Father in 03/07 & mother in 11/07. Both were on Medicaid w/ no assets. ...
A: Kyle: Unless you received money from your parents estates, you won't be personally liable for the ...
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| Marriage With Step Child | 1/2/2008 |
Q: My husband & I was married in June of 07. He has a son that he will be claiming on his taxes for ...
A: Jody: You and your husband are eligible to file jointly or married filing seperately. His son's ...
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| Rental Property & Taxes | 1/1/2008 |
Q: My wife and I purchased a piece of property in California in December 2006 with the intent of it ...
A: Larry: I'm sorry to say that you will have to capitalize all of teh expenses of the project until ...
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| valuation of stock and options at date of death | 1/1/2008 |
Q: 1. Is income from equity option recognized immediately or at expiration of the option? 2. At ...
A: Tricia: I'm trying to figure out if your questions pertain to an Estate tax return or a final 1040. ...
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| LLC | 10/18/2007 |
Q: I bought 12 acres of land over a year ago for $650,000 in my own name. I gave a good friend an ...
A: Norm: You asked about tax treatment of investment land held in an LLC. As long as you didn't use ...
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| Rental Property Expenses | 9/1/2007 |
Q: I personally own a condo that is rented out. Due my income level I am not able to fully deduct the ...
A: Micheal: Unfortunately, redeeding the property to the LLC or reporting the income/loss to the LLC ...
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| solo vs s corp | 9/1/2007 |
Q: My CPA recommend me change my solo to s corp for tax benefit. My three years old solo dental ...
A: Sam: Changing to an S Corp has many advantages over a sole proprietorship. The primary tax ...
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| followup to gifting question | 8/16/2007 |
Q: Samoleski, Thank you very much for taking time to answer my question. Here's some more ...
A: I'm not an expert on how financial aid looks at assets. Certainly, you could gift the $150,000 to ...
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| gift of equity | 8/14/2007 |
Q: I will be buying my grandmothers house for 300,000 it was appraised for 400,000. The house is in my ...
A: I'm sorry to have opened up a can of worms for a question you didn't ask, but I wanted you to be ...
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| Estate Tax | 8/14/2007 |
Q: My Dad died in July of this year. He owned a parcel of land in Az that he sold in 2005. He had me on ...
A: Becky: I am sorry to read that your father passed away. If your father reported the full amount of ...
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| 1099-able entities | 8/13/2007 |
Q: Are we required to send a 1099 to PARTNERSHIPS and LLC's??
A: You would have to do so in limited circumstances depending on the situation. The best way to get ...
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| gift of equity | 8/12/2007 |
Q: I will be buying my grandmothers house for 300,000 it was appraised for 400,000. The house is in my ...
A: Jason: They didn't have to live in the house to give you a gift. The other things you should know ...
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| Gifting on a home purchase. Tax implication? | 8/8/2007 |
Q: Gerard, Thank you for your time. Listen, what is the tax implication, if any, when a parent gifts ...
A: Oscar: Each US Person can give a tax-free gift up to $12,000 per US donee per year. If your ...
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| Sale of Parents house after their death | 8/8/2007 |
Q: Parents thought they were doing something good. they put the 4 kids name on the deed of their house. ...
A: Pennie: I will preface this answer with the fact that I am a CPA in Florida and am unfamiliar with ...
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| estate tax | 8/7/2007 |
Q: My father died 12/06. Injured on job. He had a injury suit going that I re started after his death. ...
A: Your father's estate will have to file a final 1040 for 2006. Additionally, since the estate is the ...
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| Partnership Buyout/Capital Gains/Gift Tax | 8/6/2007 |
Q: In 1997, my wife, her mother and I formed a general partnership to operate a Bed and Breakfast Inn. ...
A: If you use the installment sale method and subsequently forgive part of the loan, you treat that as ...
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| Partnership Buyout/Capital Gains/Gift Tax | 8/5/2007 |
Q: In 1997, my wife, her mother and I formed a general partnership to operate a Bed and Breakfast Inn. ...
A: Mike: 1. Since the payments will exceed one calendar year, the capital gain on your purchase of ...
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| reinvested earned interest | 8/5/2007 |
Q: are the above-referenced taxable as income even though the money was re-invested by the fund? if ...
A: Since I don't have the actual data of what happened, nor would you want to post that openly or share ...
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| quit claim deed | 8/4/2007 |
Q: My mother is planning to sell her house and since she is not a US resident, she doesn't have ...
A: The cost basis of gifted property is the same cost basis as the donor's plus the cost of any ...
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| Educational tax write-off for a small buisiness... | 8/3/2007 |
Q: Gerard, I'm just wanting to get a second reference about a question I posed earlier. I'm an ...
A: The $5,250 amount is correct, however there are certain limitations. If you would like further ...
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| Estimated Taxes | 8/3/2007 |
Q: I begin working as a freelancer this year and need to pay my estimated taxes. However, I seem to be ...
A: The only way to avoid an underpayment of estimated tax penalty is to pay 100% of the proir year tax ...
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| auto insurance settlement for death | 8/2/2007 |
Q: If we receive a settlement from an auto insurance company paid for the death of our daughter from a ...
A: Scott: First, I'm sorry for the loss of your daughter. I won't pretend to understand what you had ...
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| No Federal Taxes | 8/1/2007 |
Q: I just got my first paycheck from a new job, and I noticed that I do not have any federal taxes ...
A: It depends. The withholding is based on how much you make, the number of dependents you claim and ...
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| Cashing out | 7/31/2007 |
Q: I need to come up with $72,000 to buy out my soon to be Ex’s share of our house. My 401K is worth ...
A: Mike: If I had to take a guess as to how much tax you would pay to pull out all of your retirement ...
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| Land purchase | 7/30/2007 |
Q: I have recently agreed to purchase land from my grandmother. She is 80 years old with her only ...
A: The best way to minimize how much your grandmother has to pay is to elect to treat the gain as an ...
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| Tax Exemption- income | 7/28/2007 |
Q: I am writing this because I filed for a tax exemption from state and federal taxes with the human ...
A: The filing threshhold for 2006 as a single person that their parents claimed them on their tax ...
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| Taxe payment on trip won | 7/27/2007 |
Q: I received a phone call saying I won a trip. The company is Bluegreen Corporation. I was told that ...
A: In certain and limited circumstances you have to pay airport duties and other special taxes in ...
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| Real Estate License tax deductions | 7/27/2007 |
Q: I just recently got my sales license and am looking to purchase a property. Can I represent myself ...
A: 1. Nothing you paid up to the point of acquiring your license is deductible. 2. As a real estate ...
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| Career Change into Accounting | 7/26/2007 |
Q: Good afternoon sir, first I would like to thank you for your time and expertise. I am a middle ...
A: I can't say there are any books that I can recommend regarding getting started in the field, etc. I ...
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| House sharing and rental | 7/26/2007 |
Q: I'm currently renting a room in my apartment. Do I have to pay tax on the rental income ? Regards, ...
A: You have to report the gross rents received and can deduct expenses related to the property, ...
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| EE death interest | 7/25/2007 |
Q: My mother died leaving $200,000 in EE savings bonds interest to five children. Two children in 25% ...
A: You have two options: 1. All interest accrued up to the decedant's date of death is reported on ...
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| Life estate and capital gains tax | 7/24/2007 |
Q: My mother using a life estate in 1999 conveyed title to my sister and myself for ten dollars to her ...
A: I'm sorry to say that your question goes beyond my area of expertise. The rules for the State ...
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| Career Change into Accounting | 7/24/2007 |
Q: Good afternoon sir, first I would like to thank you for your time and expertise. I am a middle ...
A: Seth: I think you will find that the top level executives in accounting spend a lot less time ...
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| Corporate Tax | 7/24/2007 |
Q: The expert that helped me with my question is currently on vacation. I would like to ask another ...
A: I think there are some advanced organization strategies that can be applied to your situation and ...
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| Church donation receipt | 7/23/2007 |
Q: Is there a de minimis (?) amount of a donation to a church for which I do not require a receipt? For ...
A: A business is not required to document expenses under $75, however it would be a good idea for them ...
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| Church donation receipt | 7/22/2007 |
Q: Is there a de minimis (?) amount of a donation to a church for which I do not require a receipt? For ...
A: Laura: I'm sorry to report that there is no de minimus rule when it comes to retaining a receipt ...
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| Mileage Tax Credits | 7/22/2007 |
Q: I am considering taking a sales position that would require me to use my personal vehicle for all of ...
A: Do you lease your car? If so, you will be unable to deduct the standard mileage rate of $0.485 per ...
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| Estate/ineritance distributions | 7/21/2007 |
Q: "My wife's father passed away in 2006. She is the executor of the estate. The value of the estate, ...
A: 1. The beneficiaries of the Estate are not subject to tax for receipt of inherited property unless ...
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| Required Professional Training | 7/21/2007 |
Q: As a real estate agent I am required to take continuing education courses are they tax deductible ...
A: Gary: Your continuing education is tax deductible either on Form 1040 Schedule A or Schedule C. If ...
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