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Having a dispute with a tenant or landlord? Rental Law discussion


Postby Humphrey » Tue Nov 18, 2014 1:04 pm

s About Taxes)/s SubjectDate AskedExpert401 K Inheritence3/20/2012Carole Dunton  Q: My mom died in Jan of 2011. I inherited a 401 K and they withheld 10% federal withholding. I ...   A: You should have rolled it over into a beneficiary IRA and yes you can do that. But it's too late ... FATCA and FBAR reporting3/20/2012IJ Zemelman, EA MBA  Q: I am a US citizen, retired, and have been traveling in foreign countries. I did reside in the US for ...   A: It is not clear to me whether you earn any income while you live abroad or not. You said that you ... NC TAX3/19/2012John Stancil, CPA  Q: I work for a Va. based company from my home for 16 years in NC,the company deducts all the taxes one ...   A: Rick, Thanks for your question. As a resident of NC, you owe taxes on all your earnings from ... tax credit for insurance3/19/2012John L. Tidwell  Q: I live in NJ. the first 6 months of 2011, i worked for a company that had no healthcare for their ...   A: Jeff: That program is only available to you if you became unemployed due to international trade. If ... below fair market value rentals as charitable contribution3/19/2012John Stancil, CPA  Q: If I rent an apartment to a qualified institution at a lower than market rate can I take the ...   A: Tim, Thanks for your question. No, you cannot take a deduction for rent you did not get, as you ... State residency and taxes3/18/2012John Stancil, CPA  Q: My home is in Florida but due to current economy I have worked full time in Iowa this past year ...   A: Mary, Thanks for your question. From a federal tax standpoint, it does not matter. It may make a ... 1099-SA / IRS3/18/2012John Stancil, CPA  Q: I received a notice from the IRS indicating that for the year 2010, they received a 1099-SA relating ...   A: Eric, Thanks for your question. Yes, you received some bad advice, but it is not irreparable. At ... tax question3/17/2012MEdusa  Q: If you do not have income on a rental property can you still take off the expenses such as insurance ...   A: this is a whole lot more complicated then just taking insurance. what was your loss? what ... schedule e3/17/2012John Stancil, CPA  Q: If you have a trailer that was not rented last yr but have deductions for ins and taxes can you ...   A: Christine, Thanks for your question. If it was being offered for rent and you have rented it in ... Taxes on 401k distribution3/17/2012Carole Dunton  Q: My husband passed away last year. He had borrowed from his 401k. He owed $27,000 on the loan when he ...   A: The code 4 is for death. You should file jointly and use the injured spouse. Injured spouse means ... grandfather to grandson3/16/2012John Stancil, CPA  Q: My father(the grandfather in question) has dual citizenship(China and US), and my father inherited ...   A: Jeff, Thanks for your question. You don't need Form 3520 since the amount is under $100,000. There ... 1099-MISC3/16/2012John Stancil, CPA  Q: I own some farm land that I rent out to a farmer. He sent me a 1099-MISC with box 1(rent), filled ...   A: Vince, Thanks for your question. If you don't show it on Schedule E, you are asking for problems. ... Business deductions3/16/2012John Stancil, CPA  Q: My question is this, I use quickbooks and enter credit card charges. Not that I am getting ready ...   A: Tanja, You can use the credit card statements. In today's economy we often purchase things that ... business expenses3/16/2012John Stancil, CPA  Q: Last year(2011), I started a small investing business online. It was just an "on-the-side" gig, ...   A: Adam, Thanks for your question. Expenses incurred in operating a business are deductible on ... deduction of start-up expenses3/16/2012MEdusa  Q: Last year(2011), I started a small investing business online. It was just an "on-the-side" gig, ...   A: I am simply dumbfounded that people spend 15k and you 'can get receipts"(presumably you already GOT ... taxes3/15/2012John Stancil, CPA  Q: If a person is in the military and they live in one state but have to work out of another state and ...   A: Christine, Thanks for your question. The rent on the second home is not deductible, assuming the ... rental sale3/15/2012John Stancil, CPA  Q: If a client sells his rental property to a relative for a $1, does he show the sale on schedule D ...   A: John, Thanks for your question. He does not show it on Schedule D, nor does he take the loss. ... First Time Homebuyer Credit and Deployment3/15/2012John Stancil, CPA  Q: I bought my house in March 2010, and took the homebuyer tax credit on my 2009 taxes. In November of ...   A: Michael, I have consulted with some colleagues and we have reached the conclusion that 1) there is ... Rental property sales3/15/2012Carole Dunton  Q: My brother in law sold his rental property to his father for $1. He had rented it out and filed a ...   A: Your brother-in-law must file a gift tax returnl(a $1 sale is a gift). Most likely he will pay no ... Mileage deduction??3/14/2012John Stancil, CPA  Q: I work several part time jobs, my main one being in retail - Ann Taylor Loft, the rest are as a ...   A: Brooke, Thanks for your question. As you stated, commuting is not deductible. This means that you ... Lifetime learning credit but church pays tuition to seminary3/14/2012John Stancil, CPA  Q: Two questions: 1) Can I claim the lifetime learning credit for myself if a church pays my tuition ...   A: Gary, Thanks for your question. No you cannot claim the lifetime learning credit as you did not ... Law affectingSocial Security reduction based upon income3/14/2012MEdusa  Q: The current political administration is being criticized for enacting whatever law it was that ...   A: long time ago. does not reduce benefits. just makes some of(more of) it taxable. no way no how ... Incorporating rental properties with my siblings3/14/2012John Stancil, CPA  Q: My brother and I both own a couple of rental properties, each(separately). We are interested in ...   A: Lori, Thanks for your question. An LLC or a corporation would either give you the liability ... Eminent Domain and Taxes3/13/2012John Stancil, CPA  Q: I saw you previously responded to someone with an eminent domain tax issue. In my situation, as in ...   A: Jeff, Thanks for your question. I am afraid I do not have very good news for you. 1. The amounts ... Living Expense Allowance3/13/2012John Stancil, CPA  Q: We have an employee relocating to another state for a period of 12 months at the company's request. ...   A: Karen, Thanks for your question. Under IRS rules, if the assignment is for an indefinite period or ... Capital Loss Carryover and Qualifying Relative Dependency Test3/13/2012John L. Tidwell  Q: John Tidwell, I am in dire need to resolve this tax issue. To me it is very confusing. I'll try to ...   A: John: I need to know to whom are you a qualifying relative? You have yet to provide me with that ... 1099-C3/13/2012John Stancil, CPA  Q: I declared chapter 11 personal bankrupcy in 2011 in california, I had all my debts discharged in ...   A: Aaron, Thanks for your question. I can't tell you what the law is in California as this is a ... Multiple State Return(NY and MI)3/12/2012John Stancil, CPA  Q: I am currently a student living and attending school in MI. I had an internship in NYC over the ...   A: Andrew, Thanks for your question. You will have to file as a non-resident in NY, paying tax on ... Capital Loss Carryover and Qualifying Relative Dependency Test3/12/2012IJ Zemelman, EA MBA  Q: Ms. Zemelman, I am in dire need to resolve this tax issue. To me it is very confusing. I'll try to ...   A: You are not required yet you may file tax return for 2011 in order to recoup federal and/or state ... Capital Loss Carryover and Qualifying Relative Dependency Test3/12/2012John Stancil, CPA  Q: John Stancil, I am in dire need to resolve this tax issue. To me it is very confusing. I'll try to ...   A: John, Thanks for your question. Gross income for this purpose means the gains from dealing in ... Form 1098?3/10/2012John Stancil, CPA  Q: I have an LLC with a partner which owns a small apartment complex. Last year was rough and we ...   A: Brian, Thanks for your question. If he is required to issue a 1098, it should include penalties ... Report Loss of Trust Deed3/10/2012MEdusa  Q: We foreclosed the property(raw land) since the borrower defaulted on the Trust Deed. The note was ...   A: they should send you a 1099 or a k1 for your proportionate interest. but yes - you can a long term ... Sale of home3/10/2012Carole Dunton  Q: Mother and daughter bought a co-op together many years ago for $50k, could probably get $350k when ...   A: It would do no good to give the daughter her mother's half because her mother would have to file a ... reporting liquidated damages on NJ 10403/10/2012MEdusa  Q: I won an FLSA lawsuit against my employer, the US Government.(Woo hoo!) I received back pay, ...   A: i still think you pick up the income and dont get a loss/deduction for the payment out. no need for ... sale of home3/10/2012John Stancil, CPA  Q: Daughter is single and lives there as primary residence and mother is married and doesn't live ...   A: Jeff, Thanks for your question. Your first three statements are all correct, presuming she has ... Real estate deductions for home owned by deceased parent3/10/2012John Stancil, CPA  Q: Before my mother died she bought a house in her name. We are still living in the house. When she ...   A: Kevin, Thanks for your question. In order to deduct the mortgage interest and taxes you must make ... Self-Employment & Taxes3/9/2012Carole Dunton  Q: I am doing a little work, here and there, that would required 1099 reporting as a contractor for a ...   A: You need to make estimated payments. The first one is due April 17. If you continue to work for ... American Opportunity Credit3/9/2012John Stancil, CPA  Q: In Jan., 2011, our daughter began her 5th year in college, after 8 semesters. She needed 1 more ...   A: Elaine, Thanks for your question. I am unaware of any provision that would allow a fifth-year ... LLC to C-corp3/8/2012Rod Dorothy  Q: If the owner of a single member LLC forms a corporation and transfers the assets of the LLc to the ...   A: An LLC can be taxed as a corporation simply by making a choice to be via form 8832. Not sure if is ... tax write offs for major construction on residental home3/8/2012Carole Dunton  Q: I am working on gathering information on what if any tax write offs there or for construction and ...   A: If tou made any energy efficient improvements too your home you can claim a tax credit. Otherwise ... Page:   Prev  |   26  |  27  |  28  |  29  |  30  | 31 

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