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How To Amortize LLC Startup Expenses?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The home improvements must be capitalized as you said. You must,dispose of everything on the Sch C and then move it to the 1065. The basis in the items moved to the 1065 (assuming she was depreciating at lest the...   Read More
This Investor Lost His Down Payment In Rehab Project In Chicago, IL Due To Builder Fraud. Builder Filed For Bankruptcy And Hiding His Asse
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

If the client was included in the bankruptcy as a debtor and the case was settled with your client getting nothing then it is a bad debt. If there is sme kind of criminal or civil case going on about bankruptcy...   Read More
How To Address Your Income When On ACA For 3 Mo Due To Unemployment And Estimated Based On YTD, But Dropped ACA Once Employed?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Unfortunately at this point the IRS and the Marketplace people you spoke with are correct. They, nor most tax pros have been given any direction in situations like yours. The IRS just last week released Pub 974...   Read More
Taxpayer Dies May 2013. Taxpayer Receives 1099-C Dated December 13, 2013. Is This A 1040 Or 1041 Issue? How Would Anyone Handle This?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Assuming there is no spouse involved, this would definitely go on the 1041 Estate Tax Return.   Read More
Are There Taxes Due On Pensions For Teachers In New York State In 2011? How Long Does A Non-collectible Status Last? Can The IRS Just Take...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

I'm a little confused, but am going to assume you are talking about a pension that you inherited on your moms passing and therefore we are talking about your taxes and not hers. If you are in Currently Not...   Read More
I Am An Enrolled Agent, But Have Never Participated In An Audit. A Client Received A Letter For An In Person Audit On 2 Years Of His...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Professional, have copies of everything they are asking for that you can provide. Don't give the examiner the originals, let them review them and provide copies to for them to keep. If they ask you a question you...   Read More
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I Filed My Tax Return And I Am Supposed To Receive A Refund. Instead, I Received Letter 5071c (Verify Identity). I Called The IRS And Was...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

You fulfilled your obligations by filing the return. You got selected for the ID verification due to the increase in attempts to halt identity theft and fraud. If they told you the you passed the quiz they will...   Read More
Disaster! Had $7,000 Refund Due From CA, But They Penalized Me 95%! I Got A Check Today For $300 Instead. I Filed My CA 2012 Tax Return...
User Photo Eva Rosenberg
Tax Professional Level: Tax Enthusiast

Dear Disaster When it comes to the California FTB, the rule is, even when you have a refund coming, the FTB penalizes you on the tax liability, not the balance due. It doesn't matter how many times you call them...   Read More
How Do I Figure Depreciation On Rental Properties?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Rental real estate is depreciated for 27.5 years on a mid month convention. Most tax software will do the hard math for you as long as you plug in the right info. Your condo sounds like it might be a vacation...   Read More
If You Win An Oscar At The Academy Awards Are You Taxed On It?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Yes, yes you do. Not only on the fair market value of the statue itself but also on all the swag attendees, nominees, and winners get.   Read More

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