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If I Am Reporting A Net Capital Loss (the Max Of $3000) On My Federal 1040, But That Number Includes A Capital Gain Of +$8051 That Was...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, if you realize a capital gain in a state in which you do not reside, the gain is normally taxable in that state. Your home state will probably grant a credit for taxes paid to NC, assuming you live in a state...   Read More
Would Like To Amend 2015 Tax Return By Lowering Spouse (general Partner) SE Amount From Passive Rental Income And Adding That Amount To...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Anytime an amended return is filed, there is the possibility of an audit. Amended returns are not processed by computer but are examined by hand. The IRS agent is not limited to reviewing the changes, so he/she may...   Read More
0 0 Amendment
Mother Deceased, Everything Transferred To Children Before Death, Nothing In Her Name, Any Tax To Be Paid?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since she had no assets at death, there her estate should not have any tax liability. Depending on the amount of assets transferred to the children, and the timing of those gifts, there may be a gift tax issue....   Read More
0 1 Gift Tax
I'm The Treasurer For Our Local High School Chorus Booster Club - We Are Just Starting Our 501 C3 Process - Are We Eligible To File The...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Most likely you are eligible. The income threshold is the primary factor. The instructions to 1023Ez have a worksheet to determine your eligibility. The form must be completed online. The registration fee has...   Read More
IF A Shareholder Of A PFIC Did Not Receive Any Income During The Year From The PFIC And Is Not Reported Deemed Income , Does He Have To...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The regulations regarding Filing of Form 8621 are rather complex, Without additional information, I could not give you a valid answer. However, this flowchart can guide you to determine if you need to file. http://...   Read More
How Do I Pay Taxes On Sale Of Deeded Co-owned Property?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Your mother didn't do you any favors by deeding the property to you. As such it is considered a gift, and your basis is a transferred basis from her. In this case the transferred basis is the fair market value as...   Read More
I Received A Letter From IRS Saying I Owe $41000 Plus. I Am Just Scraping By. What Can I Do To Get The Government Off My Back?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You need to review the letter to see why they are assessing you the additional tax. Do not ignore it, ti will not go away. Very frequently, these notifications are sent out based on partial information that the IRS...   Read More
Can A Healthcare System, Acting As A Purchasing Agent, Purchase Tax Free On Behalf Of An Exempt Hospital?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

State laws on sales taxes vary greatly and no answer is likely to be correct for every state. However, there is one scenario which may apply. The purchasing agent is essentially a reseller. Most likely they can...   Read More
Hi Tax Questions: I Have Not Filed A Form 540 Since 2010. For 2011 I Had A Loss From A Schedule C Business, And Therefore Have Not...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Probably not. The California FTB statute of limitations for refunds is four years after the original due date of the return. The 2011 return was due April, 2012. So the statute of limitations ran out on 2011...   Read More
How Can I Receive Earned Income Tax Credit With A Business Partnership Showing Net Operating Loss? I Only Brought In $22k, Only Income Was...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Unfortunately, you must have a positive earned income in order to get the earned income tax credit. There are no exceptions to this, so you are just caught in a bad situation in regard to the EITC.   Read More

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