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If Don't Have A Way Of Determining Value Of An Asset At The Time Of Conversion From Personal To Business Use, Eg A Year Or More Ago, Can...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can't use current FMV. You need to make a reasonable estimate of the value as of the time of conversion, and be able to support your valuation with external invormation such as listed prices of similar assets...   Read More
What Would Be An Example Of When Using The Tuition And Fees Deduction Would Be Better Than The Lifetime Learning Credit Or The American...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Generally, it is best to calculate it both ways to determine which one gives the greater tax benefit. The tuition and fees deduction is a deduction which reduces taxable income, so the higher the tax bracket of the...   Read More
Can Non-resident Aliens, Living In Own Country, Who Have US Based Income Use The Foreign Earned Income Exclusion In US Business Tax Filing?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

No. The foreign earned income exclusion is for earned income, not investment or other types of income. If you are a NRA, I don't see that you could have earned income that is US based. Additionally, the exclusion...   Read More
If There Is No Available FMV Price For An Item Through Goodwill, EBay, Craigs List, Etc. Does That Mean That It Is Impossible To List It As...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Not at all. When you have no available FMV for an item, you can use "any reasonable means" to establish its value. A similar item would be a good place to start. Of course, the FMV must be less than your cost basis...   Read More
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Question Is About A Rental Business Expense For Which I Have Invoices From Company A. This Is Paid By Property Manager Who Gets Statement...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is no problem taking a deduction that does not match the invoice, but you must be able to prove the amount you paid, either through a check or a deduction from your proceeds by the property manager.   Read More
I Have Rented Out Part Of My House For Over 5 Years. During These 5 Years I Live With My Tenants In My House. I Have Reported Rental Income...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You will not have to pay tax on the entire gain. You will need to pay tax on the depreciation recapture up to the amount of gain realized. Then you will need to allocate the gain between the rental portion and...   Read More
Hello. I Received A Letter 96c Today From The IRS. The Letter Said Dear Taxpayer Thank You For Your Corresponce Received Mar 22cd 2016. The...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Amended returns (Form 1040X) are manually processed by the IRS. For any number of reasons, there is currently a large volume of amended returns being filed. Consequently, nothing happens very quickly. It is my...   Read More
I Am A Florida LLC Manufacturing In Georgia And Want To Sell Product (synthetic Turf) In California. I Will Have Sales Reps Located In...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

States are very territorial in regard to attempting to collect tax from businesses having operations within their state. California is one of the more aggressive states in this regard. Under California law, if you...   Read More
For A Sole Proprietor Outside US Is The Foreign Earned Income Exclusion Based On Gross Income Or Next Taxable Income?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The foreign earned income exclusion for a sole proprietor is based on the net income shown on Schedule C. Keep in mind that the exclusion is only for income taxes, you will still have to pay self-employment taxes...   Read More
I Am A US Citizen. My Residence Is In South Africa (I Stay There > 183 Days A Year). I Work Exclusively In The US And My Salary Is Paid...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since you reside in South Africa for more than 183 days each year, and I presume you have been doing this for more than three years, you are considered a SA resident subject to income tax on your earnings. If less...   Read More

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