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I Have A Home Computer With Partial Use For Home Business That Is Depreciated. I Also Have A Second Old Computer That Is Kept At House Of...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Technically you can deduct depreciation on the second computer. However, you state that it is "old." Assuming that it has been in service for more than a year, you have, by default, chosen not to depreciate the...   Read More
Can I Claim Home Office Deduction For Square Footage Occupied By Top Shelf Of A Bookcase If That Is Only Space In Home That Is Exclusively...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The home office deduction is for square footage of floor space. The shelving is not a part of the house, so you cannot take a home office deduction based on the information you have provided.   Read More
My Tax Lady Submitted The Incorrect Credit Union And Routing Number For Return Deposit Of My State And Federal Income Tax......how Can I...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

It is too late to make a correction once the return has been accepted or mailed. It will be an inconvenience, but you shouldn't have anything to worry about. If the number given is invalid then the IRS will simply...   Read More
I"m In A Partnership That We Will Likely Dissolve In 2016. I Have Approximately 30k In Remaining Basis Due To Loan That I Have Made...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Loss on the sale or dissolution of a business would be treated as a capital loss. However, if the loan was made to protect your job it may be classified as a business debt status is allowed if your dominant motive (...   Read More
Will Me Claiming A Person Waiting For Approval Of Ssi/disability Affect Their Backpay If I Get A Deduction For Them As A Dependant?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The SSI program provides benefits to disabled people who don't qualify for regular disability benefits. The benefit amount is a flat $733 a month as of 2016, but SSI is a means-tested program. The person's...   Read More
0 0 1099-MISC
Form 8829, Part III, Line 36. Must This Number Remain The Same Each Year?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That line should reflect the correct value, but it may not be the fair market value. You should use your cost basis or the fair market value as of he date you began use as a home office, whichever is lower. Either...   Read More
I Purchase A Residential Rental Property, Put In Service Right Away On The Same Year. When I Filed Tax By The End Of The Year Using...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Not necessarily. If you purchased it and placed it in service in January, then the depreciation would be the same amount each year. If not, then the depreciation for the first year is based on the number of months...   Read More
How Do I File Taxes For My LLC (filed In Nevada)?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The LLC should have issued a K-1 form to each member. On that form will be the information that you should include on your own personal 1040. Since you have already filed your return, you will have to submit a Form...   Read More
Form 5329, When One Believes They Have Reasonable Cause To Be Entitled For A Waiver Of The Penalty, Can They File Form 5329 Prior To Filing...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The IRS does not respond specifically to a 5329 unless you have taken the waiver of penalty in error. Line 55 applies only if you did not take the required minimum distribution (RMD) and are paying the penalty for...   Read More
Can I Get The IRS To Resend My Tax Refund?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can call the IRS at 800-829-1954 and either use the automated system or speak with an agent. If you filed a married filing jointly return, you cannot use the automated systems. The IRS will issue you a Form...   Read More

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