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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
I Am Selling The Stock Of My SCorporation And Am Wondering What My Document Retention Policy For Prior Years Should Be. Do I Pack Up All...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If you are selling the stock, you are selling the company to the new buyers. They own the company and the historical records. All you need are records of your cost basis in the stock and the sales price.   Read More
The Tax Pro Who Did 2011 Return Did Not Include Form For AMT Credit For AMT Paid In 2010. Is It Still Possible To Get Credit Or Is It Too...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Sorry, but that ship has sailed. The credit must be used each year in which you are eligible to use it. You can't file amended returns, as you can only do that for 3 years, meaning you can only go back to 2013 at...   Read More
Client Set Up A Single Member LLC In Virginia. Applied For EIN And Indicated That It Was A Personal Service Corp. This All Happened Last...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If the client did not file Form 8832, he has not made a valid election to be taxed as a corporation. I would treat it as a sole proprietorship and file as such.   Read More
How Is Repair To An Asset Accounted For In Depreciation? For Example A Computer That Is Repaired. Is Repair Cost Added To Basis,...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The answer to that question is complex. The IRS has recently issues a series of updated repair regulations that deal with that topic. Depending on the cost of the repair it would be depreciated separately or...   Read More

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