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When Itemizing If $$ Of Medical Expenses Entered On Schedule B Are Below Threshold For Deduction Is It Still Necessary To Hold On To All...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If the medical bills are not sufficiently large in a given year you cannot take a deduction for medical expenses on Schedule A. Those bills cannot be used in subsequent years. In the event of audit, the bills would...   Read More
For Building Depreciation Purposes, What % Of Property Value Is Considered Acceptable To Attribute To Land If No Land Assessment Value...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is really no formula that can be used to make that allocation, as each parcel of land is different. You can place an identical house on a 1/4 acre tract of land, or you could place it on a acre parcel. The...   Read More
0 0 Property
Is It Correct That A Mixed Use Property Is Considered Acommercial Rental For IRS Reporting Purposes? This Is A Multi-unit Property Overseas,...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

In most cases, that would be true.The IRS classifies mixed-use properties as commercial unless the income from the residential portion is 80% or more of the gross rental income. So if 80% or more is residential,...   Read More
At What Point Do I Need To Pay Alternative Minimum Tax?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is no easy answer to that question. The AMT for individuals and for corporations differ and have different thresholds. The AMT is essentially a parallel tax system. You calculate your regular income tax and...   Read More
How Do You Report Matching Contributions To A 401(k) By A Partnership On Behalf Of Its Partners On Form 1065? Do These Matching...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The contributions must be shown on the K-1 as Guaranteed Payments. Line 4 of the K-1. They would also be shown on line 13, code R. As a guaranteed payment, the amount would be included in taxable income. However,...   Read More
I Am Correcting In Thinking That Replacing Glass In A Window Is A Rental Property Repair, Therefore Deducted Entirely In That Year Unlike...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Assuming that the replacement glass is of the same type of glass and not an upgrade, and the existing glass is in need of replacement, it can be treated as a repair and expensed.   Read More
How To Calculate My Health Care Penalty If I Do Not Have Any Health Insurance Last Year
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

This link will take you to a worksheet that will allow you to calculate the penalty. http://obamacarefee.com/2015-calculator/. Note, however, that there are numerous exceptions that may allow you to avoid any...   Read More
0 0 Obamacare
What Happens In Situation Where IRS Audits Farther Back Than 6 Years And Person No Longer Has Those Years Supporting Documents &...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Unless the IRS suspects fraud, they can't normally initiate an audit that far back so it is unlikely to occur. The statute of limitations is 3 years from the due date or date the return is filed, whichever is later....   Read More
0 0 Audits
Does A Foreigner Living Outside US But With US Source Income Earned While Working On Foreign Soil Have To Pay Any US Tax? This Is Work Done...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The United States has what is called a world-wide tax system. This has two implications. First, as a U S Citizen or resident, you are subject to tax on all your income from whatever source. The second implicationis...   Read More
How Long Does IRS Have To Audit An Amended Tax Return When It Is Submitted 3 Or More Years From Due Date Of Original.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since it is being submitted after the statute of limitations has expired, they do not have to accept the amended return. However, if submitted within the statue of limitations the time is still measured from the...   Read More
0 0 Audit

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