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Can A Couple Who Worked/lived In Different States In 2014 File MFJ??
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can file a joint return in both states, in fact OH requires that you file jointly if your federal status is MFJ. On the state returns, the non-resident spouse should be listed as such and his/her income not...   Read More
Earned Income - Community (shared) Income Where One Spouse Is Non-resident And Other Is UK National. Neither Lives In USA?
User Photo Dan Gordon
Tax Professional Level: Tax Enthusiast

First of all filing married filing separate the joint income is split between the two parties then the Alien party with no US source income does not file a return. Regarding FEIE if the income can be properly...   Read More
May A Foreign Investor Invest In A Corporation And Avoid Paying Corporate And Individual Tax On The Gain From The Sale Of U.S. Real Estate?
User Photo Richard Lehman, JD, LLM
Tax Professional Level: Tax Enthusiast

Yes, once a corporation, Foreign or U.S., has sold all of its U.S. real estate holding and paid the single tax at the operating level of the corporation, the corporation may liquidate and distribute its assets to...   Read More
Do Most States Currently Offer Movie Production Tax Incentives?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, most states currently offer Movie Production Incentives (hereinafter “MPIs”). MPIs are tax benefits offered on a state-by-state basis throughout the United States to entice, as applicable, in-state film...   Read More
Please Explain How To Quantitatively Compute Start-up Companies "Fixed Base Percentages" In Connection To The R&D Tax Credit.
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

For a start-up company, I.R.C. § 41(c)(3)(B) establishes a fixed-base percentage calculation for companies that incorporated after December 31, 1983, or had fewer than 3 years with qualified research expenditures...   Read More
Can Someone Please Provide An Overview Of The Scope Of A Construction Tax Planning Engagement?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

A Construction Tax Planning Engagement utilizes a proactive "Pre-Design Phase" approach to identifying additional tax benefits related to new and planned construction projects whether in connection to constructing...   Read More
Please Discuss The Scope And Application Of The Solar Investment Tax Credit (ITC)?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

The Investment Tax Credit (hereinafter "ITC") is a 30% federal tax credit for solar systems on residential properties under Sec. 25D of the Code, and for commercial properties under Sec. 48 of the Code that remains...   Read More
Can Someone Please Discuss The Status Of The Empire State Music Production Tax Credit?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

As of April 7th of 2015, New York State’s Excelsior Jobs Program is highly anticipated to be expanded to include music production through a Empire State Music Production Tax Credit. Administered by the Empire...   Read More
How To Amortize LLC Startup Expenses?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The home improvements must be capitalized as you said. You must,dispose of everything on the Sch C and then move it to the 1065. The basis in the items moved to the 1065 (assuming she was depreciating at lest the...   Read More
How Do I Determine The Cost Basis And Then Enter It Correctly Into My Tax Software Program
User Photo Daniel Bosler
Tax Professional Level: Tax Enthusiast

Your situation is relatively common, and relatively commonly gives people fits! However it is not really that complicated. The gain from the exercise of your stock options was reported on your W2 and you had...   Read More


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