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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
We Want To Gift Our Adult Child $14,000. Where Would We Report This On Our Tax Return? What Would Be The Benefit To Us?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Gifts have no effect on income taxes. You don't show it on your return, and your child does not show it on his/her return. The only time the child would pay any tax was if you gave them property and they later...   Read More
New LLC, Qualified Joint Venture With One Spouse On A Green Card. Tax Implications? Also, LLC Has An EIN, Does That Require A 1065?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Several issues here. First, as a qualified joint venture formed as an LLC, they cannot file two schedule C's. The must file a 1065 or elect S corp status. I don't know enough about the organization to advise you...   Read More
I Am A Greencard Holder Living In Nyc Divorcing A Greencard Holder Also In Nyc; I Need To Know My Tax Consequence For A Large Sum Of Money.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Basically, no. If the money was placed directly into a trust or a corporation, it would still be subject to tax and the rate would probably exceed your personal rate. Depending on the source of the money, you may...   Read More
New Client - Retired - Wife Passed Away In 2014. Closed Out Many Pensions And IRAs To Cover Medical Expenses, Yet Owes IRS $18,000.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Social security benefits are taxable on a sliding scale, depending on the modified adjusted gross income of the couple. The amount of SS that is taxable can be zero, 50 or 85%. Since their MAGI exceeded $44,000...   Read More
My Children Received An Inheritance From A Relative. They Received A 1041 Form Stating They Need To Pay Income Taxes On The Distribution.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Unfortunately, they will have to pay taxes on the inheritance. Inherited IRA's and 401(k) accounts are subject to tax, as they are tax-deferred retirement accounts. The 529 plan does not give rise to a tax...   Read More
0 0 Form 1041
This Investor Lost His Down Payment In Rehab Project In Chicago, IL Due To Builder Fraud. Builder Filed For Bankruptcy And Hiding His Asse
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

If the client was included in the bankruptcy as a debtor and the case was settled with your client getting nothing then it is a bad debt. If there is sme kind of criminal or civil case going on about bankruptcy...   Read More


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