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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
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
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. Note, however, that there are numerous exceptions that may allow you to avoid any...   Read More
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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
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