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We Never Showed Our Cows On Our Taxes. We Are Retired. Due To Poor Health Had To Sell Them. Collected 40,000.00 Do We Have To Show That As...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, you do. That is a taxable transaction. However, if you had any cost basis in the cows, you can deduct that basis from the proceeds to reduce the amount of tax due. You might consider filing amended returns for...   Read More
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
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
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
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
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


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User Photo Kathryn Morgan

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User Photo Gary Carter, PhD, MT, CPA

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User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

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User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA

Owner

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

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User Photo Dr. Daniel Erasmus

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Managing Partner/EMEA

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President

User Photo Kat Jennings CEO

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Founder/TaxConnections CEO

User Photo Mary Beth Lougen EA USTCP

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President and Founder

User Photo Darren Sanford

Memphis, Tennessee, USA

CPA

User Photo Barry Fowler

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User Photo Kelly Estep

Vancouver, Washington, USA

Owner

User Photo James Sutton, CPA, Esq

Tampa, Florida, USA

Florida Sales Tax Attorney

User Photo Cecilia Scutaru Andor

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Tax Preparer / Notary / Signing Agent

User Photo Bernice Brightbill

Los Angeles, California, USA

singer

User Photo JEANIE PITNER

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User Photo David Gadberry

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User Photo Howard Liebman

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Partner

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