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If Don't Have A Way Of Determining Value Of An Asset At The Time Of Conversion From Personal To Business Use, Eg A Year Or More Ago, Can...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can't use current FMV. You need to make a reasonable estimate of the value as of the time of conversion, and be able to support your valuation with external invormation such as listed prices of similar assets...   Read More
What Would Be An Example Of When Using The Tuition And Fees Deduction Would Be Better Than The Lifetime Learning Credit Or The American...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Generally, it is best to calculate it both ways to determine which one gives the greater tax benefit. The tuition and fees deduction is a deduction which reduces taxable income, so the higher the tax bracket of the...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

No. The foreign earned income exclusion is for earned income, not investment or other types of income. If you are a NRA, I don't see that you could have earned income that is US based. Additionally, the exclusion...   Read More
Tax Professional Level: Tax Enthusiast

The answer is yes then can. However, there are very limited circumstances when this would be required to be used, which is when a nonresident alien is married to and filing MFJ return with a US citizen or a US...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Not at all. When you have no available FMV for an item, you can use "any reasonable means" to establish its value. A similar item would be a good place to start. Of course, the FMV must be less than your cost basis...   Read More
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User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is no problem taking a deduction that does not match the invoice, but you must be able to prove the amount you paid, either through a check or a deduction from your proceeds by the property manager.   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You will not have to pay tax on the entire gain. You will need to pay tax on the depreciation recapture up to the amount of gain realized. Then you will need to allocate the gain between the rental portion and...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Amended returns (Form 1040X) are manually processed by the IRS. For any number of reasons, there is currently a large volume of amended returns being filed. Consequently, nothing happens very quickly. It is my...   Read More

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