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I"m In A Partnership That We Will Likely Dissolve In 2016. I Have Approximately 30k In Remaining Basis Due To Loan That I Have Made...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Loss on the sale or dissolution of a business would be treated as a capital loss. However, if the loan was made to protect your job it may be classified as a business debt status is allowed if your dominant motive (...   Read More
Will Me Claiming A Person Waiting For Approval Of Ssi/disability Affect Their Backpay If I Get A Deduction For Them As A Dependant?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The SSI program provides benefits to disabled people who don't qualify for regular disability benefits. The benefit amount is a flat $733 a month as of 2016, but SSI is a means-tested program. The person's...   Read More
0 0 1099-MISC
Form 8829, Part III, Line 36. Must This Number Remain The Same Each Year?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That line should reflect the correct value, but it may not be the fair market value. You should use your cost basis or the fair market value as of he date you began use as a home office, whichever is lower. Either...   Read More
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, the Internal Revenue Service (hereinafter the “Service”) issued on March 24 of 2016 their Announcement 2016-14 addressing the transition period implementation dates in connection with the recently revised...   Read More
User Photo John Manning
Tax Professional Level: Tax Enthusiast

Whether a product will qualify depends on whether production activities in the US are "substantial in nature." US activities can be substantial in nature even if a significant amount of production occurs outside...   Read More
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

The Canadian Income Tax has various foreign reporting forms, not much different from that of the U.S. foreign information returns, with penalties attached for not filing. With regards to non-resident income areas...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Not necessarily. If you purchased it and placed it in service in January, then the depreciation would be the same amount each year. If not, then the depreciation for the first year is based on the number of months...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The LLC should have issued a K-1 form to each member. On that form will be the information that you should include on your own personal 1040. Since you have already filed your return, you will have to submit a Form...   Read More

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