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If I Am Filing A Form 4684 As A Disaster Victim, Can I Claim Property Loss That Would Not Be Covered By My Insurance If I Itemized When I...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The fact they did not give you an itemized list of what they paid does not affect your potential deduction. It was one loss, so you take the cost of the jewelry and subtract the amount paid by insurance. That is...   Read More
.Several Years Ago I Owner Financed A Piece Of Investment Property. I Used IRS Form 6252 To Report Installment Sale Income For Capital...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Anytime you have a capital gain, it ends up on Schedule D, but you have to take several steps to get there. Use the 6252 to record the payments received in the final year, and transfer the taxable gain to Schedule...   Read More
Can Someone Please Provide A Synopsis Of The New Bipartisan Budget Act Of 2018 Which Was Just Enacted Into Law On February 9th Of 2018?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

On Friday, February 9th of 2018, President Donald J. Trump signed into law H.R. 1892 entitled the Bipartisan Budget Act of 2018 (hereinafter “BBA”) just hours after the Senate passed the bill by a vote of 71-28...   Read More
New Business Start Up Began In 2017; We Will Not Open For Business Until April Or May 2018. Do We File A Return In 2017?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Start up and organizational costs are deducted or amortized over a 180 month period, starting the the month that the business began operations. You may deduct up to $5,000 of each (with restrictions) and amortize...   Read More
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

That is so very frustrating. Have you reached out to your employer to confirm that they have your correct address? If they do you might want to check out this post for next best steps -> https://www....   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That depends. If the LLC is taxed as a sole proprietorship or partnership, the amount of profit is subject to SE tax. If it is taxed as a corporation, there is no SE tax, but you must pay yourself a reasonable...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If you replaced the funds withing 60 days of withdrawal, you are allowed to treat the entire $7,500 as a rollover. If not, you can contribute $5,500 to your Roth and $2,000 to hers - assuming that you both meet the...   Read More


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User Photo John Stancil

Lakeland, Florida, USA

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New York, New York, USA

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Denver, Colorado, USA

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