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I Am Retired And Recently Moved To Israel To Volunteer For A Religious Organization. I Will Be In Israel For The Next 5 Years. Do I Have...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

I would presume that you were a resident in California just prior to moving to Israel. If the pension was taxable in the state while you lived there, it would remain taxable during your period of time you are in...   Read More
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I Want To Get Free Donations To My Business. Should I Start A Non-Profit Or An LLC Company?
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

Starting a new business is not for the unprepared or faint at heart. My advice is to start small as a sole proprietorship, under a dba (Doing Business As) registered with your county recorder or you can you’re...   Read More
I Have A Question About Depreciation. Can I Not Take Depreciation So I Can Increase The Net Operating Income. I Know I Will Pay More Taxes (...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

It's not a matter of what I think, it is the law that is important here. First, increasing your net operating income by not taking depreciation actually decreases your cash flow as you are paying more tax....   Read More
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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