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If There Is No Available FMV Price For An Item Through Goodwill, EBay, Craigs List, Etc. Does That Mean That It Is Impossible To List It As...
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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Question Is About A Rental Business Expense For Which I Have Invoices From Company A. This Is Paid By Property Manager Who Gets Statement...
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
I Have Rented Out Part Of My House For Over 5 Years. During These 5 Years I Live With My Tenants In My House. I Have Reported Rental Income...
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
Hello. I Received A Letter 96c Today From The IRS. The Letter Said Dear Taxpayer Thank You For Your Corresponce Received Mar 22cd 2016. The...
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
I Am A Florida LLC Manufacturing In Georgia And Want To Sell Product (synthetic Turf) In California. I Will Have Sales Reps Located In...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

States are very territorial in regard to attempting to collect tax from businesses having operations within their state. California is one of the more aggressive states in this regard. Under California law, if you...   Read More
For Streamlined Domestic Compliance Procedure, Does One Need To Include Form 8938 Along With 1040x Even If They Did Not Meet 8938...
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

You do NOT have to include Form 8938 with a Form 1040X if the taxpayer did not meet the 8938 thresholds for the year the 1040X is being filed. The instructions speak of certain forms like the 3520 that in earlier...   Read More
For A Sole Proprietor Outside US Is The Foreign Earned Income Exclusion Based On Gross Income Or Next Taxable Income?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The foreign earned income exclusion for a sole proprietor is based on the net income shown on Schedule C. Keep in mind that the exclusion is only for income taxes, you will still have to pay self-employment taxes...   Read More
Do Most States Within The United States Offer Movie And Television Production Tax Incentives?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, most states currently offer Movie and Television Production Tax Incentives (hereinafter “MPIs”). MPIs are tax benefits offered on a state-by-state basis throughout the United States to entice, as...   Read More
I'm A South African Residing In South Africa (thus US Alien). I Have A LLC In The US. The LLC Will Receive Income FromUS Dividends,...
User Photo Cecilia Scutaru Andor
Tax Professional Level: Tax Enthusiast

A little idea about the dividends US-SA tax treaty :"The Convention establishes maximum rates of tax that may be imposed by the source country on specified categories of income, including dividends, interest, and...   Read More


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