asked
Are loans from LLC members to the LLC considered recourse or non-recourse debt? It is my understanding that loans from LLC members to the LLC do not increase basis, however, they increase the members' ability to deduct losses. The LLC has a loss in 2012 and the members individually loan the LLC money and take loss deductions up to their loans for 2012. The loans are expected to be repaid in 2013, however, the LLC is expected to incur a loss for 2013. Are there tax consequences to the members since they deducted the loss in 2012?
August 27th, 2023
I own 25 acres in South Carolina and need to change its classification to agricultural. What are the qualifications and steps required to do this?
January 15th, 2024
I purchased a new car in May for business use (I am a field service engineer and put on over 30k miles in 7 months), and was put on a Runzheimer program that pays a flat rate ($658.38/month) and a variable mileage rate (23.56 to 25.40 cents/mile). My total flat rate for the year is $3342.46 + my total business mileage of 30592 x the high rate of 25.40 cents/mile ($7770.36) = a total of $11112.83. Can and how do I write off the difference between what I was reimbursed and what the government rate of 55.5 cents/mile would be? 30592 miles x 55.5 = $16978.56 - what I was reimbursed $11112.83 = $5865.73. I am using TurboTax.
August 4th, 2024
I am trying to do a short sale on my property in Cobb County, GA. I believe that the IRS has placed a tax lien on the property. How can I confirm that there is an IRS tax lien?
January 4th, 2023
My wife and I are receiving a gift of $100,000 from my father-in-law, a foreign national residing in a foreign country, from the sale of foreign property. Is this amount taxable? Do I need to report anything? What records do I need to keep? What is the best way to receive this money: check deposited in the US or deposit into a foreign bank account under my wife's control and then a wire transfer to our joint US account?
August 29th, 2023
My husband established an S-corp for his business in January 2012 but continued to operate out of his sole-proprietorship bank account until April when he set up a corporate account. His letterhead and other business info were updated in January to reflect the corporation. Should the income deposited into the sole-proprietorship account after the S-corp was established be reported on his Schedule C or on the 1120S?
June 28th, 2024