Is there a limit to rental property depreciation, and how do I ensure all my costs are captured for tax deductions? Specifically, I am using TurboTax and have encountered a point where additional property information does not increase my tax deduction. What are the passive loss limits and how do they apply to my situation?

June 29th, 2024

For a two-member LLC, do I need any additional authorization if both members sign the form? Do I need to file an 8821? If the LLC was just formed and hasn't filed a 1065, how should I complete items 5 and 6 on Form 8802?

October 16th, 2023

If I get a loan, how do I recognize it in the accounting books with interest payable or should I register interest expense as I am paying it? I am using the cash basis accounting method.

August 1st, 2024

My wife's Social Security benefits are being stolen by her brother, and I have reported this to the Social Security Administration (SSA) but no action has been taken. I have Power of Attorney for my wife and have applied to become her Representative Payee, but I haven't received any response from SSA. What steps can I take to ensure my wife's benefits are protected and how can I expedite the process of becoming her Representative Payee?

October 8th, 2024

I have a multi-member LLC in New Jersey and need advice on how to purchase a car for business purposes. If I am not planning to qualify for Section 179, can I buy any car in my personal name and maintain a record of business use to depreciate over five years? Are there any guidelines for the price of the car?

April 16th, 2024