Author Topic: any accountants out there that i can ask a question?  (Read 490479 times)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1240 on: February 23, 2017, 06:22:36 PM »
The cost of the ticket. (COGS)
Computer expenses...
Did you drive to the office? Auto expenses...
Home office deductions ftw

Offline joeberg

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Re: any accountants out there that i can ask a question?
« Reply #1241 on: February 23, 2017, 09:59:22 PM »
Home office deductions ftw
And the audit

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1242 on: February 23, 2017, 10:11:40 PM »

Offline mahnishma

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Re: any accountants out there that i can ask a question?
« Reply #1243 on: February 24, 2017, 01:03:07 AM »
The cost of the ticket. (COGS)
Computer expenses...
Did you drive to the office? Auto expenses...
What's COGS? how do i calculate cost of ticket? CPM?

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1244 on: February 24, 2017, 02:29:48 AM »
What's COGS? how do i calculate cost of ticket? CPM?
So this was booked using miles?

Can one use the price the airlines sell the miles to the retail public as COGS?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline shulem92

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Re: any accountants out there that i can ask a question?
« Reply #1245 on: February 24, 2017, 02:49:06 AM »
I got a 1098-T for tuition. I got married in middle of the year. Last year I was a dependant on my fathers taxes, so obviously he used the 1098-T. Who files it this year? Me or my father, because he paid for the tuition

Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #1246 on: February 24, 2017, 08:04:35 AM »
I got a 1098-T for tuition. I got married in middle of the year. Last year I was a dependant on my fathers taxes, so obviously he used the 1098-T. Who files it this year? Me or my father, because he paid for the tuition
If you are not filing as a dependant under your father this year then he cannot use your 1098-T since it has nothing to do with him. The fact that he paid your tuition is meaningless. The 1098-T is issued to your name and must be filed with your taxes.

Btw 1098-T will give you a tax credit, either opportunity credit of you are an undergraduate or the lifetime credit if you are post graduate.

Offline shulem92

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Re: any accountants out there that i can ask a question?
« Reply #1247 on: February 24, 2017, 11:02:26 AM »
If you are not filing as a dependant under your father this year then he cannot use your 1098-T since it has nothing to do with him. The fact that he paid your tuition is meaningless. The 1098-T is issued to your name and must be filed with your taxes.

Btw 1098-T will give you a tax credit, either opportunity credit of you are an undergraduate or the lifetime credit if you are post graduate.
Thanx

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #1248 on: February 27, 2017, 02:34:00 AM »
If someone is in the 10% or 15% bracket for ordinary income, is it true  that they can claim a tax free capital gain?
Is there a max amount for this tax free gain?
TIA!

Offline 12HRS

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Re: any accountants out there that i can ask a question?
« Reply #1249 on: February 27, 2017, 09:31:48 AM »
If someone is in the 10% or 15% bracket for ordinary income, is it true  that they can claim a tax free capital gain?
Is there a max amount for this tax free gain?
TIA!


Long term capital gains only. I ANAA although I believe the tax free would exist until the gains push you into a new bracket (this part might be incorrect)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1250 on: February 27, 2017, 03:14:09 PM »

Long term capital gains only. I ANAA although I believe the tax free would exist until the gains push you into a new bracket (this part might be incorrect)
+1

Online bubkiz

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Re: any accountants out there that i can ask a question?
« Reply #1251 on: February 28, 2017, 01:37:03 PM »
Regarding the EITC and rental income, are there any workarounds around the $3400 investment income cap?

Would setting up LLC and renting it to the LLC for slightly more than the costs of tax and depreciation, and have the LLC rent it to the tenant, make the income show up differently on return?
« Last Edit: February 28, 2017, 01:51:17 PM by bubkiz »

Offline Menachem613

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Re: any accountants out there that i can ask a question?
« Reply #1252 on: February 28, 2017, 01:55:30 PM »
Regarding the EITC and rental income, are there any workarounds around the $3400 investment income cap?

Would setting up LLC and renting it to the LLC for slightly more than the costs of tax and depreciation, and have the LLC rent it to the tenant, make the income show up differently on return?

I would think you'd be picking up your share of the income from the LLC.

Online bubkiz

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Re: any accountants out there that i can ask a question?
« Reply #1253 on: February 28, 2017, 01:59:37 PM »
I would think you'd be picking up your share of the income from the LLC.
Would it count as investment/rental income for EITC purposes?


Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1254 on: February 28, 2017, 04:42:17 PM »
Regarding the EITC and rental income, are there any workarounds around the $3400 investment income cap?

Would setting up LLC and renting it to the LLC for slightly more than the costs of tax and depreciation, and have the LLC rent it to the tenant, make the income show up differently on return?
Set up a c corp and give the C corp a distribution amount of the income from the LLC which will bring your share of the income down to eic.

Obviously C corp will have double tax on way out. but leave that for when you area too rich to care.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1255 on: February 28, 2017, 04:43:48 PM »
Would it count as investment/rental income for EITC purposes?
If LLC is taxed as a partnership (default), then yes, it is passive rental income passed through to you. Unless you are a RE professional, in which case it is business income and wont affect EIC.

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #1256 on: March 13, 2017, 08:36:04 PM »
Is there a free software to use for filing a schedule C? Turbo Tax used to allow it and now after you fill in all the information they make you pay $35 to upgrade. Tia

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1257 on: March 13, 2017, 09:16:21 PM »
Is there a free software to use for filing a schedule C? Turbo Tax used to allow it and now after you fill in all the information they make you pay $35 to upgrade. Tia
Freetaxusa

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1258 on: March 14, 2017, 08:23:45 AM »
Is there a free software to use for filing a schedule C? Turbo Tax used to allow it and now after you fill in all the information they make you pay $35 to upgrade. Tia
It depends on your income level.

Online dovy2

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Re: any accountants out there that i can ask a question?
« Reply #1259 on: March 14, 2017, 11:33:39 AM »
my 1099-b has some sales without a purchase date, can I just manually add the dates and prices, or do i need to file a separate form?