MOBEE

Taxpayer has all earned income in USA but now living in Philippines. Best way to get signatures?. Mail & wait for signed forms & file extension if not received? Attach to email for him to sign& return by email? Text a picture of form for him to sign & return?  Fax?? What are your suggestions. TIA. 

QBI confusion. Lots of info regarding rental income & QBI but no designation between commercial and residential rentals. I am thinking commercial rental with active participation would qualify for QBI???? But would residential rental also qualify?  

I use real business solutions w-2 mate. Input data easily & rollover from year to year. Also good price. 

Taxpayer has over 75 form w-2g's from casino winnings.   Does each one need to be entered into software individually or can a total be entered for each casino.  Lots of input if it's not really needed.  Final answer on the return will be the same. 

Taxpayer has set up LLC for all rental properties and is reporting all income and expense on schedule E.  Should all information for the 4 rental houses be entered as just one item titled as the LLC Properties name.... or should each house be reported separately - each in its own column on schedule E. 

Need one w-2c.  Don't have a typewriter anymore. Know of any software that would generate these forms.  Really hate a lot of expense for just one.  And not my fault that there is an error.  Maybe I should buy a typewriter.  Do they even still sell them? Really don't want to go in that direction however

Knowing that we discussed husband and wife in rental only LLC and reporting income and expense on schedule E.  Which would be proper -  reporting each rental unit per column on schedule E like you would if there were no LLC - or reporting all numbers combined under LLC name in one column?

I have a husband and wife setting up a LLC just for rental property.  Can the LLC be used on schedule E on the 1040 since they are husband and wife... or would it be best just to set up Partnership or S-corp and have them as 50-50 owners.  Thanks for any assistance. 

Thank you. Transaction already done without consultation first. 

Two shareholders in S-Corp.  Each one sold 10% of their interest to a third party... so going forward there will be 3 shareholders.   The two personal returns would show sale of stock (long term in this case) & corp would add new shareholder for the price paid for this interest in the S-corp - is that correct.  How about determining the basis of stock that was sold?  Thanks..

Taxpayers (who have had EITC in prior years) got divorced this year in October.  In the divorce decree it states that they can file MFJ this tax year.  Has anyone ever come across this before?  New for me.  My thinking is that the judge cannot override the IRS rules and regulations and that the taxpayers are single.  What are your opinions of this? 

Two person tax corporation. One person has the ERO.  What if the individual with the ERO designation dies or becomes incapacitated in the middle of tax season. How do you deal with that on the subsequent tax returns.  Is the ERO with the business or the individual. 

Thank you so much KC.

Yes she is

Husband is military stationed in Guam. Wife has w-2GU. His military state is Arkansas. Should her w2 income be taxable to Arkansas as well? My confusion is about Guam income. If it were another state I believe it would be taxable to Arkansas.

I will check on the COBRA. Thanks for the input. Just hoped there was a way to help this guy out.

Taxpayer current age 57 lost his job..has been unemployed for several years. He rolled over his 401k into an IRA in 2009. His unemployment has run out so he withdrew money from his IRA to live on. If I am reading correctly, because he is over 55 if the funds had been withdrawn from his 401K exception 1 would apply and he would not owe the 10% penalty... but because he rolled it over into an IRA that exception no longer applies since that rule does not apply to IRA's What are your thoughts. Doesn't seem fair if this is true..

She just sold all of the livestock and equipment to the same party in one transaction.. two months after husband's death. Think this would be stepped up basis and disregard depreciation taken.

Farm was on 1040 tax return schedule F... not an LLC. Yes her name is on the land.. that is where their home is..but she only sold the equipment and cattle pertaining to the farm which was in his name. She still owns the land and the home located on it. There is, to my knowledge, no will .. just surviving spouse inheriting all property. The estate will not be probated.

I am thinking that she inherited the "business" ... the farm because her name was not on the farm property.. only his. Am I thinking wrong?

Just want to make sure I am thinking this through correctly. Taxpayer had a rather large cattle farm. Died in December 2011. Spouse sold all farm items in February 2012. They have always filed MFJ but farm was all in his name. I am thinking she inherited the farm and should get a stepped up basis on the sale. Correct?

Thanks for the help

Small church. Small salary. Adding home is an incentive for employee to take the job with the church

I have a taxpayer who is the youth director at church which provides him a home which is located on the church property. He is not ordained (not a minister). What would the tax implications be for this taxpayer. I know a minister whould have th pay self-employment tax on the value of the home but not income tax. But this taxpayer is not a minister

Is the Code U on a 1099-R subject to the early withdrawal penalty as well as being taxable. This is a new one for me... Thanks