Post your Tax Questions here

While the TaxQuips Forum is down, please…use this area to post your questions.

 

Yaay!!! The TaxQuips Forums are back up! You can now post.

26 thoughts on “Post your Tax Questions here

  1. TaxMama says:

    First of all, NEVER purchase real estate through ANY corporation.

    In general, when you own rental property,
    the rental income is income.

    The INTEREST on the mortgage loan is a deduction.
    As is the property tax, the insurance and repairs and maintenance, utilities, etc.
    Those will all reduce your income.

    In addition, you will have depreciation on the building.
    That should generally wipe out all your profit.
    If your property shows a net loss, you can generally deduct up to $25,000 of the loss on your tax return if your income is under $100,000. Less of the loss between $100K and $150K, no loss over $150K.

    You can read more about this in IRS Publication 527
    http://www.irs.gov/publications/p527/index.html

  2. Ramanan says:

    If I purchase a rental property thru my S corp and I pay all the rent towards the rental property mortgage. What is the tax that my company owes to IRS? Can I treat the mortgage as expense and the rent as income?

  3. TaxMama says:

    Dear William,

    Sorry, I don’t have a clue. But if you are going to engage in that level of trading, it is your responsibility to keep records – or to find out how your broker keeps records. No doubt, if you push your broker, they have records, in their archives, about all your trades. Bug them.

    THIS year, I do hope you downloaded the reports at the end of March 31st for the first quarter?

    Did you at least make a profit overall?

  4. William Amor says:

    I need help generating marked to market on TradeLOG. ANY SUGGESTIONS? I TRIED BOTH green and tnt with not a reply. Fidelity only goes back 90 days and i made 11000 trades in 2012.

  5. TaxMama says:

    Hi Paris,

    You can pay all your IRS payroll taxes through EFTPS.
    It takes about two weeks to set up.

    The DE88 is a California payment coupon.
    You can’t pay that through EFTPS.
    But California has an online payment system as well.
    You’ll find details here – https://eddservices.edd.ca.gov/

    You may be able to get some help from them if you need it.
    http://edd.ca.gov/Payroll_Taxes/Contact_Us_About_Payroll_Taxes.htm

    If you have a specific question…other than general fear ;~)
    let me know.

    Hugs
    Eva

  6. paris says:

    Hi Eva,
    In my new position ,I have to prepare Deposit payroll tax for the company.if I go through EFTPS ,will be enough?and what is DE 88 All,Could you please help me,I am completely blank.

    Thanks!

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