User talk:CATAXES

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Welcome!

Hello, and welcome to TaxAlmanac! My name is Tim Doyle and I serve here in the role of TaxAlmanac Moderator. If you haven't done so already, you might want to review our Quick Start Guide to help you get oriented.

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- Tim Doyle, TaxAlmanac Moderator - Talk to me 17:03, 23 January 2007 (CST)

Per 1099/less than $400

Hello Catax, Sorry to trouble you w/this I have looked in pubs..etc unless I'm just missing it. Scenerio: tp rec'd via chek no more than $325 from sales of ins yet contributed per licensing fees, leads, laptop...etc about $2000 would like to take Sch C loss to lower taxable. Like I said before ins company did not send 1099 and tp has copy of paychk. Am I good to go w/the loss on Sch C? Forgive me I am still breaking in on the basics.

                                Mcharg5

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- Tim Doyle, TaxAlmanac Moderator - Talk to me 10:23, 12 February 2007 (CST)

Probate Deductions

The 1041 for an estate can deduct administrative expenses not subject to the 2% floor. These wuold include trustee fees, personal rep/executor fees, accounting fees, 1041 tax prep fee, costs of fiduciary bonds, court filing fees, court ordered appraisal fees, and other expenses that would NOT have been incurred had the property not have been held in the estate. Kevinh5

DE LLC

Tom, I think I answered this question for you before. Look at my response to your question under "Out-of-state rental property." It was the last item in the thread and maybe you didn't see it. The cites to the SBE decisions are there. If you need copies I can e-mail them to you.

Well, I take it all back <G>. It wasn't you, it was CALCPA, who is someone else altogether. This was my answer to his similar question:

The fact that the single member of this LLC is a California resident is ALMOST enough to make the LLC "doing business" in Ca and therefore subject to the $800 minimum tax and fee. You could possibly avoid this result by having the SM do EVERYTHING HE DOES with respect to this LLC somewhere OTHER than in CA -- and by EVERYTHING I do mean EVERYTHING. Writing a check in CA to pay a bill for the LLC is entering into a "transaction for the purpose of pecuniary gain or profit," which constitutes "doing business" under CRTC Sec. 23101. If he NEVER did ANYTHING for the LLC in California, and could document that fact with travel records, etc., he might get away with not qualifying the LLC in California and not paying the minimum tax and fee. To get an idea of this, look at the Appeal of Mockingbird Partners LLC, Cal. St. Bd. of Equal., No. 306061, 5/17/2006, and Appeal of International Health Institute, LLC, Cal. St. Bd. of Equal., No. 305199, 3/7/2006.

Those cases involve foreign SMLLCs that owned out-of-state real property that was managed locally. Of course, if your client's business is located in California, there is no way to avoid the requirement to register it and pay the tax and fee.

KatieJ 15:27, 12 March 2008 (CDT)

ira

Tom, I want to determine the basis of my IRA however my records are lost because of a divorce. I started making contributions the first year it was allowed and then started making nondeductible contributions the first year that was allowed. I did this until 1994 when I retired. Can you tell me when I could have started making contribution and when I could make nondeductible contributions. I believe I made the maximum contributions each year and I thought they were 2000 each. Can you help me? Thanks.

Bob1146@aol.com

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