My accountant believes it is when the system comes on-line, not when it is contracted or paid. Is this true? I need the tax credit for 2019, not 2021. Even though it was paid, contracted and installed in 2019, but because of construction will not be in service until next year.
CPA is probably right.
See Notice 2013-70. https://www.irs.gov/pub/irs-drop/n-13-70.pdf
There may be additional facts and circumstances that would allow a credit in 2019 but generally you have to be making power to get the credit that year.
We are living on the property, Still renovating the house and it may not be habitable for some time. Does placed-in-service apply to us? We need the credit for 2019, as we no longer have income for 2020.
If you bought the fixer in 2019 and either contracted for solar in that tax year or had it installed that year you can probably deduct it in you 2019 taxes (I say "probably" because I have not read the controlling statute or the contract).
I have registered a corporation in WA (C-CORP). I have a consulting project coming up. I tried to use the WA corporation to do the consulting because the consulting fee is not taxable in WA. The consulting project is to help a bank in California but it will be done remotely---I do not need to visit... Read more »
Move out of California.
Support the kids the full calendar year and he owes child support from previous relationships can they take my kids stimulus money? Franchise tax board sent him letter for child tax credit refund pending.
You and you partner should talk to a tax prepare to advise you about calming the children, based on reviewing your tax records. your partner You may present the POA to the bank. I hope this helps. Good luck. Zaher Fallahi, Esq, CPA (CA &D.C.).
Disclaimer: This is for information... Read more »
In community property states such as California, all income earned by either spouse belongs equally to both. Therefore, if you file separate married returns, you must total all marital income then divide it down the middle, with each of you reporting half.
My parents owe taxes, and they want to wait till july 15 to file because they owe money, but if they file now, they won't have to pay until july 15, right? The reason I'm asking is be causse on the 2018 taxes they put me as a dependant, and 2019 their not going to put me down?
Hi. Yes, they can file now and wait until July 15 to pay what is owed on the return.
Hi. The wholesale cost is the cost of the product at a price when sold in bulk, which more often than not is cheaper than the retail price. The cost is usually the price charged from vendor to vendor. Retail price is vendor/retailer to consumer. I hope I am answering your question.
The SBA gives out 1k per employee (up to 10k max) to each small business that applies for the EIDL. This advance is not a loan, it's an advance that is NOT owed back. (Also, this is NOT the PPP loan through banks often focused on in the media, this is the EIDL directly from the SBA.)... Read more »
Before I respond to your specific tax question I feel compelled to advise you that--if you want to be sure you do not ever do anything stupid that adversely affects either you or your subchapter s corporation--you should now consider retaining an experienced business lawyer as general... Read more »
I need my money back it was incorrectly intercepted by a student loan that was not mine . I have a police report that states it .
Hi. I would start by calling both the tax authority (Franchise Tax Board maybe) and the agency (Student Loan) that are the center of this issue. If it is a FTB mistake, they may be able to return the funds intercepted.
My app got rejected by the stimulus program because my Dad use me for 2018 and I won't be dependent for 2019, But does he need to file 2019 without as a me as a dependant, in order for me to qualify for new stimulus?
No one knows because the IRS rules are still in flux. I do know that unless you are over 18 you will not be eligible.
As far as I have heard (on the legal grapevine) the only criteria being used by the government when giving people a $1,200 stimulus check is whether they filed a federal income tax return for 2019 or 2018.
Am I liable for taxes on the alimony since new law is in affect 2019. The above dates are incorrect in my question. Divorce agreement signed on 12/18/18 and filed date and stamped by judge on 12/20/18. But the divorce decree states 1/1/2019 as dissolution of marriage.
Which party is... Read more »
The legal date of your divorce is January 1, 2020. That means alimony payments will begin in January 2020, which means they do not have to be reported as income until 2020 taxes are due in April 2021.
-> Alice and Frank (both +55 Years old) sell a 9 unit apartment complex in Los Angeles, CA for $1,900,000. They have lived and owner occupied 2 of the 9 units and estimate 28% of the apartment should be claimed as their principle residence.
-> They have lived 10+ Years and owner... Read more »
You're going to have to hire someone to get that level of analysis.
. . . exemption. We want to sell the house, but the realtor wants us not to live in the house, while it is being renovated and on the market for 3 about months from April 16 - July 16, 2020 (This completes our 2 year ownership of the house.) If we maintain the house as our legal residence for those... Read more »
You should hire a tax attorney or a CPA to advise you.
Labor union, a non-profit, was suspended in California by the FTB, from October 2018 to May 2019. During this time they continued collecting dues without informing members of suspension status. Union was reinstated, or revived, in May 2019. Was this legal? Are dues collected during this time... Read more »
A suspended corporation cannot conduct business in California. Such corporation has lost all of its right to conduct business during suspension Once reinstated, it may again conduct business.
owe a balance. working out an installment agreement (owe just over 25k, so the installment was for 600/month pending payment of the 2018 balance that I have not yet been able to pay).
Hi. Yes, they will process a wage garnishment
If you have named your resident mother as a dependent in your federal tax return, she is not disqualified and barred from applying for naturalization.
Good luck to you.
I’ve been provided with a w2 form for every nanny job I’ve worked for but when this job didn’t give me one I assumed they were paying me under the table. Now that they want to claim childcare will be both get in trouble or just me?
Hi. If you have not been claiming this income, the IRS and FTB could inquire and you may have penalties and addition to tax. Your employer will be penalized as well if the IRS and FTB find out.
I am trustee of my deceased parents trust and estate, mom died in 2003 and dad in 2014. The assets of the trust are a supplemental investment plan my dad had that I now have and draw money from each year; the balance in the plan is now around $80,000 and I have been drawing $10,500 each year. I... Read more »
No.
Will I receive a stimulus check?
That’s not my understanding. Only individuals with limited income will be entitled to a stimulus check, not trusts.
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