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3 votes

How to Treat Income After Investing in a Farm?

I am not a partner in any business. Yes, you are. Unincorporated business with multiple parties is a partnership. The partnership (the farm) will file form 1065 and will furnish you the form K-1 for ...
littleadv's user avatar
  • 177k
3 votes

Offer to send me 5000 and then send 4000 to his daughter. I think this is a scam. Is it?

A few points to consider: You don't need someone's username and password to send them money. I transfer money to people all the time without knowing their username and password, or even necessarily ...
EJoshuaS - Stand with Ukraine's user avatar
2 votes

US citizen. Question on state taxes. Capital gain taxes

You're asking about Minnesota capital gains tax. Minnesota conforms to the Federal tax regime when it comes to capital loss carry-over, and doesn't have preferential capital gains tax (i.e.: it doesn'...
littleadv's user avatar
  • 177k
2 votes

Can I gift back to my parents my 50% ownership of their primary residence house just before they sell it?

You can certainly gift back your share of the home to your parents before they sell it. That is very clear to me. However, a quick claim deed might not work. I am not familiar with the laws of ...
Bob's user avatar
  • 1,711
2 votes
Accepted

My general partnership stopped making money. Do I still need a K-1?

If the partnership needs to file a 1065, you must complete a Schedule K-1 for partners. You may not, however, need to file a 1065. Per the IRS instructions for form 1065 (emphasis mine): Except as ...
Rocky's user avatar
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1 vote

Can I write off a car that will be used for reverse engineering and product testing?

I need to have an EV to reverse engineer some of the protocols, and to test prototypes on. It would be used for some amount of business related driving, but it would also be used for normal stuff (...
mhoran_psprep's user avatar

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