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How does one dispose fixed assets on 1120-S before these assets are fully depreciated?
For an 1120S, you need to fill out forms:4562 Depreciation and Amortization - Where you will depreciate the property through the date is was destroyed. Any current year depreciation will flow onto line 14 on page one of the return. 4684 page 2 Casualty Theft and Losses - Where you will detail your loss. Make sure to recapture all depreciation. This amount will carry onto Schedule K1, (or divided on multiple K1s per shareholder percentages) line 10, with Code B to be reported on the shareholder's 1040. Note - there should be nothing from this transaction entered on form 4797 and nothing from this transaction should be entered on line 4 on page one of the return. Your software may have to be overridden to make this happen. Hope that helps!
How can one write-off an angel investment if the owner/entrepreneur refuses to respond to requests for a certificate dissolution (US)?
The two answers to date look solid, Adam Gering's advice to speak with the accountant, and Wray Rivesu00a0 (who is an accountant) pointing to the tax code section.My understanding is that if you can justify that a company in your investment portfolio is truly worthless, you can write it off even without a complete accounting, record, or formal dissolution of the portfolio company. Many companies fail this way, without formally going through bankruptcy or wind-down, so angels and VC funds probably have standard procedures to deal with it. As long as you file the right forms and the company stays dead, you should be okay. If the company comes back from the dead and actually returns on the investment, you would have a more difficult time justifying why you wrote it off in the interim. Please don't take this as a technical or correct answer from a tax perspective, just my general understanding of how the system works.
If I sell a rental property for less than I paid, does the IRS count it as a capital loss on my personal taxes?
If you calculate a loss on the sale of your rental property, the loss (calculated on Form 4797) is an ORDINARY LOSS and not a capital loss.Capital losses can only offset capital gains (except for the allowable annual $3,000 deduction).Ordinary losses can offset all forms of positive income and can even generate a net operating loss.Please find an accountant who knows how to calculate the gain/loss on the disposition of the property INCLUDING deducting any suspended losses on rental property that were previously not deductible due to higher levels of income under IRC 469 (under passive activity rules).
What are the tax implications if I spend my bitcoins on directly buying things without converting into cash?
tl;dr u2022 you are taxed the same way as if you sold the bitcoin for fiat currency (e.g. USD)Disclosure: I am not a tax advisor and this is not tax advice. For tax advice, please speak with a tax professional.Bitcoin taxation rules vary from country-to-country, but in the US, the IRS states that cryptocurrency is taxed like property. That means that it doesnu2019t matter if you trade bitcoin for dollars or for goods/services directly. When you dispose of the bitcoin, you realized a capital gain/loss depending on the fair market value of the bitcoin at the time of the disposal. You will owe capital gains taxes on the gain/loss (the difference between the proceeds and the cost basis of the asset).You can use a tool like CoinTracker to automate these calculations for yourself (note: I work on CoinTracker).
My car was totaled. The insurance paid me the amount. Is this amount taxable in the USA?
Tyler Hitchcock is right in that a total loss settlement on a totaled vehicle for the average tax paying American is generally not taxable.In the US, where this can get tricky is if you are writing off the use of the vehicle for business purposes.The IRS Publication 4345 (Rev 12u20132016) on Settlements Taxability states:Loss-in-value of propertyProperty settlements for loss in value of property that are less than the adjusted basis of your property are not taxable and generally do not need to be reported on your tax return. However, you must reduce your basis in the property by the amount of the settlement.If the property settlement exceeds your adjusted basis in the property, the excess is income. For more information, see the Instructions for Schedule D, (Form 1040) Capital Gains and Losses and the Instructions for Form 4797, Sales of Business PropertySee that IRS document here: https://www.irs.gov/pub/irs-pdf/...
My wife received a check for selling a calf (cattle). Where do I report this for taxes?
A2A.The answers by Wray Rives and Kelly Wallace cover where you report it. The only thing left is for you to determine your basis. In this case, your basis is the lower of the gifter's basis in the calf and the fair market value of the calf at the time your wife received it. You increase your basis by any expenses involved in raising the calf.As an example, let's say that the gifter raised the calf from birth, and donated it to your wife when the calf was a year old. The gifter's basis in the calf would start at zero, and be increased by any expenses incurred in raising the calf during the first year (say, $20,000). At the time of the gift, if the cash value of the calf on the market is $30,000, your wife's basis would be $20,000; if the cash value were $15,000, that would be your basis. You would add any of your own expenses in raising the calf during your period of ownership, and then compute the gain using the adjusted basis, reporting it either on Form 4797 or Schedule D as appropriate.You will need to get a statement of basis from the person that gifted your wife the calf so that you can support the claimed gain.EDIT: misread the question. Your basis in the calf would start at zero, since you were gifted the mother of the calf, and would be adjusted for any expenses you had in raising the calf to the point at which you sold it.
Do I have to pay taxes if I sell a domain name? (I am In US). If yes, do I just add sale price - purchase price (profit) to my personal income?
The sale of a domain name could be taxable if you had a gain or you might you might have get a tax benefit if you had a loss.If the domain name was used in a business and you deducted or deprecated the cost then you must recapture this deduction on Form 4797. The amount deprecated would be ordinary and any excess would be capital gain.If you bought the domain name and never used it in a business or deducted then the sale would be a capital gain or loss reported on schedule D.
Are cryptocurrencies like Bitcoin taxed? If so, how?
Itu2019s actually rather simple. In the USA, the IRS has issued guidance that cryptocurrency is treated as an assetu2014just like the stocks in your brokerage account. (This treatment is for tax purposes only).*IRS Virtual Currency GuidanceFull Draft Notice, 2014u201321I am an expert on Bitcoin and the evolution of cryptocurrencies, but I am not an accountant or tax adviser and I have not carefully read these guidelines. But, as a taxpayer, I can comment on the treatment of asset sales. What follows is a layperson explanation of asset treatment and it should not be misconstrued as expert adviceu2026AcquisitionLike shares in a corporation, you typically donu2019t report anything at the time of acquisition (this assumes that you acquired the asset for investment purposes and not as compensation for work performed or in exzchange for something that you sold). Of coures, you should retain clear records and receipts.LiquidationYou must report the capital gain upon selling virtual currency or converting it into something else of value.In Kind Exchange (Wash transactions)But just like a Picasso painting or stock in an aerospace company, if you convert it into a substantially similar asset (or buy a substantially similar asset a short time after the sale), then you are generally not required (or allowed) to record your gain. Instead, you may be required to treat as a u201cwash saleu201d. This means that the gains can be reported another day.I suspect that converting between like values of a virtual currencies constitutes a wash. Check with your accountant or tax advisor, of course![2022 UPDATE]: The 2022 Trump tax reform explicitly eliminates the wash sale exemption s for cryptocurrency. Even a direct conversion between two currencies (e.g. Bitcoin and Bitcoin Cash) results in a taxable / reportable event on personal tax filings.* Operating an Exchange or any Money Handling BusinessTreatment as an asset is for the purpose of tax reporting only! If you exchange or hold virtual currency on behalf of other individuals or organizationsu2014or simply offer a Bitcoin ATM to a store or bus station, FinCEN guidelines make it very clear that you are a Money Service Business (MSB), a qualified custodian, or perhaps even a currency exchange. That really changes the game. You must now comply with regulations, training and oversight. Operating an MSB entails:Business permits/licensing (both Fed & State)Training and licensing of your staff (possibly even as brokers)Report and meet cash reserve requirementsCompliance with anti-money laundering regulations (AML)Compliance with Know your Customer regulations (KYC)Compliance with the Racketeer Influenced and Corrupt Organizations Act (RICO)In some communities, you may even need to meet requirements related to your hours of operation, or you may need to offer a notary service to your community.u2026and, perhaps, a dozen other hurdles. Effectively, if you exchange currencies or handle money for others, you must become a bank to be legal.Ellery Davies is a frequent contributor to Quora. He is also co-chair of Cryptocurrency Standards Association and editor at A Wild Duck.
How do I report Form 1099-B (Proceeds from real estate transactions) in personal income tax return?
A2A.Proceeds from real estate transactions are typically reported on Form 1099-S. Form 1099-B is typically used to report sales made by a broker, normally stock sales. I'm not sure why you would be getting a 1099-B for a real estate transaction, so I assume you meant 1099-S. How you report it depends on the type of property you sold.If you sold a personal-use property, you use Part II of IRS Form 8949, Sales and Other Dispositions of Capital Assets to compute the gain or loss. If this is your personal home and you qualify for the capital gains exclusion, you incorporate that on Form 8949. You then carry the information to Schedule D (Form 1040), Capital Gains and Losses. You cannot deduct a loss on the sale of a personal-use property.If you sold a property other than a personal-use property, you use IRS Form 4797, Sales of Business Property to report the sale. If you did not use the property in a trade or business but were holding it for investment, the portion of the gain that represents recapture of depreciation is reported as ordinary income, and any remaining gain is carried to Form 8949 and Schedule D and reported as capital gain. If you used the property in a trade or business, you still report depreciation recapture as ordinary income, and any remaining gain from the sale is treated as section 1231 gain. See IRS Publication 544 (2022), Sales and Other Dispositions of Assets for a full description of how to treat section 1231 gain.
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