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Tax Law Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning



               


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  #1  
Old 12-02-2008, 09:27 PM
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Several Questions on the application of tax law.


What is the name of your state (only U.S. law)? California.

I have some questions about California tax law. Thank you in advance to any one that can help me answer these questions.

1)
A california resident is filing a 1040. He owns a 50% stake in a rental property in Montana this rental property provides him with extra income.

How is this reflected in the filing of his 1040? Does he report the income from the rental property in California or Montana, and does he file property taxes on the Montana rental property in California or Montana?

2)
This same persons' bank statement shows that he has interest income derived from a municipal bond but he has recieved no 1099. Why wouldn't he receive a 1099 in this instance, and should that interest income be reported in line 8a or line 8b?

3)
When paying a friend to help with contract labor, where should that expense be reported on schedule c?

4)
How should business expenses be reported on schedule c? For example, if I spent 200 dollars on a business related meal/meeting, what sum should I report on schedule c line 24b?

Sorry, I know that's a lot of questions. If any one can help I would be very grateful.
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Old 12-03-2008, 06:46 AM
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I started to answer these questions, but then I decided they sounded an awful like homework.
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Old 12-03-2008, 10:09 AM
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Quote:
Originally Posted by FlyingRon View Post
I started to answer these questions, but then I decided they sounded an awful like homework.
And if they are not homework, the OP needs enough help to indicate that the OP probably should not be attempting their own return.
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Old 12-03-2008, 01:05 PM
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In addition to the previous posts, I will point out to OP that what state a rental property is located in is wholly irrelevant to its reporting on the 1040, which is what you asked.
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