All Forum Posts by: Nancy Smith

if you highlight the link and right click it asks gives you to option to go to copies addresses.

I just tried it.

http://faculty.caes.uga.edu/pthomas/hort4091.web/P...).xls

 When you open the spreadsheet there is a tab for loans.  It only gives you the option of two loans.  I wanted to know if anyone has something similar which has the capability of 5 or more loans or if you can explain to me how to change this spreadsheet.

In my real estate investing business we have loans on each of our properties and I need to account for them in my financial statements.

thank you

Nancy Smith

Thanks Blake for the reply.  I already know it is an independent contractor issue I have researched this and have a taken tax accounting in school.  My main question is since we are not taking salaries currently can I give each member a % of the sales (for each flip we do) as a commission/bonus and if so how do I account for that?

Thanks   

hello to everyone out there.  This is my first time asking a question.

I have a C-Corp with an asset management company under it which owns a portion of my individual LLC. Currently we are not making money in the business and in our corporate book/minutes we have stated that we will not take a salary for five years.

my question is we are in the middle of a flip and I wanted to know if I can pay the three owner/members a % of the sale as a commission based on a 5%-20% rate depending on the profit from the sale even if we are not receiving a salary currently.

if we can do this how do I account for the commission paid to each and what form do I need to fill out at the end of the year for each of us to report the income on our individual taxes? 

I do know that I need to fill out a 1099-MISC form for our friend (who is doing a lot of work for me) who will receive a commission of the sale as an independent contractor.

Any advice or suggestions would be greatly appreciated.  My CPA was not very informative on the question.

Thank you

Nancy Smith