Glenn David Monserrat’s Answers

Glenn David Monserrat

Gilbert Tax Lawyer.

Contributor Level 5
  1. Tax implications for renting a home for less than mortgage payment

    Answered almost 4 years ago.

    1. James S. Tupitza
    2. Ayuban Antonio Tomas
    3. Glenn David Monserrat
    3 lawyer answers

    This question is more complex than you might think. You say "my home." Does this mean that your spouse does not hold any ownership interest in this home? Generally, for federal purposes the tax consequence is indeed the total of income received for the property less all of your allowable deduction items (assuming your wife holds no ownership interest in the home and will not herself claim an allocable portion of the deduction items on her own return). However, the answer may be...

  2. PLLC and estimated taxes

    Answered almost 4 years ago.

    1. Henry Daniel Lively
    2. Dennis N. Brager
    3. Glenn David Monserrat
    3 lawyer answers

    It is unclear from your question the type of trade or business you conduct from the PLLC. The type of activity conducted will at times determine if you are self-employed per se. However, assuming you are the sole member of the (P)LLC, you are likely to be considered self-employed and thus your earnings from the (P)LLC will likely be considered subject to the self-employment tax. Generally you must make estimated quarterly tax payments on this time of income There is however a tri-partite...

  3. Do I need an attorney?

    Answered almost 4 years ago.

    1. Teri A. Walter
    2. Glenn David Monserrat
    3. Ayuban Antonio Tomas
    3 lawyer answers

    Generally, consultation of a tax attorney is a prudent choice for tax controversies. A tax lawyer is often in the best position to make a threshold determination regarding the type of tax asserted as owing as well as the tax years in question. Once this is determined, a tax lawyer can examine the correspondence from the Service, diagnose the problem (from both perspectives) and generate the most favorable options for settlement of the tax dispute. Specifically, several prerequisites exist...