Personal Taxes
The most frequently asked tax questions related to Personal Taxes
Capital gains
Asked Sunday, January 25, 2026 by ScottIf I make $54000 in pension income and this is my only income, how much in long term capital gains from the sale of stock can I have and still be in a 0% capital gains bracket
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Tax Management and Options for Financial Hardship
Asked Friday, January 16, 2026 by MonserratI would like advice on strategies for managing federal tax payments and ensuring compliance while on an installment plan with the IRS. Additionally, what options are available for individuals facing financial hardship regarding their tax obligations?
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Retirement accounts
Asked Thursday, January 08, 2026 by RickHi I have questions regarding distributions from an investment account. If I move to another financial institution what are the taxes? If any? Thanks
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mortgage interest deduction
Asked Monday, December 29, 2025 by FrederickI have recently paid off a large portion of my reverse mortgage which included a significant amount of interest charges. Are the interest charges deductible and if so can the amount be carried over from one year to the next?
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Interest deductions
Asked Friday, December 26, 2025 by FrederickI have paid off a portion of my reverse mortgage which includes a large amount of interest. Is that interest deductible and can I carry over any of it into the following year?
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Receiving income as Contracted status
Asked Wednesday, August 27, 2025 by ChrisI have contracted with a company for services and am receiving an income. I need to find out my tax liability for this income. Does it become part of my other income and reported with my income taxes? Do I owe quarterly taxes on it? It is not my only source of income. I am over 72 years old.
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Question about Filing Taxes with resell hobby
Asked Monday, February 05, 2024 by AmyHello! My husband and I both work full time regular jobs and receive w2s. On the side, we both have a resell hobby. He resells shoes on Stockx and I resell clothing on Poshmark. This past year we both sold more than we normally do. However, neither of us qualified for a 1099-k on each of the sites, meaning we did not exceed 20k in sales and/or over 200 transactions. That being said, how do we report the income we did make on our taxes? Since we did not meet the threshold and consider it a hobby, do we have to report the income? Thank you!
CPA Answer:
Amy, You will need to take a look at the Hobby Law Rules 1st. If you reported losses for 3 out of the last 5 years for your businesses, the IRS will consider this a hobby and disallow any deductions. They may send you correspondence regarding this as well.
Given the above information, you could report both of your incomes on a Schedule C and show a profit with each of your Schedule C's.
I hope this helps,
Jeanne Adams CPA
Firestone, CO 80504
Jeanne Adams
Marital Status
Asked Thursday, February 01, 2024 by KiaraMy husband and I got married on January 4, 2024. What marital status would I fall under if we didn’t get married during 2023 tax year?
CPA Answer:
Kiara, both of you will file Single for 2023 since you did not get married until January 4, 2024.
Jeanne M Adams, CPA
Firestone, CO 80504
Jeanne Adams
Fixing Electronics Side Business - What Info Do I Need Come Tax Time?
Asked Tuesday, September 21, 2021 by CodeeHello, Thank you for taking the time to read and answer my question. I want to start fixing phones, computers, game systems, etc. on my own. I will accept cash/cashapp for the majority of customers unless I know them personally, then they can pay via check. I would be going to people's homes or fixing their devices in a public setting while they watch. The repairs usually require a new part as well. What information do I need to keep records of come tax time? Can I get deductions from the part costs if I keep the order receipts and submit them? Thanks Codee
CPA Answer:
Congratulations on your new business venture.
I will give you some general thoughts to help you.
First and foremost, you should open a separate bank account where you deposit all the income and from which pay your expenses. You absolutely do not want to use a personal account. Why? If you ever got audited, if any business activity went through a personal account (meaning you commingled funds), IRS can and will force banks to surrender all your bank accounts, and IRS will treat any deposits to your personal account as income (even if it’s not truly income). IRS is correct that taxpayers should never commingle funds. Taxpayers do it all the time, but it’s to their detriment because they hand the IRS the right to audit all their personal accounts. Why make it harder on yourself?
To answer your question, you should keep any records pertaining to your business. That means copies of invoices you give to customers, copies of deposit slips when you make deposits to the bank account, copies of bank statements, copies of check stubs, copies of receipts when you make purchases for parts, etc.
As far as expenses are concerned, you can deduct any legitimate business expense you pay on behalf of the business. That includes the parts you mention. You cannot deduct things like meals, entertainment, clothing (unless you pay to have a logo added to the clothing), haircuts, etc. You can deduct business mileage. That’s going to be a big deduction for you, so you need to keep a complete and accurate mileage log.
It’s best to keep all your records for seven years, in case you’re audited. If you don’t have records, IRS has the right to deny deductions.
If you need a CPA now or in the future, I am available. I’m here in Texas, but I service clients across state, across the country, and even internationally.
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Adam Dickreiter