Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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469 suspended losses
Could you give me an argument for taking 469 suspended losses when a non grantor trust becomes disregarded due to a change in trustees?
Asked Tuesday, December 06, 2022 by Anthony M.Sign in to Answer
Is a capital gain included in income threshold number?
Is a long term capital gain included in the taxabke income number ? Eg. If we earn a total of $50,000 from our two businesses (real estate commission and software sales) and sell a rental property for a profit of $100,000 all in the same year is the capital gains tax rate 0%.
Asked Tuesday, December 06, 2022 by Chris H.Sign in to Answer
RESPA documents or 1099S
I recently sold an investment property. I cannot locate the respa documents. I do have the official recorder of deed paperwork, which shows what I paid for the property 20 years ago.Is that sufficiant along with the 1099S to file my taxes to report capital gains?
Asked Monday, December 05, 2022 by Yolanda F.Sign in to Answer
Deferring Capital Gains Tax
I have a question about how to reduce my income tax liability for the 2022 tax year. I owned shares in a public company that went private via purchase by a private equity firm about a month ago. I was forced to sell my shares. I had been a shareholder when the company was private the first time. As a result, I have a large long-term capital gain. Is there anything I can do now to minimize or defer the California state and Federal income taxes that I will owe for the 2022 tax year as a result of the stock sale?
Asked Monday, December 05, 2022 by Jeff A.Sign in to Answer
Can we file jointly if my husband is paying child support?
I am a Wisconsin resident getting married next year. I would like to contribute to my Roth IRA, but it appears I cannot if I file married but separately (is that really true?) if true- can we file jointly or do we need separate tax returns for child support purposes. Thanks!
Asked Sunday, December 04, 2022 by Stephanie L.Sign in to Answer
Electric Vehicle Tax Credit with Loaner Car?
Hello, I have a quick question that I can’t find the answer to anywhere. Could you help? I’m considering a North American finished BMW 330e which normally qualifies as one of the vehicles (I think for $5,836). However: 1. The dealership used it as a loaner vehicle. 2. It’s a 2021 and it has 14,000 miles on it. 3. It’s always been owned by the dealership and never been titled. 4. They’re selling it as a Certified Pre-Owned vehicle (to improve the warranty), but they said they can sell it as new (without CPO warranty) if I wanted. Would this qualify for the tax credit? If not, would it make any difference if I didn’t get it as a CPO vehicle? One other question too if you don’t mind? I understand the credit can’t give us money if we don’t owe that much tax, but what about tax paid throughout the year? If I have $10,000 paycheck tax withholding from throughout the year and then owe $2,000 at the end of the year, wouldn’t I still get the tax credit since I had a $12,000 tax bill but some was paid already? Thank you! Kyle Yamnitz
Asked Wednesday, November 30, 2022 by Kyle Y.Sign in to Answer
403b Hardship withdrawal
BACKGROUND: I currently live in Seattle, WA where I own my own home which is a duplex (I live in one side). I have accepted a job offer and made the decision to move to Spokane WA to be closer to my parents as they are getting older (mid-80s) as this will allow me to see them far more frequently, drive them to appointments etc. Unfortunately, I foresee one of them likely passing away within a few years and then I would likely take the other to live with me. I WILL NOT be renting out the side of the duplex I currently stay in, unless I have to for whatever reason. QUESTION: I would like to take the downpayment for the house I am to purchase out of retirement utilizing the "Hardship withdrawal" as this house in Spokane will be my primary residence. Do I qualify? Thank you, Tom
Asked Wednesday, November 30, 2022 by Thomas H.Sign in to Answer
Transfer of family property
If a parent wishes to transfer a property to a child, what are the tax implications to each?
Asked Wednesday, November 30, 2022 by Richard G.Sign in to Answer
Capital Gains Exemption
My mom and dad lived in a house in Tennessee for over 40 years. Dad died last year and Mom had the house demolished and replaced with a mobile home. Now she wants to sell and move in with my sister. How will capital gains taxes be assessed? Does having lived on the property for so long meet the 2-year residency requirement for exemption, even if the mobile home has been there for only one year? Mom is a 73-year-old widow with no taxable income.
Asked Tuesday, November 29, 2022 by Karen C.Sign in to Answer
Capital Gains exemption
My mom and dad lived in a house in Tennessee for over 40 years. Dad died last year and Mom had the house demolished and replaced with a mobile home. Now she wants to sell and move in with my sister. How will capital gains taxes be assessed? Does having lived on the property for so long meet the 2-year residency requirement for exemption, even if the mobile home has been there for only one year? Mom is a 73-year-old widow with no taxable income.
Asked Tuesday, November 29, 2022 by Karen C.Sign in to Answer