Unanswered Tax Questions

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Nonresident Tax Issues

Help Needed for Nonresident Tax Filing (OPT, TPS, Incorrect W-2)

Hello, I need assistance with filing my 2024 taxes as a nonresident alien for tax purposes. Here’s my situation: I was on an F-1 visa with OPT for most of 2024, and I am now under TPS (Temporary Protected Status). As an F-1 visa holder for less than 5 years, I am exempt from Social Security and Medicare taxes, but my employer mistakenly withheld these taxes from my paycheck. My W-2 is incorrect because it does not properly reflect my earnings or tax withholdings. However, my employer provided a separate document showing my gross and net earnings so I can calculate and pay what I actually owe. I need to file Form 1040-NR and Form 8843 to notify the IRS of my tax status. I also bought and sold $10 of cryptocurrency, which I need to report. My main priority is correctly filing my taxes and ensuring I pay only what I actually owe while also addressing the W-2 issue. Where can I find a CPA or tax expert experienced with nonresident tax filing for individuals on OPT/TPS? Would you be able to assist me, or can you recommend someone?

Asked Monday, March 24, 2025 by Gian B.
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Investment and Finance

Wash Sales Rule Question

I started day trading in 2024 and ignorant of wash sales, traded in December 2024 continuing into 2025. So I am assuming I incurred some wash sales tax in 2024. Now in 2025 I want to avoid this and decide if I should continue with day trading. So lets say in 2025 I started with $10000 and I kept trading only SPY options daily (multiple times daily) and net in one day I lose $1000 and next day I make $1000 and this keeps happening for all the trading days of the year. In the end in my account, I didn't make or lose any money. So if I trade all the months of the year, with 250 trading days, I should be paying tax for $125000 gains I made is what I understand from Wash sales rule. Is that correct? Now if in the the month of December 2025 I don't trade. What kind of tax would I have to pay for 2025? Will it be zero is my question. For keeping it simple assume I am in the highest tax bracket. Also I have another job and don't have an LLC or Mark to Market.

Asked Thursday, March 20, 2025 by Abhish P.
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Personal Taxes

Gift of equity

I'm buying a house from my girlfriends parents. They are gifting us 300k in equity. Does anyone have to pay taxes on that equity

Asked Tuesday, March 18, 2025 by Jackson D.
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Tax Forms

Tax form

Can a tax prepare print and mail form 4852 with you?

Asked Saturday, March 15, 2025 by Jeremy B.
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Small Business

Can S-Corp install Solar Panels and will it still get 30% off in tax credit?

Can my S-Corp install Solar Panels (on my own residential property) and will it still get 30% off in solar tax credit? Can I further claim depreciation on the Solar Panels against other S-Corp incomes?

Asked Thursday, March 13, 2025 by Alex T.
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Personal Taxes

Irrevocable Trust With Interest Rolled Over

My wife and I have an irrevocable trust with the interest rolled over. For the past couple of years, we have been declaring the interest, even though it hasn't been disbursed, by filing a 1041. Is what we've been doing correct, or should the Trustee claim the amount when the trust is disbursed? Thanks John

Asked Tuesday, March 04, 2025 by Laura F.
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Deductions and Write-Offs

Forfeited deposit

I wanted to buy a house in Spain as an investment. In the process of buying the house you need to give a 10% deposit to lock the house. The deal didn't move forward. Can I claim that 10% as capital loss?

Asked Sunday, March 02, 2025 by Jesus S.
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Tax Law Changes

Travel Nursing

I live in Indiana and have a tax home. I am a travel nurse that works in Michgan 13 weeks a year, 3 days a week. What state taxes should come out?

Asked Saturday, February 22, 2025 by Steven C.
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Tax Filing Tips

Due dates anual tax filings LLC wyoming (non USA resident & no USA clients)

A couple of months ago i started a LLC in Wyoming (i am not living in the USA) and i was wondering when are the due dates for the annual tax filings? My LLC is not really active and is still in the early phases therefore i dont have a CPA. Could you advise me on the due dates, is there a certain date, is it counted from when the LLC was formed and will i be notified whenever i need to file my taxes?

Asked Thursday, February 13, 2025 by Henk d.
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Retirement

Question about early withdrawal penalties

I am thinking about rolling my Public School Employee Retirement System (PSERS) contributions to a traditional IRA. The rollover of the $32,737 would be tax free. PSERS rules requires that I start taking a pension to do this. This pension would be structured as an annuity and taxed at ordinary income. Since I would be taking the pension before the age of 59.5 would the pension payments also receive an early withdrawal penalty? Since the withdrawals are structured as an annuity would I qualify for an exception to the IRS early withdrawal tax? I want to confirm that this qualifies under this equal payments exemption: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributions#:~:text=Generally%2C%20the%20amounts%20an%20individual,tax%20unless%20an%20exception%20applies

Asked Tuesday, February 11, 2025 by Stephen P.
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