Unanswered Tax Questions

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Miscellaneous

Transferring funds to a joint account

I am planning to transfer a 200k to me and fiancés joint account so he can get pre-approved for a mortgage loan that will just be under his name. The 200k was from me selling my condo which he did helped out paying the monthly mortgage. I recently lost my job and started working as an independent contractor. Can my fiancé use the joint account funds as a down payment for a mortgage loan? And will he get taxed from the 200k that I will be transferring to out joint account? P.S. the condo was sold in the state of California.

Asked Thursday, June 30, 2022 by Jenny A.
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Nonresident Tax Issues

Filing city taxes in Ohio as an LLP.

I'm considering starting a business that will be installing appliances in customer's homes. I will be starting a limited liability partnership with a friend. We will be contracting for a company that already contracts for a large retail store. The retail store charges the customer an installation fee, which they then pay the company I'll be contracting for, who then in turn will be paying us. My question is, are we required to pay city tax for every single city that we install appliance in? We will be working all over the state of Ohio and Michigan. Since the customer isn't directly paying us, do we still need to pay city tax just because we were working in that city?

Asked Wednesday, June 29, 2022 by Jason Y.
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Deductions and Write-Offs

IDCs for State Deduction

If I invest in oil drilling which comes with Intangible Drilling and Development Costs, can I use that to reduce my state/local income tax (in NYC)? Or does it only apply to federal? Thanks

Asked Wednesday, June 29, 2022 by Jamil M.
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Nonresident Tax Issues

Remote Work Income Tax

I live in TN and work remotely full time for a company that is based in CA. I do not travel to CA for any reason. Should my employer be withholding the 10% income tax for CA or am I not required to withhold that amount since I am not a CA resident? If it is withheld how would that be credited to me since TN has no income tax?

Asked Tuesday, June 28, 2022 by Scott M.
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Deductions and Write-Offs

LLC member living abroad

As an LLC member living abroad in Mexico, 1) Am I able to expense an office out of country and 2) What proofs would be required?

Asked Tuesday, June 28, 2022 by Joel C.
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Tax Forms

Tax Report/Tax Return

I am a resident of hawaii but on a paid internship in Illinois over the summer. I am currently being taxed from both state on my payroll. Will I file for both taxes at the end of the year and will I be given a tax return on one?

Asked Tuesday, June 28, 2022 by Priscilla B.
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Deductions and Write-Offs

Section 179

Hi, my wife and I both have w2 jobs, we are starting a side hustle (ie, not an llc or corp) of breeding/selling animals. We don’t expect to make a profit this year, and profits won’t be substantial ever. Am I able to write off a truck under section 179 and Use the deduction to get a refund of the taxes paid by our w2 jobs? The truck will cost about 75k and be used for 75% business, we are in the 28% tax bracket. Thanks.

Asked Tuesday, June 28, 2022 by Jacob G.
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Miscellaneous

MIL Contributing to New Construction for Her Suite

My husband and I are building a house and have designed living quarters for my aging mother. My mother is contributing to the cost to build the house commensurate with the square her living quarters. She has been writing checks to me directly. To simplify affairs after she does, we are not planning to list her name on the deed. Questions: 1. Is the money she gives us for her part of the house taxable? 2. How do we protect ourselves and our house from my sibling who may try to lay claim to a part of our house (commensurate with her contributions) after she dies? Thank you, Stephanie

Asked Monday, June 27, 2022 by Stephanie S.
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Business Formation

Delaware LLC Taxes

I am a Mobile Apps Developer and I'm currently working on gathering information about LLC formation procedure in Delaware state and I'm Egyptian and I work online from Egypt and I'm not a resident in the US so I have some questions about the Delaware LLC Taxes: After my LLC formation I need to have a bank account for my LLC in the US to receive all payments from company mobile apps which have been created online from my home in Egypt: 1- Are the mentioned payments applicable for taxes in the US? 2- Does the company's US bank account make the company applicable for taxes in the US although there is no running business inside the US and the company has one employee which is me? Thanks a lot in advance

Asked Monday, June 27, 2022 by Ossama A.
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Small Business

Should I use my LLC for 1099 work unrelated to LLC

I formed an LLC video game company in Colorado last year, but have yet to see a profit. I'm picking up some 1099 programming work to help pay current expenses like rent. Should I use my LLC and TIN for this work, or just use my social? I would be working from the same desk I do video game work on, but the computer I would be using is a personal one and was not purchased by my LLC. The only overlap so far is I work from home for both.

Asked Monday, June 27, 2022 by Mario R.
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