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Unanswered Tax Questions

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Small Business

does the $2500 per invoice limit for the 'de minis safe harbor' include sales tax?

I want to purchase a new computer for my business, price excl. sales tax $2499; the invoice total incl. sales tax is $2778. Can I deduct this computer under the $2500 "de minimis safe harbor" arrangement? The computer is for 100% business use.

Asked Wednesday, October 20, 2021 by Estra N.
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Deductions and Write-Offs

1099 Barber - Booth Rental?

Am I able to deduct booth rent as a business expense? I pay a percentage of each check for my chair space. Wanted to see if this is deductible.

Asked Wednesday, October 20, 2021 by Jen S.
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Small Business

How to depreciate my Rv

I started a business to rent out RVs in September. The cost of the two RVs were $370,000. The are being Dian an ex. Can I deduct all 100% as a section 179 or can I use 100% bonus depreciation? My other business will have a profit of $600,000 and didn’t know if the loss of the RV business can offset that. I am looking to maximize my loss to offset my other revenue.

Asked Tuesday, October 19, 2021 by Pete S.
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Family Issues

Need a lawyer or CPA to get sibs to sell Mom's house to me for 5% off?

Do you agree there should be a price reduction of about 5% or more for Mom's house if I buy it within the family? If so, would you advocate for me, and how? Mom’s CPA wrote this: “In working with trusts in the past, when all the beneficiaries agree on a fair market value for real estate and the plan is to sell on the open market using a realtor and then one of the beneficiaries agrees to pay the fair market value for the property, there is usually a reduction in the price for the estimated closing costs which can be approximated at 5%.” My sister Carey disagrees with a reduction. She wrote: “I am in agreement with Peter that we should all benefit equally from the sale of the house, and that no one should be favored at the expense of another. I initially thought it might be equal if we would each get 1/3 of the realty fees savings. It seems that is not the case. After Peter sent his email, I started with his numbers and put them in a spreadsheet, and then extrapolated to see where the benefit would be equal to all. Please see my attached spreadsheet.” My sibs always say it should all be "equal." Carey's spreadsheet simply divides the sales price in thirds. I don't think this is equal. If simply split in three, ONLY Carey and Peter would benefit; I'd pay the same as any other buyer and would receive no benefit. If they sold it to an outside buyer, they'd receive 5% less. How to handle this? Looking for a CPA, and tax, estate, and financial advice (no asset mgmt.)

Asked Tuesday, October 19, 2021 by Jane v.
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Personal Taxes

inheritance money

Is money received from an inheritance taxable (as income) state or federal?

Asked Tuesday, October 19, 2021 by Kevin I.
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Miscellaneous

Oregon business selling services to a NYC company

We are a managed service tech company selling services to a NYC company (200k per year) and about 50K in hardware. Do we have to collect NYC tax from our client and pay to NYC?

Asked Tuesday, October 19, 2021 by Kelly M.
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Personal Taxes

SEISS

Hi I work abroad in security I get paid in dollars pre covid I was on 92k and when covid hit I took a pay cut to 72 so I applied for x2 SEISS grants which amounted to 14k which would have taken my payback to the original 92k. I have submitted my tax return through my account and have been informed although I was entitled to 10k of the grant because it is 4k over I now have to pay the amount back in full

Asked Tuesday, October 19, 2021 by Lloyd S.
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Small Business

Is it possible after you have filed a get return some moths ago to recode the sales aspect to funds introduced as it was coded incorrectly and got was paid on this amount

A legal dispute was settled and coded as sales i believe it should have been coded funds introduced .i paid gst on this amount is it possible to recode it to funds introduced and receive the gst back ?

Asked Monday, October 18, 2021 by jarred h.
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Tax Forms

Injured or Innocent Spouse Form?

I have been separated from my spouse for 10 years and am currently in the process of getting a divorce. During discovery my ex disclosed that he owes 70,000 in taxes with letters from the IRS stating they plan to seize property due to his ignoring their attempts to collect payments for taxes from 2013-2019. I have been filing my taxes as Head of Household. Should I file an Injured Spouse Form to protect myself from being associated with his debt?

Asked Monday, October 18, 2021 by Tonya M.
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Miscellaneous

Tax on Spousal buyout of home equity i

My wife and I will be filing for divorce and are trying to settle out of court. She’s agreed to buy me out of my share of the equity in the home. She cannot pay me a lump sum and can only do installments. Will I have to owe any taxes if I receive installment payments from my soon to be ex? The same question for a lump sum payment.

Asked Monday, October 18, 2021 by CJ H.
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