Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsCapital Gains
Asked onFriday, June 09, 2023 by TammyWhen do you need to pay capital gains in Nebraska after selling a home?
Do I have to pay federal tax on sale of inherited house
Asked onFriday, June 09, 2023 by SherieDuring the process of selling my mother’s house, she passed. I was sole beneficiary and inherited the house. The sale was completed within a month of her passing. Do I have to file federal income tax on the funds I received? I haven’t filed returns for years as I live on social security. Thank you
How are taxes handled for my selling personal items on ebay?
Asked onFriday, June 09, 2023 by JustinI am selling sports cards on ebay that I have pulled from opening sealed boxes of cards over the years. I am NOT buying and reselling. I am just trying to make some money by getting rid of cards I no longer want. From what I have read online, it looks like I am going to have to pay income taxes on all of the gross sales money that I receive and I can't make any dedections as a personal (non-business) tax filer. Is this correct? This doesn't make any sense to me because I spent a ton of money to obtain these cards over the years so the amount I sell them on ebay for is definitely not all profit if it is at all. This just doesn't make any sense to me that I have to pay income tax on something that I had to buy my self/already own and really am making a very small profit on if any at all. Is there anything I can do to avoid paying these taxes or reduce the tax I will owe? Please provide any other advice so I can save/keep as much money as possible, which I believe is rightfully mine anyway and not the government's!
If I take retirement money out to pay off HELOC will it count as income?
Asked onFriday, June 09, 2023 by DeeI am a 69 yo woman, mostly retired. I live in southern california area. my main income is social security benefits. I qualify and receive MediCal. I have a HELOC from 2014. They say it is time to refinance. I am thinking about using retirement funds to pay it off (currently $26,000). It will save me ~$225/m If I take out money from 401k or retirement IRA or other retirement fund to pay off HELOC will it count as reportable income for taxes?
HSA investment k1
Asked onThursday, June 08, 2023 by leynaI have a k-1 for a HSA and I was not sure if box 1 for ordinary business income or loss should be passed through to sch E as passive income
Form5701C
Asked onThursday, June 08, 2023 by Normafiled my taxes supposed to get 5701c but haven't gotten it. How can get it
Will trust have to pay taxes if Idaho property is sold?
Asked onThursday, June 08, 2023 by NancyWhat is the Idaho state tax law for selling real property that is in her trust? The owner is elderly and her income is SS. She has owned property for 47 years.
Is indirect service a business expense?
Asked onThursday, June 08, 2023 by PaulaI'm starting a membership business where members pay to support specific activities. For example, members might vote to have me go buy ice cream for 100 random people. None of the members get the ice cream, they aren't paying for the ice cream, they are paying for me to go buy the ice cream and give it to other people. So if 100 members pay $5 per month, then I have $500, and let's say I spend $400 on buying and distributing the ice cream, so I have $100 left. Would the $400 be a deductible business expense? So then my profit would be $100 and I would be taxed just on the $100 and not all $500? Note: This isn't what my business actually does, but the model is the same. Because my members pay for my business to do different activities, I want to make sure the cost of the activities (which is the core service my business provides) are deductible business expenses. If I am paid $500 and taxed on $500, but it costs me $400 to produce the activities, then I will lose money.
person tax
Asked onThursday, June 08, 2023 by davidGeorgia, age 75, single , no debt, ss 22548 (my check), interest income 18,000. will I have to pay taxes for 2023?
What does the IRS need to know about the house I bought my son?
Asked onThursday, June 08, 2023 by RayLast year my wife and I bought a small house ($140K) for our disabled son. We paid cash. We pay the real estate taxes and insurance. Our trust, of which we are the trustees, is the owner of our home and this second house. My son pays for the monthly utilities. He does not pay us rent. What does the IRS need to know about this, if anything?