Unanswered Tax Questions
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Gambling winnings impacting my 2023 taxes next year
Can I pay some money to the IRS now to offset the impact of my tax payments in 2024? I will have to report about $40,000.
Asked Sunday, May 21, 2023 by Tammi S.Sign in to Answer
tax form1040 2022
how to figure out taxable pensions and annuities on 5b line?
Asked Saturday, May 20, 2023 by Tay P.Sign in to Answer
Stock market stocks and tax
Hello I ran into a really big problem with stocks I don’t know what I was doing when I started stocks and prior before on the year of 2021 I got into a stock that went up on price and I had made around 6 figures plus and I sold it by mistake and I had decided to just hold it instead so I put everything back in to keep my position and I totally forgot all about it and the irs mailed me a form regarding the transaction I have done prior to the time the stock had went up and supposedly I had sold it but in reality I didn’t and I’m still holding my stocks but because I got out and joined afterwards my stock crashed over the course of months and months of holding this stock the irs sent me a letter that I have to pay the tax capital gains of that sale but I didn’t keep any of the rewards I was still learning and I still am and I have never seen the amount of rewards that the stock market can do but I totally lost it and now I received the letter with all of the transactions that was reported but I lost everything after making the decision of going back into the stock and because I sold it at a high price the irs thinks I made money but In reality I left it there and now I’m so afraid because the irs thinks I have all this money but I left it in the stock market and the stock crashed and I been holding this same position since I didn’t know I was going to get into so much trouble now my stock crashed and I have this capital gains taxas bill that is so high extremely outrages help
Asked Saturday, May 20, 2023 by Anthony A.Sign in to Answer
I want to know if i can get out of paying capital gains
We bought a house in irvine ca for 1.1 and want to sell it for 1.4 we bought it in November last year. It is our primary house we have another house that we are renting out
Asked Saturday, May 20, 2023 by Ahmad A.Sign in to Answer
Error in calculating tax excel utility
Which i click in Excel utility of itr for calculating tax a new window appear and says Please enter amount in 80CCH and i tried a lot to find and fix it but i am not able to do Help me.
Asked Friday, May 19, 2023 by Dheeru N.Sign in to Answer
Taxes and profitability
I'm starting an online general merchandise store as a sole proprietor. To decide if an item is worth adding, I start with the target selling price. I subtract the cost of the item, any shipping I pay for purchasing or selling, and ebay fees. I also subtract federal, state and local tax percentages as well as the self employment tax percentage. What's left I'm considering profit. The only other regular expense I have is shipping supplies and I'm accounting for that and any other extras on a monthly basis. Does this make sense for profitability and tax filing purposes? Is there a better or easier way to go about it?
Asked Thursday, May 18, 2023 by Jim D.Sign in to Answer
Real Estate Tax for a Business
What is Real Estate Tax on a corporate return Form 1120 and how does it differ from property tax?
Asked Thursday, May 18, 2023 by Lisa M.Sign in to Answer
401,k penalty forgiveness
I drew my 401k early and already paid the, 10% penalty before knowing about the hardship forgiveness and I had to draw my 401k because I was suffering homelessness and I need to find out what I can do to get, the penalty money back under hardship?
Asked Thursday, May 18, 2023 by Jeremy J.Sign in to Answer
Forgot to submit 2nd wages form to IRS
How do i file my state return if my federal was filed without my second 1099-R. I forgot to add it to my federal return and i dont know how to file my State since the federal one is obviously wrong. I know i will need to amend it but in the meantime how do i fill out my state return?
Asked Thursday, May 18, 2023 by Donnell A.Sign in to Answer
Tax refunds
I make 210,000 a year. My wife started a home business teaching cooking classes we had to remodel a portion of our home for this business. That cost 75,000. She only made 3,000 the first year. Can we write the 72,000 loss off on our personal taxes.
Asked Wednesday, May 17, 2023 by Larry C.Sign in to Answer