Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Gift Tax
What are the laws surrounding federal gift tax? How much can a person gift to another without being taxed? If you go over this amount who has to pay the gift tax?
Asked Tuesday, May 09, 2023 by Britney M.Sign in to Answer
I’ve been double taxed
Hello, I’m a healthcare worker in NYS. I got an extra payment for working during the pandemic but it was already taxed on my paystub. When I filed my taxes I was told I have to pay $500 back because of this. Can you help me understand why this is? If it was already taxed it shouldn’t be taxed again right?
Asked Tuesday, May 09, 2023 by Alexis S.Sign in to Answer
deduction for piano as a gift to charity or educational institution
Tax question. We have a Steinway grand piano appraised for $25,000 that we are interested in gifting to a charity, church or educational institution. We file taxes as married filing jointly. Our annual income is $121K and we typically just use the standard deduction. How much of the $25,000 can we deduct from our tax return for this year, and will this large deduction trigger an IRS audit? Is there a way of forstalling this? Thanks.
Asked Monday, May 08, 2023 by Phillip M.Sign in to Answer
Social Security
Am I suppose to have Federal income taxes taken out of my social security check? I will start collecting in July. I will be still working till June 5th, 2023.
Asked Monday, May 08, 2023 by Paul T.Sign in to Answer
how to offset gambling loss and fill out form
how fill out form to offset gambling losses
Asked Sunday, May 07, 2023 by Michael G.Sign in to Answer
Mortgage forgiveness and related taxes
If I am a mortgagor that forgave the mortgagee what is owed to me. Do I have to pay the IRS any taxes on the remaining principle which I forgave?
Asked Sunday, May 07, 2023 by STEPHEN C.Sign in to Answer
Credit for PA Municipal Withholding on NJ Return
I am a New Jersey resident who works in Pennsylvania. Can I claim a credit on my New Jersey return for Pennsylvania local municipal withholding income tax?
Asked Sunday, May 07, 2023 by G P.Sign in to Answer
change province
Hello. My family arrived in Canada from Ukraine on May 9, 2022. I work and pay taxes on my salary in Ontario. If I move to Quebec and continue to work in Ontario, will I have to pay additional taxes on my Quebec salary?
Asked Sunday, May 07, 2023 by Oleksandr K.Sign in to Answer
Capital gains
When you build on land you bought, does 2 yrs begin from that date, before you can sell it without owing capital gains?
Asked Sunday, May 07, 2023 by Sandy R.Sign in to Answer
Reimbursed Equipment
Hello- I have office equipment that I am currently using for business purposes that was reimbursed by my former employer. When I separated from the employer, they had never asked for it back. Would I have basis in this equipment even though I was reimbursed and could I deduct for tax purposes from the date I converted to business use?
Asked Sunday, May 07, 2023 by Douglas B.Sign in to Answer