Unanswered Tax Questions

Questions Asked by Users That Have Not Recieved a CPA Response.

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Home Ownership

can mom give me $155k for a down payment?

Asked onSunday, May 28, 2023 by Richard

Mom sold her house. I would like to take out a mortgage on a house that she will live in. She would provide $155000 for a down payment I would carry the mortgage. What is the best way to accomplish this without triggering gift tax or other tax issues?


Retirement

Tax taken

Asked onSunday, May 28, 2023 by Judith

Will there be alot of tax taken and paid if I withdraw my tsp funds when I retire from employment. I reciece va disability and retirement


Personal Taxes

Filing separate

Asked onSaturday, May 27, 2023 by MICHAEL

I'm separated, but not legally divorced. My wife and I haven't lived together in over 5 years...how can I not file her on my taxes if we don't live together, but I still by law have to check married?


Education

Filing taxes on earnings from last year

Asked onSaturday, May 27, 2023 by TD

I have earned income this year to file taxes on, however I may sell my business also this year. My question is, it would benefit me to file on the sale of my business next year, what are the benefits/penalties of filing on the sale of my business earnings the next year?


Tax Forms

Form 8919

Asked onSaturday, May 27, 2023 by Karan

I received both 1099-NEC and W-2 from my employer for the tax year 2022. I only worked for my employer as an employee so I should have received form W-2 only. The income included on the form 1099-NEC did not have any tax withholding. I filed form 8919 with reason code H. It indicated not to file Form SS-8. The online tax filing software that I used required me to file Schedule 2 and pay self employment tax as well. The tax return that I filed was accepted. It has been 1 month since I filed the tax return. I did not get any message about me getting the self employment tax back. Please advice on how Form 8919 reason code H works and how long is the wait time. And if I should file Form SS-8?


Tax Filing Tips

Question on deducting donated rent amount to a non-profit school

Asked onSaturday, May 27, 2023 by Amanda

Hi! We own a building and rent it out to a non-profit school and for their first year last year we donated their rent payments since they were trying to get on their feet. Can we deduct the $90,000 in rent we donated to them for the year on our taxes? We are in Texas.


Business Formation

Incorporating in a different state than where I live

Asked onFriday, May 26, 2023 by Daniel

I live in California, but I'm thinking of forming my new LLC in another state for tax breaks. We will still be doing business mostly in CA. What are the benefits to doing this? What are the cons? Thanks


Home Ownership

Trying to make sense of my situation

Asked onFriday, May 26, 2023 by Steve

Does it make sense to liquidate a large portion of my inherited IRA to buy a home? Versus renting?


Tax Forms

Form 1040 filed by beneficiary on behalf of deceased family who gifted

Asked onFriday, May 26, 2023 by Nam

My sibling gifted me a sum of money (About 500k) last year in 2022. In 2021 they had a will made with me as executor and beneficiary. Sibling is divorced as of several years ago. Unfortunately sibling passed away in early 2023. This year, I submitted a gift form 1040 on their behalf. Now I have received a letter (actually in their name) from IRS Dept of Treasury saying in response to inquiry (Form 1040) IRS is working on the account. An additional 60 days are needed to send a complete response on what action IRS is going to take on the account.


Personal Taxes

Do you have to file taxes for rental income from a Time Share

Asked onFriday, May 26, 2023 by Maude

I have a timeshare and was asked by the company if I'm interested in renting my vacation weeks. I would make $6000 or $9000 depending upon how many weeks I rent out. At present, I don't file taxes because I have supplemental income. My question is: Do I have to file taxes because I have to claim this money as income?