Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Estimated Quarterly Tax Payments
We mistakenly paid our personal estimated quarterly tax payment from our business checking account. Realizing our mistake we went ahead and paid the same amount from our personal checking amount. How do we reverse the payment from our business checking account since we do not want to co mingle funds.
Asked Friday, May 05, 2023 by joni h.Sign in to Answer
Tax Prepayment
Do I have to prepay capital gains tax on withdrawals from a stock index mutual fund if the total withholding from my other sources of income will exceed my total tax bill?
Asked Thursday, May 04, 2023 by Jeffrey W.Sign in to Answer
Do I need to pay taxes on retirement income to Arizona when I'm only there 2 months of year?
I live in WA state. If I buy a vacation home in Arizona for about 2 months of the year and I am reitired, do I need to pay Arizona income taxes? If my income is SS, investments and income from sale of my business.
Asked Thursday, May 04, 2023 by Craig & B.Sign in to Answer
Individual or llc?
I have a sole proprietor llc but this year now have $2,500 in personal gambling winnings. Do I throw that on my llc return or file an individual for the money even though it's less than the standard deduction? Thank you.
Asked Thursday, May 04, 2023 by Scott N.Sign in to Answer
Roth IRA 60 day rollover
I’m 60 years old and have had a Roth IRA for over 5 years and not contributed to it in over 5 year. I took $100,000 out of it February 13th as a normal distribution, then I took out $100,000 on March 10th, $50,000 April 15th and $46,000 May 1st. If I put money back in by May 8th and call it a 60 day rollover can I put the $196,000 back I. Or just $100,000?
Asked Thursday, May 04, 2023 by Douglas G.Sign in to Answer
Capital Gains for home sale with partial exclusion (spouse death) & stepped up basis
Wish to sale my home (lived in less than 1 year) due to death of spouse(March 2023). Can I take capital gains partial exclusion for both myself and deceased spouse? Significant renovations completed by us in 2022 - can I use the stepped up basis (my half) AND take the partial exclusion when calculating capital gains? What is the requirement for official stepped up basis value of home on the day my spouse died? We have no receipts for renovation materials and labor (deceased spouse did work). What is the best way to provide cost of improvements? And if I include cost of improvement in capital gains calculation, can I include full improvement costs if using the stepped up basis? Retired - no income other than social security. But expect significant increase in home value after the renovations and boom in housing market in my neighborhood.
Asked Thursday, May 04, 2023 by Vicki T.Sign in to Answer
Class action distribution deposit
I will be receiving a distribution from a class action settlement for a stock I own in my Roth IRA. Can I deposit that distribution back into my Roth IRA, if so how do I account for that deposit in my tax return filing?
Asked Wednesday, May 03, 2023 by Gordon T.Sign in to Answer
Tax Implications
I am considering seeking a home I recently moved out of in Nassau county NY. We currently line in NC. How do I avoid major tax implications?
Asked Wednesday, May 03, 2023 by Precious S.Sign in to Answer
1099
IF MY EMPLOYER IS PAYING ME CHECKS DO I HAVE TO PAY A 1099 AT END OF YEAR.??
Asked Wednesday, May 03, 2023 by Jason R.Sign in to Answer
Mail disruption delayed tax payment.
My wife and I filed taxes jointly and mailed our returns out. The envelope for one of our returns was returned because it was taped closed instead of using the normal adhesive. Is it possible to avoid a penalty from delay if we prove that we sent the mail originally before the deadline?
Asked Wednesday, May 03, 2023 by Alexander M.Sign in to Answer