Unanswered Tax Questions
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How much should we save back for the capital gains tax on an inherited property?
My brother and I were just released from probate in April 2023. We are now in the process of selling our parents' home and have an offer for $78,500. The county last appraised the property at $43,400. We have a few questions regarding the capital gains tax for inherited property. 1) How much money should we save back to cover the capital gains tax? 2) WIll we each be taxed for the amount we receive individually (i.e. half of the sale) or for the entirety of the amount? 3) If one of us received the entirety of the check and then disbursed the funds to the other, would the one who received the check be responsible for all of the capital gains tax at that point? Thank you for your time and help.
Asked Wednesday, May 17, 2023 by Michael D.Sign in to Answer
How much should I take of out my weekly paycheck for Virginia state and federal taxes ?
I work for a company in Virginia and get paid weekly 700.00, but my employer does not take out any taxes from my paycheck. I would like information on how much I should take out each week so I don't owe IRS at the end of the year. I don't have medical insurance or a 41k through my employer or the state of Virginia.
Asked Wednesday, May 17, 2023 by Amari P.Sign in to Answer
2021 & 2022 no refunds as of yet
I filled my 2021 taxes this year and my 2022 i owed $424 on federal and they accepted my check but i not heard frome them about the refund for 2021, please help
Asked Wednesday, May 17, 2023 by melissa B.Sign in to Answer
Selling my fathers home
I have questions on how I can sell my fathers home so he doesn't have to show the proceeds as liquid funds? The reason for this is my father has recently become too ill to care for himself and will most likely need long term care for the rest of his life. We need to use his Med-Cal for this and don't want them to deplete the only funds he has. What type of trust would shelter these funds and how can we sell the property out of that trust?
Asked Tuesday, May 16, 2023 by Holly F.Sign in to Answer
current portion of long-term debt
Hi and thanks for being available. I'm an accountant at a mid-sized company. We have a 5-year loan. Let's say the monthly installments are $10,000 each month. The loan just begun, so we state the Current Portion as $120,000. This was for the March financial stmts. However, mgmt decided to make a larger payment on 4/5 of $25,000. Since we know this while preparing the March financials, should we up the Current Portion to $135,000?
Asked Tuesday, May 16, 2023 by Greg T.Sign in to Answer
10 yr. Old tax debt payment change after agreement make w/ irs.
Made arrangements, been paying on time, irs changed. Now saying they won't expect payments already made, until older tax debt is reinstated & paid in full 1st (2013), won't say where other money is going. 6 payments made already. Send default letters/ levy - lean info. What can I do
Asked Tuesday, May 16, 2023 by Sandra W.Sign in to Answer
Subsistence claiming for income tax
I was in work release facility in 2022. Im filing my income taxes and need to know if I can claim subsistence taken out of my check ( facility charged 55%of income)
Asked Tuesday, May 16, 2023 by Damean N.Sign in to Answer
Calculating base cost of home when selling in regards to capital gains tax
Can I add the cost of a new well and shop/barn to my base cost (my original purchase price) regardless of who paid for those two improvements?
Asked Tuesday, May 16, 2023 by Renae S.Sign in to Answer
selling Ford at a loss or breakeven for taxes?
I bought Ford at $34, shares were replaced with $12 shares in the Value Enhanced Plan. If I sell at $12, is that a loss or break-even for tax purposes?
Asked Tuesday, May 16, 2023 by Denise W.Sign in to Answer
Gift money
Do I pay tax on a onetime. I live in southern California.Beneficiary gift from my mothers death? I am retired
Asked Tuesday, May 16, 2023 by Jeffrey D.Sign in to Answer