Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsSubsistence claiming for income tax
Asked onTuesday, May 16, 2023 by DameanI 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)
Calculating base cost of home when selling in regards to capital gains tax
Asked onTuesday, May 16, 2023 by RenaeCan 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?
selling Ford at a loss or breakeven for taxes?
Asked onTuesday, May 16, 2023 by DeniseI 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?
Gift money
Asked onTuesday, May 16, 2023 by JeffreyDo I pay tax on a onetime. I live in southern California.Beneficiary gift from my mothers death? I am retired
Gift money
Asked onTuesday, May 16, 2023 by JeffreyDo I pay tax on a onetime. Beneficiary gift from my mothers death? I am retired
Getting codes 571 and 971
Asked onTuesday, May 16, 2023 by NatoshaI got codes 571 and 971 on my tax transcript and I didn't get nothing in the mail I did my taxes in February and I got my state taxes back it was less then the amount I was supposed to get but I'm still waiting for my federal... Will I still get my federal return? Or am I just gonna get the state return?
Tax question for selling Mom's house for her
Asked onTuesday, May 16, 2023 by JeffGM All, We had to move our Mom to an assisted living in Edgewater, because she has dementia, now we need to sell her house. The house is in a Trust, and we opened a trust checking account. When we sell the house, we plan on putting all the money in the checking account, to pay for the assisted living facility, because of that, do we still have to pay for taxes on the sale? Looking forward to hearing back from you. Thank you.
Can i extend filing Federal taxes a 2nd time?
Asked onMonday, May 15, 2023 by MargaretI requested an extension for my 2022 taxes. Can I extend it again? Do not have all info yet. I have paid same amount as 2021 yr, though income is less now & a refund may be due.
Health insurance premiums
Asked onMonday, May 15, 2023 by CJThe Main Question: If you pay for your health insurance premiums out of pocket (post tax) as a W2 employee, are you allowed to deduct the premiums if you take the standard deduction? If not, why? Surely this disadvantages W2 employees that aren't on employer health care as those that are have their portions of the employer health care premiums taken out pretax as such have a tax break build in. I am a PhD candidate. During the first two years of my PhD, I paid for my health insurance premiums, which were billed to my bursar account, in one lump sum. However, this year, I decided to take advantage of the offer from the graduate school and have my health insurance premiums deducted incrementally from my paycheck. When health insurance premiums are deducted from the paycheck, they are taken out on a pre-tax basis. My health insurance premiums do not appear anywhere on my W2 form. My W2 only includes basic information such as wages and taxes withheld. That's it. If I were considered a "proper employee," these premiums would be reflected in Box(es) 12 of the W2. My 1095-B has only proof that i am insured, and has nothing that says how much premiums were. So, my concern is whether I am inadvertently misleading the IRS by receiving a tax benefit that isn't reported. Did I miss out on any tax benefits during my first two years or is this a tax law that specifically benefits those with employer health insurance plans? Or could it be a combination of both?