Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax Questionsdeduction for piano as a gift to charity or educational institution
Asked onMonday, May 08, 2023 by PhillipTax 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.
Social Security
Asked onMonday, May 08, 2023 by PaulAm 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.
how to offset gambling loss and fill out form
Asked onSunday, May 07, 2023 by Michaelhow fill out form to offset gambling losses
Mortgage forgiveness and related taxes
Asked onSunday, May 07, 2023 by STEPHENIf 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?
Credit for PA Municipal Withholding on NJ Return
Asked onSunday, May 07, 2023 by GI 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?
change province
Asked onSunday, May 07, 2023 by OleksandrHello. 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?
Capital gains
Asked onSunday, May 07, 2023 by SandyWhen you build on land you bought, does 2 yrs begin from that date, before you can sell it without owing capital gains?
Reimbursed Equipment
Asked onSunday, May 07, 2023 by DouglasHello- 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?
Estimated Quarterly Tax Payments
Asked onFriday, May 05, 2023 by joniWe 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.
Tax Prepayment
Asked onThursday, May 04, 2023 by JeffreyDo 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?