Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsDo I need to pay taxes on retirement income to Arizona when I'm only there 2 months of year?
Asked onThursday, May 04, 2023 by Craig &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.
Individual or llc?
Asked onThursday, May 04, 2023 by ScottI 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.
Roth IRA 60 day rollover
Asked onThursday, May 04, 2023 by DouglasI’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?
Capital Gains for home sale with partial exclusion (spouse death) & stepped up basis
Asked onThursday, May 04, 2023 by VickiWish 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.
Class action distribution deposit
Asked onWednesday, May 03, 2023 by GordonI 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?
Tax Implications
Asked onWednesday, May 03, 2023 by PreciousI 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?
1099
Asked onWednesday, May 03, 2023 by JasonIF MY EMPLOYER IS PAYING ME CHECKS DO I HAVE TO PAY A 1099 AT END OF YEAR.??
Mail disruption delayed tax payment.
Asked onWednesday, May 03, 2023 by AlexanderMy 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?
Need two submit two years of Form 709-gift tax
Asked onWednesday, May 03, 2023 by KristinParent needs to submit 2 years worth of Form 709, gift tax. First time submitting and amount less than $300,000 each year. Should they submit both at same time, or older one first, then more recent one?
Claiming dependents
Asked onWednesday, May 03, 2023 by BrandonNeed to know if I should claim dependents on my tax form or not