Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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what happens is your brokerage income doesn't meet the reportable de minimus threshold, do I have to report it on my taxes?
I bought and sold equities/stocks on brokerage moomoo app, they didn't provide me with a gain/loss tax for because they told me it didn't meet the re portable de minimus threshold, does that mean I don't have to worry about reporting it to the irs? they haven't provided me the info for it because they said it didn't meet the threshold, so I just wanted to get some confirmation if I don't need to fret over it or not.
Asked Thursday, April 13, 2023 by Samuel S.Sign in to Answer
Renting below fair market value
I own an apartment (100% ownership) and am renting it out at about 40% of fair market rent for 365 days/year. According to IRS Pub 527, this is apparently considered "personal use" since it is below FMR value - however, I do not personally use the apartment and I am receiving monthly payments from the tenant - the total payments from the tenant are less than the sum of depreciation and maintenance expenses for the apartment (so a loss). Is this still considered a rental or not? Can I deduct depreciation expense for this rental? If this is indeed considered "personal use", then do I have to report the monthly payments at all, since technically I rent for less than 14 days a year.
Asked Thursday, April 13, 2023 by Vlad B.Sign in to Answer
Married filing separately division of joint accounts in Kansas
If my husband and I file separately, do we have to split interest and dividends on joint accounts or can one person include it all on there taxes? We live in Kansas
Asked Thursday, April 13, 2023 by Maria S.Sign in to Answer
Are short visits to my spouse and kids disturb (head of household) (for tax purposes)?
I live and work the whole year in foreign country, my wife works and live in US with the kids. I take (foreign tax exclusion). My wife will file taxes as (Head of Household) as she pays most of expenses. If I just visit them for couple of weeks in that year, still can she file as head of household despite the visit? Still do we consider (we don't live together?)
Asked Thursday, April 13, 2023 by Amed E.Sign in to Answer
Paid Cash price for Home
I paid Cash for price of home. I dont know what form i need for the information
Asked Thursday, April 13, 2023 by Rachael H.Sign in to Answer
Paid Cash price for Home
I paid Cash for price of home. I dont know what form i need for the information
Asked Thursday, April 13, 2023 by Rachael H.Sign in to Answer
Last date for contributions to IRA in San Diego for 2022
Until when can I contribute to my IRA for 2022 Federal income tax in San Diego county since tax due date was changed to October 16
Asked Thursday, April 13, 2023 by Cindy C.Sign in to Answer
I owe $1,015 fed taxes. How to use safe harbor?
For first time, I owe $1,015 in fed taxes. Over $1,000 is subject to penalty. I paid 100 percent of 2021 taxes and will pay 100 percent of 2022 taxes. I read that if I qualify for above circumstances, I won't have to pay any penalty via Safe Harbor. I don't know how to fill out worksheet. Where would I put that info on 1040, or does irs know that I don't have to pay penalty without filling out any other paperwork work. Never had to pay anything near $1,000 ever. Thanks in advance for your assistance.
Asked Thursday, April 13, 2023 by Maria S.Sign in to Answer
how to transfer quickbooks balance sheet into a schedule L of an 1120s
I have a quickbooks balance sheet but do not know how to transfer to schedule L on an 1120s
Asked Thursday, April 13, 2023 by Hadi A.Sign in to Answer
Should we file taxes for our adopted son who gets SSA benefits?
Our 9 year old adopted son’s biological mother died a few years ago, and he has gotten SSA benefits since. My husband checks every year whether we need to file for him but has determined we don’t need to. However, this year he found conflicting information about whether or not to file income taxes for him. One thing said if you only get SSA (which he does) don’t file. Another said file if unearned income is over $1,000 (which it is), to file. We are not sure what to do. Can you please advise? Thank you!
Asked Thursday, April 13, 2023 by Niki L.Sign in to Answer