Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsHow to figure Capital Gains 2 out of 5 years residency
Asked onWednesday, April 26, 2023 by SarahIf I wish to sell a property that was my primary residence until June of 2021, when is the end date for the 2 out of past 5 years residency to avoid having to pay capital gains?
W-2
Asked onWednesday, April 26, 2023 by MichelleCan I W-2 myself and my husband if we file as Sole Proprietors?
LLC or Sole Proprietor?
Asked onWednesday, April 26, 2023 by KendraCan you describe the benefits of starting as a sole proprietor for a small media business with no employees? What would be the pros and cons of starting out as an LLC? This would be for a small business with a limited cash flow starting, that has potential to expand within the first year.
Cashing out 401k putting in ira,but taking out $ to pay off bills
Asked onWednesday, April 26, 2023 by DeniseI am going to be moving my 401k to a ira,I would like to know approximately how much I would have to pay in taxes if I take out 10 thousand of the 30 thousand to pay off bills. Do I pay the taxes when I take it from the 401k and then also the following year when I file my taxes?
Avoiding Taxes on Qualified Dividends
Asked onWednesday, April 26, 2023 by LeonardI am expecting to receive a multimillion dollar Qualified Dividend in a couple of months from a Private Corporation. My projected Taxable Income for 2023 without Interest Income earned from the Qualified Dividend is projected to be under the minimum threshold of $41,625 that would exempt me from any tax liability on Qualified Dividends. If I am able to defer Interest payments on Qualified Dividend until 2024 am I safe to say that I will have Zero Tax Liability with regards to the Qualified Dividend?
Changing My W4
Asked onWednesday, April 26, 2023 by BrianI need to know how to maximize my paycheck without owing the feds or state at tax time.
Solo 401k
Asked onWednesday, April 26, 2023 by StephenI work only to max out a traditional solo 401k and have no interest in lowering this amount through business deductions. For IRS purposes only, can I use savings to pay quarterly (FICA) tax instead of my business account?
2014 Refund
Asked onWednesday, April 26, 2023 by KyrsteenaI filed a tax return back in 2014 or 2015 online through turbo tax and i was supposed to get $4,200 and since it was my first time filing they wanted me to verify my identity and all i had to do was an identification verification but at the time i was just never able to go to the IRS building and do so but i was wondering would i still be able to receive that refund some how? It has been so long now that i don't remember what information i used when i filed that return but wouldn't it still be on file somewhere or something?
Inherited money
Asked onWednesday, April 26, 2023 by PatriciaMy brother passed away and left me the house. I sold the house at no capital gains. The check is in my bank account. I was told that inheritance is not taxable in Texas. But how do I show the IRS that this money was inherited? Not to be confused with the money that I had in my checking account.
Market discount on t-note that matures next year
Asked onWednesday, April 26, 2023 by SteveIf I buy a t-note in 2023 at a market discount (coupon .5% vs. yield to maturity 4.5%) that matures in 2024, how is the market discount reported on my 1099? Is the total discount reported in 2024 upon maturity, or is it amortized with income reported in both 2023 and 2024? Is this interest income or capital gain? I understand the coupon payments are interest income the year I get them.