Unanswered Tax Questions
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Repaying investors via a new business
Hello, I had two businesses. The first, Business 1, a film production company, received investments and was closed, with the investors taking a loss. The second business, Business 2, continues some of the work of Business 1, as well as other projects. Business 2 just received a modest windfall. I'd like to share those proceeds with investors who took a loss on Business 1. Do I need to pay them as consultants or contractors via a W9 / then a 1099-MISC?
Asked Thursday, April 06, 2023 by Jason S.Sign in to Answer
Pension
No income except for small pension and ssi Do I pay taxes on my pension
Asked Thursday, April 06, 2023 by Mary W.Sign in to Answer
Divorce and dividing up assets
Divorced Sept 2021. Divided up real estate property on the following properties. 0n 25 April 2022, I bought out my formal spouse's share of our family home for a sum of $497,000, which has/had a relative value of $750,000. to $810,000 at the time. She in turn bought my portion of a Duplex house, we jointly owned, for a sum of $100,000. Duplex estimated market value at the time was appx 300,000 to 325,00 at the time. Reason for large inequality is that any value above the 100K was used to aid in buying formal spouse portion of original family home. Division of property, as outlined in Divorce decree, took place during the one year after divorce requirement. The question requiring clarification. Do I owe income tax on the 100K I received for my portion of the Duplex property?
Asked Thursday, April 06, 2023 by Joe C.Sign in to Answer
Divorce and dividing up assets
Divorced Sept 2021. Divided up real estate property on the following properties. 0n 25 April 2022, I bought out my formal spouse's share of our family home for a sum of $497,000, which has/had a relative value of $750,000. to $810,000 at the time. She in turn bought my portion of a Duplex house, we jointly owned, for a sum of $100,000. Duplex estimated market value at the time was appx 300,000 to 325,00 at the time. Reason for large inequality is that any value above the 100K was used to aid in buying formal spouse portion of original family home. Division of property, as outlined in Divorce decree, took place during the one year after divorce requirement. The question requiring clarification. Do I owe income tax on the 100K I received for my portion of the Duplex property?
Asked Thursday, April 06, 2023 by Joe C.Sign in to Answer
1099-r
Last yr I forgot to add 1099-r to my tax return can I add the amount to this yr or ammennd last years
Asked Thursday, April 06, 2023 by Moe J.Sign in to Answer
Do residents of skilled nursing facilities need to file taxes?
My mother in law has been in a nursing home since September of 2022. She went there for rehab but has not been able to return home. We applied for indiana Medicaid for her and she was approved as of November 1 2022. She is considered long term care now. She still owns a house on Illinois (which we are currently in process of selling) but is in a nursing home in Indiana. Do we need to file her taxes? If so, does she also need to file state taxes? Both indiana and Illinois? Thank you.
Asked Thursday, April 06, 2023 by Jacie C.Sign in to Answer
Travel Agent Commission on Personal Travel
I have a side business as a travel agent. I book personal travel for myself that I earn commission and am 1099’d on. Can I rebate the commission back to myself and deduct it from my 1099 income. For instance I book a $100 hotel room and earn 10% commission if $10 that would add to my yearly 1099-Misc. can I deduct that $10 and rebate myself since I paid $100 out of pocket to “make” that $10?
Asked Thursday, April 06, 2023 by Christopher G.Sign in to Answer
Can you deduct miles going from your home office to volunteer work
I am volunteering for a nonprofit and is it possible to deduct miles going from home to volunteer work under Charitable Miles/Gifts to Charity? If not, what are some exceptions?
Asked Thursday, April 06, 2023 by Jonathan N.Sign in to Answer
Does my fulltime live at home college son have to file income taxes?
Our son worked part time and earned only $5800 while going to college. We claimed him on our income tax returns since he lived at home. Does he have to file income taxes in California?
Asked Wednesday, April 05, 2023 by Steve D.Sign in to Answer
How to file 1041 for Grantor Trust with 1009 R
First year filing Form 1041. Received 1099R from Fidelity to the Trust (Grantor) which shows my Soc Sec # as recipient. Do I list proceeds as Other Income (line 8), show the distribution deduction on Schedule B, then issue K-1 to myself, or leave Form 1041 blank after top part and just include a copy of the 1099R - I think I saw that in the instructions. (When I file my 1040 electronically, IRS will be looking for the 1099R and the K-1 might confuse the system.) Thank you for your help!
Asked Wednesday, April 05, 2023 by Margaret K.Sign in to Answer