Unanswered Tax Questions
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2020 California unemployment paid in 2022
What year do I report this in
Asked Wednesday, April 05, 2023 by Kirk L.Sign in to Answer
Will there be tax on a down payment that has to be made with a gift letter.
My partner & I have lived together for over 10 years and have two kids, but we are not married. Her father recently passed away and left her a large sum of money. We are buying a $600,000 home. I'm taking out a loan for $170,000 and she will put down $430,000 to pay for the rest. In order to take out the loan the bank says she needs to sign over a gift leader because she can't be on the loan. My questions is "will we be taxed on the $430,000 at the because its labeled as a gift?" We have heard conflicting advice.
Asked Wednesday, April 05, 2023 by William B.Sign in to Answer
Homestead house for sale
The profit of the house we are living might overpass the maximum tax exemption profit gain of $500,000. What's the best way to lower tax rate? Or if any repair expense on the house will deduct the profit gain?
Asked Wednesday, April 05, 2023 by Fang L.Sign in to Answer
Lawsuit Settlement
Hello! I will be receiving a $10k settlement for punitive damages and emotional distress. I know these settlements are fully taxable, including the contingent fee portion that goes to my attorney (a whopping 45%!). However, my attorney recently told me that she will receive a $10k 1099 from the defendant and I will receive a $10k 1099 as well. In addition, she will 1099 me for the portion she pays me out of her $10k, so another 1099 for $5,500. Meanwhile, I received only $5,500. First, is this even correct and second, how do I offset this on my taxes? She said talk to a CPA. I am freaking out. Please help. Thank you!
Asked Wednesday, April 05, 2023 by Lindsay M.Sign in to Answer
Should Ebay Sales Be Taxed
I am currently selling off many old items that we have own for years. I will definitely got above the $600 threshold for a 1099-K form. However I am using this as more of an online garage sale as of right now. None of the items I am selling were bought to make a profit on. Would I need to pay quarterly/yearly taxes on the sales? One caveat is that in the future, not this year most likely, I intend on reselling items. However that is not what I am doing now.
Asked Wednesday, April 05, 2023 by Eddie D.Sign in to Answer
Net Operating Loss
In 2021 I filed my taxes for the year of 2020 and had a business loss of 20,000, it's recorded on line 31 of my schedule C for that year In 2021 I didn't make any money Now i'm filing my taxes for 2022, and I made some money, can I bring that negative 20,000 as a NOL to reduce my schedule C profit?
Asked Wednesday, April 05, 2023 by Maurice L.Sign in to Answer
Helping Child Purchase a home
I am helping a child purchase a home with $200,000 with after tax savings, this will exceed the gift tax amount is it better to be a co-owner of the home? Are there other options?
Asked Wednesday, April 05, 2023 by sam T.Sign in to Answer
Filing non-resident taxes
Hi, We are a Texas-based, Texas-registered LLC, and we own a rental property in Cleveland Ohio. My question is whether we need to file any taxes in Ohio for our property. We filed our Federal taxes and 1065 (Texas doesn't have state taxes), but don't know if we have to file any non-resident taxes in Ohio. If yes, what form(s) do we need to file? Also, if we do need to file something, is that filed whether your business made a profit or a loss? Thanks!
Asked Wednesday, April 05, 2023 by Justice R.Sign in to Answer
How to record a business loan on 1065 partnership
How to record a SBA business loan on 1065 partnership 2022 Return that was taken in 2021.
Asked Wednesday, April 05, 2023 by Serge K.Sign in to Answer
Tax question
Hello I have a tax question, can I count my wife as a dependent on a W4 form? We are married filling jointly and she has no income. We have 2 kids together that are claimed as dependents. Thank you for your time and help!
Asked Tuesday, April 04, 2023 by Dave A.Sign in to Answer