User Submitted Tax Questions

Personal Taxes

Money received from a trust

Is $ received from a trust taxable for the beneficiaries?

Deductions and Write-Offs

Are Repairs on a rental tax deductible, plus capital expense?

Tax Filing Tips

Will I receive a refund text or email

I'm 64 years old retired Jan 2022. I have full custody of my 16 years old son and don't receive child support. My SSI is approx 18800 yearly. Will I receive a refund if I file and claim him

Deductions and Write-Offs

Scholarship charges for room and board I didn’t use

I had a full ride scholarship that would include room and board, but I lived off campus instead and never used either. Since I never officially cancelled the form the room and meal plan was charged and then paid for with the scholarship. All automatic. Is there ANYTHING I can do to correct that or not have to report that part as income?

Tax Filing Tips

Deducton to be p

How much monies should be paid to the state as a retiee from 4882.20

Personal Taxes

Tax Liability On Inherited Real Estate Sale

My father recently passed away. He owned a house that was purchased in 1975 +/-. In October of 2022 he added me to the deed as owner along with him. Purchase price was $35,000, sale price will be approximately $400,000. I am located in Teller County, Colorado and am 62 years old. The house is in El Paso County, Colorado. Can you tell me what my tax liability from the sale will be and any way to minimize the liability if available. Thank you.

Credits

Claim a dependent

Receive SSI will claiming a dependent effect my benefit?

Tax Filing Tips

Michigan 1099 Tax Deductions

Hello, I just started working the beginning of March this year (2023). Its a 1099 job. I have never worked a 1099 so I'm not sure what I should be taking out every check for fed and state taxes, FICA, and Social Security all of that. What percentage should I be taking out and saving for next years filing? I am married, but we will be filing sperately because he doesnt want this 1099 to mess up his taxes.

Family Issues

Claiming a dependent

I have had a child in my care for last 2 years. Very distant relative. I do have guardianship of her from biological father as mother is deceased. Can I claim her and how?

Nonresident Tax Issues

I am wondering if you're able to help me file a NR7-R for me?

I am wondering if you're able to help me file a NR7-R for me? I am British and live in Thailand BUT invest in Canadian ETF's , mainly covered call products. I have therefore generated income the past tax year that my broker has submitted to CRA. I am taxed 15% at present WHT which is fine but am wondering if I file the NR7-R that this number can be further reduced to zero?I am retired and have no income from my resident country being Thailand. I did write to the CRA who provided me with an ITN number already. Is this a service you could provide for me please AND/OR you already know i cannot claim this withheld tax back so would be pointless doing so? Many thanks in advance for any guidance!