Unanswered Tax Questions
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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.
Asked Sunday, April 09, 2023 by Joseph N.Sign in to Answer
Claim a dependent
Receive SSI will claiming a dependent effect my benefit?
Asked Sunday, April 09, 2023 by Donna B.Sign in to Answer
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.
Asked Sunday, April 09, 2023 by Christina W.Sign in to Answer
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?
Asked Sunday, April 09, 2023 by CINDY M.Sign in to Answer
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!
Asked Sunday, April 09, 2023 by Jamie L.Sign in to Answer
Non homestead residential 4bb mortgage
Is my garage condo mortgage tax deductible? It’s a residential property including loft, bathroom with shower
Asked Sunday, April 09, 2023 by Scott F.Sign in to Answer
Amended returns for two years?
My dad is 90. Mom died over two years ago. I’m a son, 51, caring for him and live with him without any pay. I have no income. After mom died, he had to file single, and that caused him to owe thousands of dollars. We did this years taxes already. Can he file amended returns for the last two years and claim me so he could possibly get some of his money back from the IRS?
Asked Saturday, April 08, 2023 by Gregory M.Sign in to Answer
Depreciation
Purchased lawnmower for $5050 for very small business, not sure which depreciation option to choose and how those various options it will effect next year's taxes....
Asked Saturday, April 08, 2023 by LaTisha H.Sign in to Answer
Taxes when wife left
How should I do my back tax from prior year when my ex wife left and said she did them.
Asked Saturday, April 08, 2023 by Scott E.Sign in to Answer
Need to know what Massachusetts tax forms I need to fill out for my aunt who died on 3/12/22
My Aunt passed away on 3/22/22 with less than 1M in assets. I am the court appointed Personal Representative for her Estate (no Trust). She only has a checking/savings/brokerage account which continue to receive Interest/dividends/cap gains. No assets have been distributed to her sole beneficiary (who is not a Massachusetts resident) yet. I want to file based on 2022 calendar year but am confused as to whether I do form 1, form 2 or both and what dates each should cover.
Asked Saturday, April 08, 2023 by Ronald H.Sign in to Answer