Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
What does one do when one can't find a Basis amount for figuring capital gains?
I inherited my house in 2002. I sold my house in 2022. I can't find the Fair Market Value of the property for 2002, or even it's assessed value for property taxes. What do/may I use as a Basis for figuring my capital gains?? I can't get any advice from the IRS.
Asked Saturday, April 01, 2023 by Robert W.Sign in to Answer
Dependent
I have an Adult Family Home in WI with one full-time disabled client. Can I claim him as a dependent?
Asked Friday, March 31, 2023 by Dana M.Sign in to Answer
Can a child be a business expense
I am an independent contractor. Someone told me that I could write my daughter off as a business expense. Shes 11 years old. She does not work for me. Can you please explain if and how that would be possible. Thanks!
Asked Friday, March 31, 2023 by Sarah S.Sign in to Answer
Clearing out an accounts payable item without it affecting the books.
We went through an acquisition last April and entered a journal entry in QB Online to clear out the balance in each account. We then reversed those entries as of the next day since that was the 1st day under the new owner. We cleared out an AP total for lets say for $1.5 million, then put that $1.5 million right back in the next day. This total was for everything sitting in AP at the time. Now, when we go to pay bills in QB, we see the $1.5 million sitting there as if we need to pay it since we put the money back into AP. How do we clear out this items in payables without it affecting the books? We closed out 2022 and the books can't change at all.
Asked Friday, March 31, 2023 by Christine R.Sign in to Answer
Tax credits
are energy star refrigerators tax deductible?
Asked Friday, March 31, 2023 by Elias A.Sign in to Answer
How can I recoup unallowed passive losses
For 2022 I received a final K-1 from a tax credit fund I have been invested in for years. I have gradually built up almost $25,000 of unallowed passive losses. Is there any way to recoup these losses now that the fund has been dissolved?
Asked Friday, March 31, 2023 by Roy D.Sign in to Answer
Death of Father: Who Pays Taxes?
My father passed away in October 2022. At the time, he was married to my step-mother. Since they did not have a will, my sister and I will be the executors of his estate, based on wills he had before they were married. Who is responsible for their 2022 taxes, my sister and I, or our step-mother? Thank you for your help in this matter.
Asked Friday, March 31, 2023 by Jeremy E.Sign in to Answer
I believe my investment firm miscalculated my investment wealth amount
I have a problem with the investment firm my former employer used - they are telling me I have no wealth left - but I only got the vested amount of $65k. I believe the shares and share price were calculated incorrectly. I don’t know how to prove that. I am very frustrated and have no money. Yet I believe I have over $35.5 million in retirement investment wealth owed to me. The amount of shares say 1421.118 and the share price is $25.5500 The investment firm is calculating the numbers like they have 2 numbers to the right of the decimal points- which is only thousands of dollars and that is not logical for mutual Fund investments. $36,309.5649 - which they say is only $36,309.57 - Technically they shouldn’t have even rounded up that number. They didn’t even do that right! I believe it needs to be calculated and multiplied using core math. Multiplying the numbers to the left side of the decimal point first - then multiplying the numbers to the right side - with the calculated amount being $35,525.649000 When I look at a numbering guide on Google- it says 6 numbers to the right of the decimal point is millions and when written traditionally - that calculation would be $35,526,649.00 - correct??! Unlike numbers to the left of the decimal point- 6 numbers to the right of the decimal point are: Tens, hundreds, thousands, ten thousands, hundred thousands, millions Please help me resolve this issue!
Asked Friday, March 31, 2023 by Linda M.Sign in to Answer
What Income Must I declare.
My wife and I normally file jointly because she does not work outside the home. However, last year she did and made about $3500 but her employer did not take out federal income taxes noting she did not make enough to require such. All the other taxes SS etc., were already deducted on her W2. Since she did not make enough to require income taxes be deducted upfront, am I still required to report her income on our joint return? I did not know about the income when I filed several weeks ago and would need to file a revised return and reporting that income would cost us about $438 of the current return. I just want to be sure I am required to report her income under the noted circumstances before I file the revised return and pay back that money. If I do have to report her income, would it have been better to file separate returns, or would that have cost us even more?
Asked Thursday, March 30, 2023 by Michael T.Sign in to Answer
can i write of the expenses involved
we bought the empty lot next door to us. when we sell it in the future can we deduct the yearly expenses, mortgage interest, local taxes, water fees, maintainance etc. from the 50% capital gains tax? thanks
Asked Thursday, March 30, 2023 by rick s.Sign in to Answer