Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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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
Can this money be called a gift on my taxes?
I have begun supporting my romantic partner financially during this past year. We are not married or in any legal partnership yet, but do live together. I send them money regularly because we don't yet share a bank account. I know they don't count as a dependent because they earned more than $8,000 last year before leaving their job. With taxes coming up I am a bit confused about how we should each file. Can I count the money I sent them last year as a "gift" on my own taxes? Or would there be a better way to file this? (The money sent was over $16,000 for the past year)
Asked Tuesday, April 04, 2023 by Susan B.Sign in to Answer
STRUCTURE OF MY BUSINESS (I am a Start-Up Phase)
First and foremost I would like to say "Thank You Kindly and Sincerely!". I have a registered business through the Secretary of State in Houston Texas as an LLC. However, I provide Street Out-Reach and Community Services To The Community Regardless of Race, Age, Creed, Sexual Orientation etc... What paper do I need and how do I go about making my business a LLC/Nonprofit? Please and thank you!
Asked Tuesday, April 04, 2023 by Kena B.Sign in to Answer
Question regarding money from a trust
Good morning, My uncle formed a trust and placed his primary residence into the trust. I am the only trustee, as well as the power of attorney and soul heir in the will. He had to go into an alzheimer's care facility in 2022 and I had to sell the home to help pay for the care facility. I took that sales money and put it back into the trust. I also obtained a tax ID for the trust as it didn't have one before and did the real estate transaction under that number. He passed away on March 2nd, and I'll now be receiving about $400k. I anticipate about $100k will go to his capital gain taxes and final expenses, leaving around $300k to me. My main question is, will I be taxed on this inheritance? If so, is there anything I can do to mitigate the costs such as a ROTH or increasing my contributions to my 457b? I live in California, and the trust was formed in California. Thank you! Krystle Stewart
Asked Tuesday, April 04, 2023 by Krystle S.Sign in to Answer
Dependent earn income credit
My mother is 81 and I am 55 I take care of her she made social security last year around 24,000 I only made about 3,000 can she claim me as a dependent or should we file separate I'm not sure because she made more money than I did but I had to stay home to take care of her
Asked Tuesday, April 04, 2023 by Elizabeth K.Sign in to Answer
Calculation of IT-201 line 29 in successive years of split inherited IRA
How do I calculate the NYS IT-201 line 29 exclusion of 1/6 of an inherited IRA in the years after which it has been split up in six parts and distributions started?
Asked Tuesday, April 04, 2023 by Patricia S.Sign in to Answer
Medicare
They took out $2,000 of my disability last year for Medicare I did not use one single penny am I entitled to get any of that back
Asked Tuesday, April 04, 2023 by Melanie F.Sign in to Answer