Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsDivorce and dividing up assets
Asked onThursday, April 06, 2023 by JoeDivorced Sept 2021. Divided up real estate property on the following properties. 0n 25 April 2022, I bought out my formal spouse's share of our family home for a sum of $497,000, which has/had a relative value of $750,000. to $810,000 at the time. She in turn bought my portion of a Duplex house, we jointly owned, for a sum of $100,000. Duplex estimated market value at the time was appx 300,000 to 325,00 at the time. Reason for large inequality is that any value above the 100K was used to aid in buying formal spouse portion of original family home. Division of property, as outlined in Divorce decree, took place during the one year after divorce requirement. The question requiring clarification. Do I owe income tax on the 100K I received for my portion of the Duplex property?
Divorce and dividing up assets
Asked onThursday, April 06, 2023 by JoeDivorced Sept 2021. Divided up real estate property on the following properties. 0n 25 April 2022, I bought out my formal spouse's share of our family home for a sum of $497,000, which has/had a relative value of $750,000. to $810,000 at the time. She in turn bought my portion of a Duplex house, we jointly owned, for a sum of $100,000. Duplex estimated market value at the time was appx 300,000 to 325,00 at the time. Reason for large inequality is that any value above the 100K was used to aid in buying formal spouse portion of original family home. Division of property, as outlined in Divorce decree, took place during the one year after divorce requirement. The question requiring clarification. Do I owe income tax on the 100K I received for my portion of the Duplex property?
1099-r
Asked onThursday, April 06, 2023 by MoeLast yr I forgot to add 1099-r to my tax return can I add the amount to this yr or ammennd last years
Do residents of skilled nursing facilities need to file taxes?
Asked onThursday, April 06, 2023 by JacieMy mother in law has been in a nursing home since September of 2022. She went there for rehab but has not been able to return home. We applied for indiana Medicaid for her and she was approved as of November 1 2022. She is considered long term care now. She still owns a house on Illinois (which we are currently in process of selling) but is in a nursing home in Indiana. Do we need to file her taxes? If so, does she also need to file state taxes? Both indiana and Illinois? Thank you.
Travel Agent Commission on Personal Travel
Asked onThursday, April 06, 2023 by ChristopherI have a side business as a travel agent. I book personal travel for myself that I earn commission and am 1099’d on. Can I rebate the commission back to myself and deduct it from my 1099 income. For instance I book a $100 hotel room and earn 10% commission if $10 that would add to my yearly 1099-Misc. can I deduct that $10 and rebate myself since I paid $100 out of pocket to “make” that $10?
Can you deduct miles going from your home office to volunteer work
Asked onThursday, April 06, 2023 by JonathanI am volunteering for a nonprofit and is it possible to deduct miles going from home to volunteer work under Charitable Miles/Gifts to Charity? If not, what are some exceptions?
Does my fulltime live at home college son have to file income taxes?
Asked onWednesday, April 05, 2023 by SteveOur son worked part time and earned only $5800 while going to college. We claimed him on our income tax returns since he lived at home. Does he have to file income taxes in California?
How to file 1041 for Grantor Trust with 1009 R
Asked onWednesday, April 05, 2023 by MargaretFirst year filing Form 1041. Received 1099R from Fidelity to the Trust (Grantor) which shows my Soc Sec # as recipient. Do I list proceeds as Other Income (line 8), show the distribution deduction on Schedule B, then issue K-1 to myself, or leave Form 1041 blank after top part and just include a copy of the 1099R - I think I saw that in the instructions. (When I file my 1040 electronically, IRS will be looking for the 1099R and the K-1 might confuse the system.) Thank you for your help!
2020 California unemployment paid in 2022
Asked onWednesday, April 05, 2023 by KirkWhat year do I report this in
Will there be tax on a down payment that has to be made with a gift letter.
Asked onWednesday, April 05, 2023 by WilliamMy 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.