Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsHomestead house for sale
Asked onWednesday, April 05, 2023 by FangThe profit of the house we are living might overpass the maximum tax exemption profit gain of $500,000. What's the best way to lower tax rate? Or if any repair expense on the house will deduct the profit gain?
Lawsuit Settlement
Asked onWednesday, April 05, 2023 by LindsayHello! I will be receiving a $10k settlement for punitive damages and emotional distress. I know these settlements are fully taxable, including the contingent fee portion that goes to my attorney (a whopping 45%!). However, my attorney recently told me that she will receive a $10k 1099 from the defendant and I will receive a $10k 1099 as well. In addition, she will 1099 me for the portion she pays me out of her $10k, so another 1099 for $5,500. Meanwhile, I received only $5,500. First, is this even correct and second, how do I offset this on my taxes? She said talk to a CPA. I am freaking out. Please help. Thank you!
Should Ebay Sales Be Taxed
Asked onWednesday, April 05, 2023 by EddieI am currently selling off many old items that we have own for years. I will definitely got above the $600 threshold for a 1099-K form. However I am using this as more of an online garage sale as of right now. None of the items I am selling were bought to make a profit on. Would I need to pay quarterly/yearly taxes on the sales? One caveat is that in the future, not this year most likely, I intend on reselling items. However that is not what I am doing now.
Net Operating Loss
Asked onWednesday, April 05, 2023 by MauriceIn 2021 I filed my taxes for the year of 2020 and had a business loss of 20,000, it's recorded on line 31 of my schedule C for that year In 2021 I didn't make any money Now i'm filing my taxes for 2022, and I made some money, can I bring that negative 20,000 as a NOL to reduce my schedule C profit?
Helping Child Purchase a home
Asked onWednesday, April 05, 2023 by samI 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?
Filing non-resident taxes
Asked onWednesday, April 05, 2023 by JusticeHi, 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!
How to record a business loan on 1065 partnership
Asked onWednesday, April 05, 2023 by SergeHow to record a SBA business loan on 1065 partnership 2022 Return that was taken in 2021.
Tax question
Asked onTuesday, April 04, 2023 by DaveHello 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!
Can this money be called a gift on my taxes?
Asked onTuesday, April 04, 2023 by SusanI 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)
STRUCTURE OF MY BUSINESS (I am a Start-Up Phase)
Asked onTuesday, April 04, 2023 by KenaFirst 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!