Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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We bought a home before we sold the one we were in.
We closed on the purchase of a home in October of 2021, before the sale of our current home. We were able to get it sold with a closing date of December 28 2021. Unfortunately, the closing had a hiccup and we weren’t able to close until Jan 4 2022.. What are my tax implications. We bought at a lower price because of downsizing, We expect to take the 500K exemption but what about the money we spent on the new house? It was a different tax year.how is my gain calculated?.
Asked Friday, March 24, 2023 by Kathy F.Sign in to Answer
Forms needed for self employed worker.
I need to get my taxes done and I'm new to being self employed. Was wondering if I needed to get any forms from the people that are paying me or do I just tell the people that door doing my taxes? How much money I made. So if I don't get a w2, what kind of forms do I need to get my taxes done? Basically is my question
Asked Friday, March 24, 2023 by Natalie L.Sign in to Answer
I made money in Europe how do I claim that?
Hello, I played as a professional athlete in Europe for 2 months and made about 3,000 euros. I was never given any financial paperwork. How do I file this income?
Asked Thursday, March 23, 2023 by Brooke B.Sign in to Answer
Is it legal
Ok, so I worked for a business and got paid under the table about a year ago. I moved for a different job and then came back and started working for the first company again. This time filling out a w2. Well I just received a 1099 nec from this company for last year but we never had that agreement on the table. Is it legal for them to use my information without my consent?
Asked Thursday, March 23, 2023 by David H.Sign in to Answer
Dad selling home what is his capitol gain responsiblity
Dad is 93 and is now living in an assistant living home. We want to sell his house - He paid $50,000 and selling for $700,000. My mother passed away 4 years ago. A CPA told me that he would not have to pay any capital gains tax. Is that correct? From what I read after $250,000 he has to pay on the balance to the state and federal govt. Also they stated that since my mother has not be dead for 5 years she will also get to take a deduction. I live in California so does the state also get their share. Thank you Patrice Alexander
Asked Thursday, March 23, 2023 by Patrice A.Sign in to Answer
Where do I deduct conference registration fees and travel expenses?
I am an independent scholar who attends annual conferences for my profession. I'm trying to deduct conference costs (registration fees, airfare, lodging, and meals) on TurboTax Deluxe, but don't know where. Also where do they go on my 1040?
Asked Thursday, March 23, 2023 by William C.Sign in to Answer
Business loan for travel for remote work OK?
I have multi-state professional licensure. I want to travel to the states I am licensed in to perform professional medical services. I would need to be physically present in the state in which I am performing services, so I am looking into buying a trailed and a truck to live in while I work in the other states, keeping my base/office/residence in my home state. Can I have my business take out a loan for the trailer and truck and deduct the payments as a business expense?
Asked Thursday, March 23, 2023 by William G.Sign in to Answer
Personal loan for business entity
I am wanting to "loan" my business entity money to buy a truck for work use. How do I go about this, assuming it is proper to do so?
Asked Thursday, March 23, 2023 by William G.Sign in to Answer
Filing status with international spouse
Hi, I’m a U.S. citizen and my spouse is Canadian. I changed my W-4 filing status to married. We’re in the process of submitting a k-3 application and he doesn’t have a SSN or number with the government. Can I still file married filing separately? He doesn’t have any income and I don’t want to file incorrectly. Thank you.
Asked Thursday, March 23, 2023 by Richard G.Sign in to Answer
Capital gains
If I have a couple ETF, and they go up, then start going down so I sell them. Do I have to pay capital gains taxes on the money they gained? I’m wondering because if I plan on putting 100% back into the same etf once the market bottoms out, so I’m not really using that money for anything else, just taking it out and putting it back in to the etf.
Asked Thursday, March 23, 2023 by Tony T.Sign in to Answer