Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Use of 401k for realestate investment
Can you withdraw money from a 401k to buy rental income property without incurring major tax liability?
Asked Thursday, March 30, 2023 by Christine C.Sign in to Answer
Help as a Dual Citizen wanting to work as a sole proprieter for a US based company
Hello, I live abroad, but am working for a US based company. I still have a MD based address to recieve mail. I just need to be able to invoice my company monthly. What is the easiest way to go about this to make sure i do all of my taxes correctly?
Asked Thursday, March 30, 2023 by Aaron R.Sign in to Answer
Deferred annuity
Is there any way to know or calculate what my net monthly payments will be of $3887, when I begin to receive it at age 63? All $3887 is considered income.
Asked Thursday, March 30, 2023 by Kyle M.Sign in to Answer
Filing W9 tax form as an F1 international student in the USA
I'm an international student in the USA studying on F1 visa. I have been working as an intern at a company for several months. As an F1 international student, I should be filing the W4 tax form. However, my employer had asked me to fill the W9 Form. The HR of the company stated that all the interns at their firm are required to fill only W9 form because we are working as a consultant or as an independent contractor. But W9 form is to be filled by US Citizens and by independent contractors. I explained to the HR of the company that as an F1 international student, I must fill W4 form and W9 form is for US Citizens and that I'm not US citizen. However, the HR told me that I'm working as an independent contractor so I will be required to fill W9 and all the interns have to fill W9 form only. After asking for help from my University and Company, none of them were able to provide help. My questions are: 1. Which form should I file? (I have received W9 form from my company and none of my taxes are cut from paycheck yet.) Do I have to pay tax? If yes, then what % tax? 2. Will this affect my H1B sponsorship in USA, in future? 3. Any additional advice would be appreciated! Thank you.
Asked Thursday, March 30, 2023 by Anoushka G.Sign in to Answer
Does egg donation need to be filed aaa business?
Hello. I was an egg donor last year and I donated twice. The tax preparer said I need to file as a schedule c as if it’s a business in my name. I don’t think that is right as I would have to pay all these business taxes and it’s not a business. I know I have to pay on it but is there another way?
Asked Wednesday, March 29, 2023 by Candace L.Sign in to Answer
Question on whether an investment is foreign
I have an investment in a French company. The shares are held by ComputerShare in Providence Rhode Island. Is this a foreign investment for the purposes of Schedule B line 7a?
Asked Wednesday, March 29, 2023 by Randy S.Sign in to Answer
Taxable income
My wife had a cancer policy. She was diagnosed in 2022. She received a check as payment on the policy. Is it taxable as income?
Asked Wednesday, March 29, 2023 by Donald D.Sign in to Answer
Capital Gain Exclusion on house sale
My husband (then fiance) bought a home 2/17/2017 and sold it 5/6/2020. The profit was $95,000. He paid no capital gains on it since he owned it for more than 2 years. 9/6/20 we got married.We bought a home on 8/7/20. We sold the home 8/16/22. We made a profit of $45,000. Will we have to pay capital gains on the sale of our house?
Asked Wednesday, March 29, 2023 by Lori U.Sign in to Answer
SSD & INVESTMENTS
Wondering if I'm allowed to personally manage my investments without incurring taxes/penalties or negatively effecting my SSD?
Asked Wednesday, March 29, 2023 by Mike Y.Sign in to Answer
Capital Gains taxation
Hello, I sold my home in 4/2021 and rented through 10/22 while I built a new home. I have now been there for a little over 6 months and am looking at selling the home. I need to know if the proceeds from the sale are going to be subject to Capital Gains tax?
Asked Wednesday, March 29, 2023 by Hugh L.Sign in to Answer