Unanswered Tax Questions

Tax Law Changes

Iam on ssdi and sell on micari is there a limit i can sell

Tax Filing Tips

No LLC yet, Filing Questions

I am starting a side gig in 2023. LLC I think in MO. Maybe sole proprietorship. In 2022 I invested in the business by building a studio and taking coaching lessons. Trying to understand if I can deduct from my personal taxes or what the policy is.

Personal Taxes

Is there a way to file taxes with a 1099k as a minor without it going against my mother´s income tax?

I am 16 and selling through an online platform and my business has been doing well recently, the issue I am running into now is the tax threshold. However, at the threshold, it requires a complete 1099k form, since I am a minor this would have to be under my mother´s name and social. My mother says I should hold off on taxes as long as possible, even though it is now not really an option anymore. She says a 1099k filed by me in her name would go against her ¨income tax¨. Is there a way around this?

Home Ownership

will capital gain apply?

Dear tax Expert, In Re: will capital gain apply? We sold a residential property 12 months ago in March 2022 and moved into the only property we now have and live in. If we sell this residential property now, will capital gain apply? When can we sell this residential property so that the capital gain will not apply? Thank you

Miscellaneous

I'm a street musician. How do I go about paying my taxes and social security.

I'm a street musician trying to figure out how to go about paying my taxes.

Retirement

Tax Withholding for Roth Conversions

Hello, I am older than 60 and younger than 72, and have been performing Roth Conversions. My tax returns have included a Failure to Pay Penalty. I am trying to understand what the IRS wants me to do differently to avoid a penalty. I have transferred money from my Traditional 401k to my Roth IRA every year in December, and have made a check out to the IRS and mailed it at the same time in December. Should I be doing something differently? Does the IRS want me to make Quarterly Estimated Payments even though I don't withdraw money until December? Thank you for your guidance.

Small Business

Trust account

Hi I am opening up a new short term vacation rental company. We will not be collecting any kind of Security deposit. Only rent, cleaning fee and taxes which will we hold until the end of the year to pay local taxes. Do I need a trust account or just a normal business checking and savings.

Retirement

in nys do i have to claim SS benefits and NYSUT pension benefits

in nys do i have to claim SS benefits and NYSUT pension benefits

Tax Filing Tips

Filing crypto income tax

New to crypto, I bought and held some in my wallet in 2022. On one occasion I bought some and accidently sold it minutes later. I re-bought it right away and transferred to my wallet. I know I need to report it on my taxes but do I include a report with All transactions for 2022 or only include the transaction for the day I bought and sold and also the transfer to my wallet? I'm talking about the form I need to fill out and also what should be included on my spreadsheet that will be sent. Not sure if necessary to include all reports for all exchanges etc for all purchases or just that one purchase.. I live in Canada.

Deductions and Write-Offs

Losses Against Cap Gains

If I made $240K on Rental Property Gains, am I able to write off Losses on a 1998 $50K Loss investment from my IRA