User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsQuestion 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 onWednesday, March 29, 2023 by RandyCPAs - 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 onWednesday, March 29, 2023 by DonaldCPAs - 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 onWednesday, March 29, 2023 by LoriCPAs - 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 onWednesday, March 29, 2023 by MikeCPAs - 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 onWednesday, March 29, 2023 by HughCPAs - Sign in to Answer
Having a child before we are officially common-law
My partner and I moved in together in Feb 2022. My understanding is under Canadian law we wouldn't be considered common-law until Feb 2023; however, we had a child in Nov 2022. Do I put myself as single or common-law on my taxes? When would the 'start date' of our relationship be? If I put myself as single then I am asked if we share custody?
Asked onWednesday, March 29, 2023 by DeborahCPAs - Sign in to Answer
PFIC
I am looking to invest in a foreign corporation set up as REIT which has developed and actively manages a shopping mall and commercial office space for leasing. Is it a PFIC?
Asked onWednesday, March 29, 2023 by SalmanCPAs - Sign in to Answer
Debt relief
Not sure if I’m to do taxes on my debt relief this year. They to me to ask you.
Asked onTuesday, March 28, 2023 by CassandraCPAs - Sign in to Answer
Calculating basis when selling partnership share
I sold my share in a partnership on 12/31/22 (let's call it in Company Z) and have a few questions about my basis. First, does Company Z report my basis to the IRS and does my basis calculation when I file my taxes and report the sale have to match what Company Z reports (if they report)? Second, how would you recommend dealing with this situation: I had a client with my own company (let's call it Company A) who ended up paying fees they owed to Company A, to Company Z. My understanding is Company A will need to report this money as income, and pay tax on it. Which Company A will do. But my question is about how to ensure this increases my basis in Company Z. How can I ensure this is handled properly? Does I, or Company A need to issue any forms/documentation to Company Z (e.g. K-1, 1099, etc.) to 'get credit' for this money that was paid to Company Z (that should have been paid to Company A)? What pitfalls are there with this situation? What records do I need to keep regarding this?
Asked onTuesday, March 28, 2023 by julieCPAs - Sign in to Answer
How do inherited IRAs and non-qualified accounts get taxed
I have inherited several accounts from my mother's estate. There are some that are listed as IRAs and some listed as non-qualified accounts. I am wondering how these accounts will be taxed when I withdraw the money from them. How is the percentage to be withheld determined? Is it a fixed inheritance percentage? Is it determined by my most recent filing's tax bracket (AGI)? Are both state and federal taxes in play for these (I live in Massachusetts)? Will any of these count as income for my household when we next file taxes? thank you for any info
Asked onTuesday, March 28, 2023 by JosephCPAs - Sign in to Answer