Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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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.
Asked Wednesday, March 22, 2023 by Ashley B.Sign in to Answer
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
Asked Wednesday, March 22, 2023 by john s.Sign in to Answer
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.
Asked Wednesday, March 22, 2023 by Marie P.Sign in to Answer
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
Asked Wednesday, March 22, 2023 by Frank S.Sign in to Answer
Mileage Deduction
I own a yard greeting business. I work out of my home. My service entails me taking yard signs to a customers house, setting them up, and returning home. I then do back 24 hrs. later and retrieve the signs and and go back home. When claiming mileage, do I write off one round trip or two?
Asked Wednesday, March 22, 2023 by Melynda W.Sign in to Answer
Hardship withdrawal from 401k for down pmt on primary/first time buyer and will I pay 10% penalty?
We bought a home and took our down pmt out of our 401k for the 20% down. We were told because we applied and got approved for a hardship withdrawal since we were using the money for our primary residence and we were first time home buyers that we wouldn’t have to pay the 10% penalty. Now we are doing our taxes and it looks like we are gonna have to pay the penalty after all. Is there a special form we need to avoid this penalty or was this misinformation?
Asked Wednesday, March 22, 2023 by Amy G.Sign in to Answer
Living in US but working remotely for Canadian company
I live in the U.S. and work remotely for a Canadian company that deducts federal, income tax, etc., at the source in Canada. Do I need to file taxes in the U.S. and if so, can I claim any credit for tax already paid? Form 2555 says I must reside abroad in order to claim credit but obviously I cannot pay income tax twice on the same income. What other form is there for me to use?
Asked Wednesday, March 22, 2023 by David D.Sign in to Answer
If I start a business, as a sole proprietor, how do I file taxes if I start in the middle of the year? Do I file for the quarters that I missed that year?
Asked Wednesday, March 22, 2023 by Aubrey G.Sign in to Answer
Form 1120, small C Corp - how to roll over bank account instead of profit
I have a very small one-person owner C Corp and preparing to file 1120 for the first time (I have filed for an extension). I am doing it myself. A small bank balance of $1300 on Dec 31st 2022. I understand there is a way to list this not as taxable profit but rather keep it on the books as 'working capital' (not sure the correct phrase) into the next year. Please explain how to do this? Thank you.
Asked Wednesday, March 22, 2023 by Chris C.Sign in to Answer
Do I send in supporting info to IRS?
I use TurboTax CD version and I file electronically. I have one 1099-R with information for Box A, B, D, E. Box A has 4 wash sales. Instructions say to do a summary for all sales, minus the 4 wash sales and then enter the 4 wash sales individually. I also did summaries for Box B, D, and E. Instructions then say if you do this, you don't have to supply any other documentation (sales transaction information) when you file electronically for Box A and Box D. Do I have to supply sales transaction information for Box B and Box E? Doesn't the IRS receive a copy of my 1099-R from my brokerage company?
Asked Tuesday, March 21, 2023 by Travis C.Sign in to Answer