Unanswered Tax Questions

Bookkeeping & Write-up

Depreciation of assets that appreciate?

What is the proper depreciation for assets that appreciate, rental properties in particular? Common sense would say don't take much if any depreciation unless needed for a tax benefit since the estimated future value is greater than the cost. What is a CPA supposed to or retired to do for taxes? Advise his client of options? Context - my current CPA is depreciating everything to almost nothing and causing a future extreme taxable event with no tax benefit during the years depreciated ... is this negligence, incompetence or something else?

Nonresident Tax Issues

I moved to SC from NY in 2022. I worked and still work remotely for NY based company. How do I report the NY income to SC?

Nonresident Tax Issues

How to file state taxes as a remote independent contractor working in MN for clients in NY and CA?

Hi there! I have a question regarding how to file state income tax as a self-employed contractor working remotely in MN for companies in CA and NY. Can you help me with this?

Nonresident Tax Issues

Florida Resident doing remote Georgia Work - How to recover state taxes

Hi, Thank you for your help. I am a social work professor who lives in Tallahassee, FL and worked at Thomas University in Thomasville, Georgia. However, since Covid (March, 2020) I have been working remotely and only been on campus a handful of times. The school only recently (last spring 2022) started changing the withholding so that no state tax is being withheld for those of us working remotely. - However from March, 2020 to March, 2022 the school withheld Georgia state taxes. I am of the mind that I have a right to have those taxes refunded that I have paid for 2020, 2021, and that part 2022 - because I have only worked from home in Tallahassee. The school has refused to amend their W-2's - should I be able to demand that they do so? Can I submit for amended tax refunds from Georgia without an amended W-2? Thanks very much - any insight would be helpful... Bill Milford

Miscellaneous

Debt payment to family members

My question is: Mother (Cleo) instructed her estate be shared in equal parts to her 3 children. Kristi, Bill and Bob. There are no extenuating circumstances or other pertinent details. Bob owes Cleo's estate $160,000. Bill owes the estate $80,000. In order to adhere to Cleo's instructions what amounts should be paid to each child to properly allocate repayment of Bob and Bill's debt to the estate? How much and to whom should Bob pay his $160,000? How much and to whom should Bill pay his $80,000? I'll need a reply on a official letter head. If possible. Also, regarding gifting. Please confirm that gifts over $17,000 are tax free as long as the gift report tax return is filed. The amount over $17,000 is reported and simply gets applied to the lifetime exemption. The gift would be from my deceased mother's trust account. My brother is the executor.

Personal Taxes

Tax liability

Hi, If I received a monthly commission from my employer on a 1099 and pay the entire amount out to an associate will I be liable for that amount when I file my taxes for the commission I received even though I will be paying out the entire amount each time? Or is there a way to show the IRS that I didn't keep those funds so that it doesn't count towards my income?

Health Care

Owe money back due to move out of state for higher income

I lived in California from 1/1/22 till 6/24/22 during this time I had a marketplace policy and had reported my estimated income correctly. I excepted a new job in Utah and relocated my family effective 6/25/22 and notified and cancelled my marketplace policy with an effective date of 8/31. Due to my new job being a higher salary my AGI is more then I had estimated on 1/1/22 and while preparing my federal return I am being told I owe a huge sum back. My income only increased after ending the policy why do I owe money?

Self Directed IRA

Roth IRA to Traditional IRA for Tax Season 2022

I have a Roth IRA and have contributed the maximum $7,000 for tax year 2022 (I am over 59-1/2). I had no taxable events for this account in 2022, therefore will not be receiving a 1099-R form. I made over $100k in 2022, and the bookkeeper who prepares my taxes told me that I will incur a large tax bill in April, because my after-tax contributions to my Roth IRA won't count as a tax deduction. Would it be a good idea to withdraw only my 2022 tax year contribution, then in turn place that in a Traditional IRA, specifying that it is a contribution for tax year 2022? Will that count as a tax deduction? Thanks in advance.

Personal Taxes

Alimony payments

I currently pay my exwife $750 weekly in alimony which is half my paycheck. I am not allowed to deduct these payments on my tax returns. Each of the last 4 years I owed the government $7000. Something doesn't seem fair here

Miscellaneous

Max Out My Employee and Employer Contributions

I am self-employed. I have a SEP IRA and a solo 401k. I want to max out my employee and employer contributions to my SEP IRA and my solo 401k for 2022. I am having a hard time figuring out my contribution limits. I already filed my 2022 tax return, but I'd like to file an amended return if I got my contribution limits wrong. The following numbers are from my 2022 1040, schedule 1: Line 3: $96,107 Line 10: $101,316 Line 15: $6790 If you need more information to calculate my employer and employee contribution limits, please let me know. Thank you!