Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsIs there a way to file taxes with a 1099k as a minor without it going against my mother´s income tax?
Asked onThursday, March 23, 2023 by AvaI 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?
will capital gain apply?
Asked onWednesday, March 22, 2023 by AndreiDear 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
I'm a street musician. How do I go about paying my taxes and social security.
Asked onWednesday, March 22, 2023 by RichardI'm a street musician trying to figure out how to go about paying my taxes.
Tax Withholding for Roth Conversions
Asked onWednesday, March 22, 2023 by AlexHello, 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.
Trust account
Asked onWednesday, March 22, 2023 by AshleyHi 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.
in nys do i have to claim SS benefits and NYSUT pension benefits
Asked onWednesday, March 22, 2023 by johnin nys do i have to claim SS benefits and NYSUT pension benefits
Filing crypto income tax
Asked onWednesday, March 22, 2023 by MarieNew 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.
Losses Against Cap Gains
Asked onWednesday, March 22, 2023 by FrankIf I made $240K on Rental Property Gains, am I able to write off Losses on a 1998 $50K Loss investment from my IRA
Mileage Deduction
Asked onWednesday, March 22, 2023 by MelyndaI 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?
Hardship withdrawal from 401k for down pmt on primary/first time buyer and will I pay 10% penalty?
Asked onWednesday, March 22, 2023 by AmyWe 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?