Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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1099 401k
I withdrew from 401k in 2021 and 2022. 25% was withheld for taxes can I file these on 2022 form 1099?
Asked Wednesday, March 15, 2023 by Edward C.Sign in to Answer
Co-Authors defined as self employed or is one an employee
Co-authors self-publishing, 1 author gets paid by KDP. Is co-author defined as employee or self-employed by IRS?
Asked Wednesday, March 15, 2023 by Betty N.Sign in to Answer
Taxes on the sell of a rental home
I was awarded a rental home in my divorce. It’s a home my ex husband and I rented. The home was in his name. We didn’t change it because I was selling it and I was just going to give him money to pay the taxes on the profit. I sold the home for 72,000, paid off the home loan of 17,000 and spent about 20,000 in remodeling before it sold. My ex just completed his taxes 1.5 years late and stated that I owe him 8800$ in taxes. He wants me to pay his entire tax bill because he said this rental income from the sell adjusted his taxes. I was thinking I would just need to pay the taxes on the money and not all of his tax bill. I’ve asked for the documentation from him but still have not received it. Would the income from the sell adjust his taxes? I had a lawyer guess about how much the taxes would be and he said around 4000$. 8800 dollars just seems high for that amount of money.
Asked Wednesday, March 15, 2023 by Candace H.Sign in to Answer
Independent Contractor
Good Morning! I am set to begin a second part time job for an individual....not a business.....regular person.....they stated they will be using Venmo to pay each week. My total for 2023 should be 8000-9000.00 and I do have a full time job with an employer....my question is: if I'm paid through Venmo, will they report that income to the IRS at the end of the year. I'm getting conflicting info online regarding when the limit will go from 20,000 to 600.00 and when that will officially be put in place. Many thanks
Asked Wednesday, March 15, 2023 by Mitchell L.Sign in to Answer
Capital gains tax
I am a single filer and selling my primary residence. After all of the capital improvement basis figurings and allowable $250K exclusion for my filing status, I will expect to clear about $250K in long term capital gains. I would like a tax professional to confirm that as a single filer with a taxable income less than $41,000, that my tax rate on long term capital gains is 0% (per IRS guidelines for 2023). Have I understood the IRS guidelines correctly? Will I owe no tax on the $250K capital gain? Many thanks.
Asked Wednesday, March 15, 2023 by Richard G.Sign in to Answer
How does the IRS report the sale of an inherited property?
I inherited a house and lot jointly with a sibling which we then sold. How will the IRS report our income from this sale? We sold the property at or below the appraised value and split the proceeds. Our portion was 75,000.00. I was wondering about the tax implications.
Asked Wednesday, March 15, 2023 by Tracey C.Sign in to Answer
Reducing Payroll Taxes for an Anticipated Credit
I know that I will be eligible for the maximum ($2,500) American Opportunity Credit in 2023. May I reduce the amount of Federal income tax withheld from my paycheck accordingly? If so, how should I indicate this on my form W4? Thanks for your advice.
Asked Wednesday, March 15, 2023 by Steven L.Sign in to Answer
Eic taken for student loan 15 years ago before loan forgiveness act
Eic was taken for student loan before loan forgiveness act
Asked Wednesday, March 15, 2023 by Julie T.Sign in to Answer
Necessary Tax Forms for LLC
As a new multi member LLC, we are wondering what tax forms are needed to be submitted? Do we need to submit quarterly or yearly, or a combination of both?
Asked Wednesday, March 15, 2023 by Quynh N.Sign in to Answer
Crypto tax question
Hello, I have a question. If I made money via crypto currency that I received via providing a service do I only need to calculate the amount I withdrew since I technically didn't purchase any at any price. Thank you.
Asked Wednesday, March 15, 2023 by Devin L.Sign in to Answer