Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Rental Property Deductions
In 2022 had a $30,000 bill preparing a house for rent. Put the repaired property on the rental market in September 2022 but it only rented in February 2023. Can I deduct the $30,000 off my 2022 taxes?
Asked Tuesday, March 14, 2023 by Richard C.Sign in to Answer
Colorado deduction limit for gambling income
Apparently there is a new law in 2022 in Colorado that limits the amount you can deduct. Does this affect my gambling income? I have 5 figure net profit from sportsbook gambling, but that comes from a substantial amount of bets won and lost. Let's say of all the best I placed, the ones I won total $1M and the ones I lost total $950K, for a net profit of $50K. Because I deduct the $950K on my federal taxes, am I supposed to do the same thing on my CO state taxes, which supposed now limit ductions to $30K/$60K for single/jointly? The tax preparer I am using doesn't seem to know the answer. Is the state of Colorado really going to tax me on most of the $1M and not let me deduct the $950K in bets that I lost?
Asked Tuesday, March 14, 2023 by Ted H.Sign in to Answer
Where to file? Moved to NM 11/2022 still working for AZ corporation as remote worker
I moved to NM 11/2022 still working for AZ corporation as remote worker from NM home. Since income is paid by AZ corporation, does AZ get to tax me on 100% of income?
Asked Tuesday, March 14, 2023 by Michael M.Sign in to Answer
Form 1095A
My daughter who is her father's dependent but lives with me during school year who files her1095A on 1040
Asked Tuesday, March 14, 2023 by Peggy C.Sign in to Answer
Determining whether a job assignment in another state is temporary or new tax home
I am self-employed. Current tax home is in Mid-west, but will be involved in production of a tv show in Los Angeles by late summer, so will live in LA for a few months, until a break by the end of November. Will then return to the Mid-west until the new year, at which time production on show will resume for likely 9 months. I am being paid by a production company based in another state. I intend to keep my apartment in the Mid-west, but want to know if I can take meal and lodging deductions for my time in Los Angeles. At this point, I don't know if there will only be one season of the show or if it will be extended for another season. I also have a second job that's based in Midwest and I will fly home from time to time to meet with employer of that job. At this point, knowing where my likely tax home will be will have a big impact on what I can afford to spend on lodging while in LA - if I can deduct it, I will be able to spend more. Given this info, where do you think my tax home will be?
Asked Tuesday, March 14, 2023 by Maria D.Sign in to Answer
Is early inheritance taxed the same as a gift?
I want to gift money to my child for a downpayment, and I've seen the Federal limit of $16,000 per year. Could I gift this before April 15th and have it count in the 2022 tax year? Or if this is early inheritance above this amount is it also untaxed?
Asked Tuesday, March 14, 2023 by Brandi R.Sign in to Answer
Treatment of OID
Five years ago, I opened a 5 Year Market Linked CD. Each of those 5 years I paid OID in anticipation of appreciation on my investment. After 5 years there was no appreciation, and I recovered my initial investment. 1099R issued as Non-Covered. I plan to provide my cost as my initial investment plus the OID I paid of those five years, thus creating a loss of $9K. I have loss carry overs from prior years so it appears this $9 K will just me added to my loss carry forward. Is this correct and if yes, is there any way I can recover the tax I paid in OID that I paid over the last 5 years?
Asked Tuesday, March 14, 2023 by Ray B.Sign in to Answer
Inherited stock
Hi, (Asking question for my husband). My husbands dad passed away 11/25/22. My husband is the executor of the Will. The deceaseds stock account was just transferred to my husband. He needs to sell and split with his 3 other siblings. Will we incur a capital gains tax if we sell relatively soon? What are the tax implications of inherited stock?
Asked Tuesday, March 14, 2023 by Ilona M.Sign in to Answer
Investor 1099 INT
I work for a CDFI. We have an agreement with an investor that we pay 3% annually on our loan from them. They then donate the interest back to the organization. Do I issue a 1099 INT to the investor?
Asked Monday, March 13, 2023 by Kristi E.Sign in to Answer
Revoked vs Dissolve an LLc
I started a LLC In July of 2021 but haven’t filed it on my personal taxes last year. Well I forgot at the time had Covid multiple times and my head wasn’t right but now it is. So how can I fix my tax situation? Do I amend my taxes from last year and file it this year? Although my LLC is revoked in New Mexico.
Asked Monday, March 13, 2023 by Christopher D.Sign in to Answer