Unanswered Tax Questions

Personal Taxes

Capital Loss Carryover

Lets say i have 40k loss to carryover. What could I fully cover with the 40k, what is covered by the 3k cap? Ignore all other deductions.

Payments and Penalties

Hsa contributions within 6 month setback of medicare

What is the penalty for making contributions to the hsa within the 6 month Medicare setback period

Home Ownership

home sale tax exclusion for 2 individuals, not married

bought home in FL on 6/28/2019 for $204,000 with my significant other, we file our taxes separately, not married. we own the home together under joint tenancy rights of survivorship. she immediately moved to the home, i stayed with my sister in PA off and on to help care for my ill father, coming to the house as much as i could about every other month. i finally came to the house to stay and changed my driver license to florida from pa on 6-20-2021 after dad passed away. we sold the house on 6-24-2022 for 420,000. the 1099s was issued to my partner for the entire sale price. i did not receive a 1099s. hoping to file it all under her return, since the profit is under 250k and that's the limit per individual. but since we are not married, i'm not sure. if we do file it all on her return, do i just not report it on my return? thank you

Miscellaneous

State government pension early withdrawal due to a disability

I was heavily taxed when I cashed out my state pension around 11/2018 as a result of a disability. I had to resign after 22 years of service and then I immediately applied for social security disability. I new the disability process was going to be quite long and tedious so without any other viable option I withdrew my state pension to live on (cover my basic needs such as shelter) until I could get approved for disability benefits. I was approved after an almost 2 year process. I was heavily taxed on my pension as a result of cashing it out to live on until I could get help with disability. I was single with no family I could lean on for any assistance. My question is, can I recoup any or all of those taxes that were taken out of my pension? Thank you, Donald Jay Sudduth.

Personal Taxes

Daughter as dependent relative

Daughter in college turned 25 in 2022. I can’t claim her as a dependent child but can I claim her as a dependent relative since she did not work and I paid all living expenses and tuition in 2022

Payments and Penalties

California Health Insurance Penalty

I got married in June of 2022 and have had health insurance through my employer all last year. However my wife didn't have health insurance until she got added to mine in july of 2022 as she was unemployed. We are filing jointly for 2022, previously she wouldn't have had to pay a penalty as she fell under the income threshold but now our joint household income is well above the limit due to my income and it seems we have to pay a sizable penalty for her not having health insurance before we got married even though her income at that time was under the limit. Is there any way to get around that penalty or are we stuck since we are filing jointly?

Miscellaneous

Do I need to file taxes

I live with my daughter and son-in-law, I have no bills. I collect social security of $640 monthly. Do I need to file taxes

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?