Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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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
Do I need to file
A friend and myself have a partnership LLC. We did not start the business last year and had zero income and expenses. Do we still have to file with IRS and state of Wisconsin and if so what? An accountant is charging us $700...
Asked Monday, March 13, 2023 by Nicola R.Sign in to Answer
File joint return with spouse or married file separately?
Hello, my fiancée and I plan to marry this year. What is the best way to file our taxes after marriage, jointly or married filing separately?. We have payment plans in place, but we both have federal obligations that our individual tax refunds are applied against to help pay for the debts ( back taxes and federal student loans). Can we both file an injured or innocent spouse form to ensure potential future refunds are allocated appropriately to our debts?We would like to file jointly for the tax benefits and to be able to contribute to a Roth IRA.
Asked Monday, March 13, 2023 by Andy B.Sign in to Answer
California Tax Extension 2023 Clarification
I live in one of the counties considered "affected" by the storms. But I was not personally affected by them. Do I need to have been personally affected by these storms and prove this to qualify for the timing extension? Or do I just need to reside in one of the approved counties? If I do qualify - is the extension date of October 16th just for filing, or also for the payment? [we owe this year and I know a normal extension request does not apply to the actual payment owed] I have been told we just have to live in the county by Turbo Tax customer service [the website I use]. But H&R Block said we had to be personally affected. So I'm getting a third opinion! Thank you!
Asked Saturday, March 11, 2023 by Lindsay B.Sign in to Answer
Rental property income.
I rented my mobile home out for 6 months or so last year. Do I consider that just like any other income?
Asked Saturday, March 11, 2023 by Richard S.Sign in to Answer
Step-up after step-up
My father owned stock. It was given me upon his death in 2013. I am familiar with step-up basis and how it works. At that time, the stock was stepped-up in basis. I have kept this stock in a different account, because the brokerage firm said it cannot be stepped up again when I pass away. According to them, a step-up can only occur once for a stock and my heirs will have already received the step-up benefit from the 2013 step-up. In 2022, I was told this is incorrect and when I die, it can be stepped up again. I tried searching online for clarification, but can find nothing that talks about stepping up a stock that has already been stepped up. So it appears that when I die, this stock can be stepped up again. Would someone be kind enough to clarify this?
Asked Saturday, March 11, 2023 by Terri B.Sign in to Answer
Part time job
I did my taxes and discovered I can make less than $15,000.00 a year while collecting SS. I am 73 years old and a widow, I made $17,000.00 last year. I thought I could make as much as I could after turning 70. I pay taxes from my job. Should I quit my job??
Asked Saturday, March 11, 2023 by Emily C.Sign in to Answer
Tax amount due
Received W-2 and 1099 for settlement. Accommodations refused, pregnancy lost, emotional distress. Firm mentioned paying taxes for the portion they received directly but 1099 has 2nd half of mine plus lawyer's payment. Not sure how much is taxable for the amount received.
Asked Saturday, March 11, 2023 by Laporsha F.Sign in to Answer