Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsIndependent Contractor
Asked onWednesday, March 15, 2023 by MitchellGood 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
Capital gains tax
Asked onWednesday, March 15, 2023 by RichardI 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.
How does the IRS report the sale of an inherited property?
Asked onWednesday, March 15, 2023 by TraceyI 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.
Reducing Payroll Taxes for an Anticipated Credit
Asked onWednesday, March 15, 2023 by StevenI 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.
Eic taken for student loan 15 years ago before loan forgiveness act
Asked onWednesday, March 15, 2023 by JulieEic was taken for student loan before loan forgiveness act
Necessary Tax Forms for LLC
Asked onWednesday, March 15, 2023 by QuynhAs 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?
Crypto tax question
Asked onWednesday, March 15, 2023 by DevinHello, 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.
Rental Property Deductions
Asked onTuesday, March 14, 2023 by RichardIn 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?
Colorado deduction limit for gambling income
Asked onTuesday, March 14, 2023 by TedApparently 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?
Where to file? Moved to NM 11/2022 still working for AZ corporation as remote worker
Asked onTuesday, March 14, 2023 by MichaelI 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?