Unanswered Tax Questions
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Operating Budget for Public Hospital Question
Our public hospitals CFO (nonprofit) have presented the 2024 Operating Budget and the is one line it for revenue that my question pertains to. The hospital purchased a building for a new clinic. The city in which this building is located applied and received a Community Block Grant to renovate for 1.7M. The CFO is using the 1.7M as extra operating revenue to balance the budget. We will have to use reserve funds to pay this. Is this an acceptable practice for budgeting requirements or even legal? Makes no sense to me.
Asked Saturday, January 06, 2024 by Steve P.Sign in to Answer
Forex Filing
Looking for someone to help me file my taxes because I trade the Forex Market
Asked Saturday, January 06, 2024 by Melvin S.Sign in to Answer
Off-setting W2 Income with Small Business Expenses?
Can I use the expenses incurred by running a handyman business from my home (direct and indirect via an accountable plan) to offset my W2 income received as an airline pilot?
Asked Saturday, January 06, 2024 by Cory C.Sign in to Answer
Schedule E - Expenses
I have one (1) rental property, it's condo. In 2023, I had to purchase a new (built-in) dishwasher, what expense would it fall under ? I don't think repairs, maybe supplies ? I don't know. Also, if the condo HOA had a 'special assessment' for a capital project, where does that expense get reported ? Added to my monthly HOA dues ? Thanks
Asked Friday, January 05, 2024 by Gregory D.Sign in to Answer
Tax Implications: Gift of Equity
Hello, I will be buying my mother's home in 2024 and as part of the sale she will be providing a gift of equity of $80,000. I understand there is an Annual Gift exemption of ~$15k (per child & spouse), and also a lifetime exemption of ~$12 million. Given the gift of equity exceeds the lifetime exemption, will my mother be required to pay any taxes on the excess gift over the annual exemption? It is my understanding, that she files a form 709 with the IRS when doing her taxes. The excess amount over her annual limit is subtracted from her lifetime exemption, and she pays no taxes. If she were to exceed her lifetime exemption, then there would be a tax applied. Is this correct? Thank you for your help, Evan
Asked Thursday, January 04, 2024 by Evan W.Sign in to Answer
Californian working in Poland
I have been in Poland since April of 2021 except for a three month visit back to California at the end of 2022. I have a temporary residence card, a work permit, and employment in Poland. In California, I have a parents address listed as my own for mailing purposes but I have not been there. With this new job in Poland, what forms do I need to file and will I be double taxed for income I make in Poland? Are there any issues with having a mailing address in California?
Asked Thursday, January 04, 2024 by Cody R.Sign in to Answer
1099 NEC
I have a freight broker business. I pay carriers. I need to send 1099 nec to non corps. My question is do we file 1099 with irs just for non corp or for every payment over $600 dollars whether it is corp or non corp?
Asked Wednesday, January 03, 2024 by gary s.Sign in to Answer
Small business inquiry
Hi, I just started selling on Ebay, I reside in Ontario. I made around 100 to 200 CAD in total sales last month with little profit around 20 CAD. I was wondering if I should register my ecommerce business? and does registering give me any benefits such as GST/HST exemption on sales or business related purchases? Thank you.
Asked Wednesday, January 03, 2024 by Omar K.Sign in to Answer
llc holding company in new york and want to operate business in another state
hi I have created an LLC in New York but I want to do work in Nebraska how do I form a company in Nebraska and protect myself from lawsuits because I plan on expanding into other states and not have to sign up for another EIN in Nebraska
Asked Wednesday, January 03, 2024 by joe g.Sign in to Answer
INCOME TAX RETURN
I moved to Maryland from California 10/2023. I'm wondering if I need to find a CPA in Maryland to file my income taxes.
Asked Tuesday, January 02, 2024 by Lisa S.Sign in to Answer